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BY KENT CHABOTAR

Each summer since 1983, I have taught college financial management at Harvard, including the "Seminar for New Presidents." The seminar is a five-day "boot camp" limited to 45 presidents and chancellors that covers everything from leadership and the academic program to personal life and the inaugural address.

When many of my colleagues are in the news as we struggle with economic and other challenges, I am asked what do you teach those newbies? Although I teach only the finance part of the program, after many summers of discussions with other faculty, broader but informal principles have evolved. They include:

Defer the "vision thing." Before the job even starts, the search committee, trustees and others will want new presidents to state their vision for the future of the institution. Bad idea. Take the time to settle in, study the organization and culture, and listen.

As the first non-Quaker head of Guilford College since 1837, that was essential for me. We used two years to develop the current strategic plan at Guilford, and it improved content and community buy-in.

Never spend early money on yourself. Especially in difficult economic times, the new president should save money and not spend it to renovate the president's house or office no matter how much they need it.

One university president in the East spent more than $1 million on his house by some accounts and this was among the factors that led to his resignation after a year in office.

Because of Guilford College's precarious finances at the time, I decided to renovate the president's house at my own expense after I arrived in 2002 and was partly reimbursed when we had more money.

Remember "Caesar's wife." Even though the rumors about her were unproven, Julius Caesar divorced his wife Pompeia because -- as we still say -- "Caesar's wife must be above suspicion."

A college president must not only be honest but also appear to be honest. We benchmark my salary and benefits against other independent college presidents. In distinguishing between college and personal expenses, I assume it is a personal expense when there is any doubt. My own travel or entertainment expenses are approved by the chief financial officer and reviewed annually by independent auditors. The results are shared with a trustee committee.

Forget about keeping many secrets. Much personal information about college presidents is already public, including salary, fringe benefits, club memberships, use of a car and other perks. When discussions, even with the trustees, are supposed to be confidential, assume a leak or two. I caution new presidents never to say or do anything that they would not want to see the next day in a newspaper or, as we said in Boston, on the CITGO billboard overlooking Fenway Park.

Words matter. Presidents are human in sometimes telling audiences what the president thinks they want to hear. If the faculty has erred, the president should tell them directly and not behind their backs at a senior staff meeting. Another pitfall is that others may take what the president says more seriously than the president does.

At Harvard, I tell the story of King Henry II of England who, when he was so exasperated with Archbishop Thomas Becket for disrupting his plans in 1170, exclaimed, "Who will rid me of this meddlesome priest?" Four knights took that as an order and killed the archbishop during services much to the king's public regret and embarrassment.

Process matters. Making decisions behind closed doors with a few senior administrators is usually faster than asking for campus participation. But it can also ignore the expertise of faculty and staff and the interests of students.

Using committees to recommend annual budgets, fringe benefit programs and facility renovations often leads to better decisions and builds support. Presidents should have regular open office hours and champion annual surveys of community climate and upward assessments, where employees rate their supervisors. If opponents cannot criticize presidents for individual decisions, they will surely try to "get you" on the process.

Focus on a few priorities. No president can serve everyone's needs no matter how compelling -- and unlike Winston Churchill, who got results with "Action This Day" stickers on memos during World War II -- and is not likely to succeed even if so ordered. After study and consultation, presidents should select no more than three or four main concerns on which to focus their first years. Definite priorities and an early success or two can boost a president's credibility and lengthen the proverbial honeymoon.

At Guilford, it was clear that balancing the budget, fundraising, developing a strategic plan and community relations beyond the campus were tops on my agenda.

I have just returned from teaching at Harvard, including leading the finance portion of the new presidents seminar. Chancellor Linda Brady of UNCG attended, joining the ranks of alumni like the presidents of Bennett, Davidson, Elon, UNC-Asheville, Wake Forest and other fine institutions.

If you seek long hours and high stress but immense satisfaction at making a difference in the lives of your students, being a college president is among the best jobs around.

Kent John Chabotar is president and professor of political science at Guilford College.