Giving Compass' Take:
- Here are various ways to address and plan nonprofit financials during this tulmutours time.
- How can donors help support nonprofit capacity to plan for long-term economic recovery?
- Read more about how to help nonprofits during this time beyond just financials.
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Even in the best of times, no company can predict with perfect accuracy how it will perform in the future. However, the Covid-19 pandemic has turned even the most tentative of projections upside down.
It’s important for nonprofits to plan for a financially successful future, but how can that happen if there’s no definitive answer for a return to normalcy? To help, we asked 14 members of Forbes Nonprofit Council their takes on how nonprofits can approach financial planning in these uncertain times. Here’s what they had to say.
- Maximize Your Budget Agility
- Show You're Worthy Of Donations
- Plan For The Worst-Case Scenario
- Cut Down Fixed Costs First
- Make Very Conservative Budget Plans
- Approach It As A Daily Responsibility
- Establish Your Tolerance For Loss
- Get All Leaders Involved
- Develop Multiple Revenue Streams
- Build A Contingency Budget
- Seek Long-Term Financial Sustainability
- Consult A Board With Relevant Expertise
- Focus On Donor Retention
- Optimize People, Process And Product
Read the full article about nonprofit financial planning at Forbes.