Modification of strategic planning tools for planning financial sustainability in ‎higher education institutions

Abstract

Achieving financial sustainability is a critical challenge for Public higher education institutions ‎worldwide. This study aims to provide modified strategic planning tools for planning financial ‎sustainability in higher education institutions. The paper employs modified forms of three ‎strategic planning tools: a strategy map (SM), the balanced scorecard (BSC), and business-‎model-canvas (BMC), which were applied to support the analysis of planning financial ‎sustainability at King Abdulaziz University (KAU). These tools enhance the planning process ‎and contribute to the outcomes. The paper also draws a roadmap of key milestones for ‎financial sustainability at the university by identifying sources and indicators of the university's ‎financial capacity. This paper contributes to the literature on financial sustainability in higher ‎education institutions and offers novel insights for other universities that seek to adopt similar ‎plans. Furthermore, four recommendations are suggested to boost business development and ‎connect with the university investment network. These recommendations involve investing in ‎competent human resources, increasing financial assets, and utilizing technical capabilities. ‎Further research includes examining the applicability of this novel approach in other contexts ‎and identifying potential challenges and limitations of implementing and achieving financial ‎sustainability.