Welcome to Foster’s Strategic Planning page, where we will keep Foster’s stakeholders abreast of the planning process and outcomes.
TOGETHER . . .
WE FOSTER LEADERS
WE FOSTER INSIGHTS
WE FOSTER PROGRESS
. . . TO BETTER HUMANITY
“Together” is the word that captures our commitment to fostering a collaborative and interconnected community. Inspired by this commitment, this strategic plan builds on Foster’s strengths and focuses on four key goals over the next three years. By concentrating on these core goals, we will secure a future where Foster is celebrated for being a great place to learn and work, a place that is world-renown for innovative research and transformative educational experiences, a place where partnerships with community and industry are impactful and enduring.
The three-year timeframe pushes us to act with urgency as we adapt to a rapidly changing world. Forces like climate change, artificial intelligence, and social inequities are reshaping business and society. Business education must evolve. We must strengthen our inclusive community and embrace new ways of thinking to lead in these dynamic times.
The goals in this plan are designed to strengthen our core to extend our reach, challenging us to make thoughtful choices and find creative solutions. By working together, we can accelerate Foster’s momentum and ensure that the bright future we envision is within reach. Let’s get to work.
Better Together. Better Tomorrow.
Foster’s Strategic Goals 2025 – 2028
Strategy 1.1
Evaluate educational programs to increase both efficiency and effectiveness.
- Develop an ROI matrix to assess the success of each program and possible improvements.
- Reorganize administrative support and possibly consolidate programs in our MBA portfolio.
- Reorganize administrative support for Specialty Masters operations under one administrative umbrella.
Strategy 1.2
Expand net revenue-generating opportunities.
- Develop additional educational opportunities for non-Foster students at the UW, working professionals, and pre-college students to significantly increase net revenue.
- Strengthen and grow connections to and contributions from our donor base.
Strategy 2.1
Develop organizational structures and processes that create a sense of connection and continuous collaborative problem-solving.
Strategy 2.2
Keep our community involved and informed in the transition to a four-year undergraduate business program.
Strategy 3.1
Strengthen and expand campus community and corporate partners.
- Build and develop a system for tracking corporate relationships, including the number of corporate leaders on Foster boards, research partnerships, career center/hiring engagements, mentors, guest speakers, events, and donations.
Strategy 4.1
Amplify the Foster brand with cohesive messaging that targets prioritized audiences and inspires them to engage.
Strategy 4.2
Create and implement a unified digital marketing campaign that articulates the Foster brand value, differentiating Foster in a way that will resonate with prioritized audiences and enhance applicants to our graduate programs.
Foster School Strategic Planning Process
PHASE I Preliminary Issues Analysis
January – March 2024
- Gather and review background information
- Internal stakeholder interviews and listening sessions
- Preparation of initial strategic issues and themes
PHASE II Strategic Plan Framework
March 2024
- Additional internal and external stakeholder interviews and listening sessions
- Preparation of strategic plan framework
PHASE III Iterative Drafts of Strategic Plan
April – May 2024
- Generate expanded content for a second draft of the strategic plan
- Review of next iteration of the strategic plan with key stakeholders
PHASE IV Completed Strategic Plan
June – October 2024
- Review and integrate stakeholder feedback
- Prepare final draft of the strategic plan
- Share completed plan with the Foster community
PHASE V Implementation
2025 – 2028
- Establish teams to advance identified SMART goals
- Create KPIs and key measures
- Develop monitoring and success tracking