Every business and organization faces challenges to accomplish its mission. There is an ongoing effort to sustain and grow the organization while adapting and keeping up with the times.
Nonprofit organizations face unique challenges in those areas as they are operated and monitored in a very different way than typical business models. Most nonprofits gain much of their revenue from fundraisers, rather than the sale of products and services. They are also subject to ever-changing laws, restrictions, or procedures put in place by the government. They can also be affected by tax deduction laws which influence the way people donate to the organization.
In the Nonprofit Financial Priorities Benchmark 2018 Survey (conducted by Wipfli), 18% of participants ranked such government oversight as the biggest overall challenges they were facing, followed by generating revenue at 16%.
That same survey asked 350 representatives of nonprofit organizations what their top five financial priorities were for the year. Over half listed implementing operational efficiencies as on of their top priorities, while reducing operational costs was on the list of 43% of participants. The report from this survey commented, “experts agree that simplifying the resource-planning environment and reducing disparate vendors and software occurrences will help allow for effective standardization and automation of key business processes.”
After reviewing the survey results, the article made these suggestions for non-profit organizations: 1) Increase fundraising with crowdfunding and other alternative sources. 2) Improve long-term financial health by identifying actual costs and developing budget documents that accurately reflect the full costs of their work. 3) Develop talent acquisition and retention strategies, such as reaching out to retiring baby boomers who may be willing to volunteer their time and vast experience. 4) Deliver data-driven results by investing time to identify key metrics to measure program outcomes and mission success.
There are many resources available to those who operate a nonprofit organization. When it comes to managing office resources and efficiency, Phone Connection has your back. We provide voice, data, and video security, as well as software to keep you streamlined and organized all from one source. Take a look at some of our products and services or contact us to find out more about our special pricing program just for you nonprofits.