By responding to the specialized needs of their clientele, private institutions have provided a personalized, value-oriented education to a degree not possible in the public sector. Notwithstanding the accomplishments of private institutions, demographic studies of postsecondary education indicate declines in private enrollments, a trend that is destined to become increasingly pronounced in the immediate future. This document surveys options available to small colleges threatened by declining enrollments, inflated costs, and decreased tuition related income. Five representative colleges highlighted here typify the strategies in use to combat declining enrollments and increasing costs. Most of these institutions reported the employment of multiple approaches. A principal method used is an increased response to new markets: evening students, adults, disadvantaged, mature women, veterans, commuter students, business trainees, military personnel, and job training for nurses, technicians, and managers. Improving overall management by reevaluating budgets and programs or by upgrading the professional level of management within the institution are frequently used strategies. Private colleges should reexamine their institutional goals and charter to determine the strategies most compatible with their educational mission. (Author/KE)