According to an analysis by Moody’s in 2015, the number of small college closures is likely to triple in the next three years. And the number of small schools with a three-year growth rate of less than 2% jumped from 10% to 50% between 2006 and 2014. Leading universities can differentiate themselves by investing in their strongest educational offerings, says Bain & Company Partner Jeff Denneen. Despite this success, talk of a higher education “bubble” has reached a fever pitch in the last year. The numbers are very familiar by now: Annual tuition increases several times the rate of inflation have become commonplace. The volume of student loan debt is now greater than credit card debt. Most college and university presidents, as well as their boards, executive teams and faculty members, are well aware that a host of factors have made innovation and change necessary. Still, at the majority of institutions, the pace of change is slower than it needs to be. Plenty of hurdles exist, including the belief that things will return to the way they always were. (Note: They won’t.) But the biggest obstacle is more fundamental: While leaders might have a sense of what needs to be done, they may not know how to achieve the required degree of change that will allow their institution not just to survive, but also thrive with a focused strategy and a sustainable financial base.