The decades-long decline in U.S. college enrollment experienced its largest two-year decrease in more than 50 years this spring. Universities increasingly face stiffer competition with less money from state budgets, which does not bode well for their financial security. A new study from the Strategic Management Journal (SMJ) finds that the universities thriving in this environment are doing more with less simply by adopting more flexible budgeting. The problem is, many universities face internal and external pressures that inhibit financial flexibility.