Colleges and universities are thinking strategically about their business models. Reductions in state and federal appropriations, endowment volatility, fundraising uncertainties, and limits on tuition increases are creating persistent shortfalls in operating budgets. This all comes when institutions are being called upon to enroll and graduate more students. Each college or university has its own challenges, and boards must work with administrators and faculty members to determine the strategies that best support shared governance and their institution's mission. Greater attention to productivity and efficiency are clearly part of the solution, as are business models that look at revenue streams and expenditures in new ways. At AGB's National Conference on Trusteeship, Gwen Ifill, moderator and managing editor of "Washington Week" and senior correspondent for the "PBS NewsHour," led a special panel of higher education leaders--Todd Hutton, Austin Ligon, Sidney Ribeau, Holden Thorp, James Wagner, and Jane Wellman--who explored the current environment and discussed how best to deal with it. Parts of that discussion are highlighted in this article.