Purpose -The purpose of this paper is to explore whether UK business schools need to change their strategy, to adopt a more business-like approach, without compromising their role as providers of 'quality education.' Businesslike activities, as explained by Dart (2004: 294) are generally understood to be those characterised by some blend of profit motivation, the use of managerial and organisation design tools developed in for-profit business settings, and broadly framed business thinking to structure and organise activity.Design/methodology/approach -Adopting a mixed methods research design, this study involved the review of quantitative data from questionnaires sent to senior managers within UK business schools, followed by the casestudy analysis of five business schools.Findings -Contemporary evidence suggests business schools have reacted to the current dynamic environment by adapting a more business-like approach, scanning the horizon and identifying new markets and opportunities for growth. However, some business schools remain ardently against a more business-like approach, considering it to work against academic clarity and research excellence, expected of universities.Originality/value -This paper illustrates the current challenges influencing strategy within five diverse UK business schools. Therefore, the original contribution of the paper lies in the authors' empirical investigations into the current thinking of business school leaders, in light of the changing HE policies and reduced funding arrangements. In doing this it reflects on future strategic choices in order to ascertain if adopting an approach more in line with private business, with a sharper focus on efficiency and operating profit is inevitable or perhaps even advisable, in order to survive and promote growth in today's dynamic environment. It calls for business schools to proactively take responsibility for more carefully balancing the incomes, with more of a realisation that members of the school will need to generate these resources by demonstrating continuous innovation.