Whew! What a year it has been! If there is one word that captures the spirit of this challenging year and our response to it, it’s resilience. As I reflect on the past nine months and its wave of unprecedented trials and tribulations, I am in awe of you who have overcome every zig and zag thrown your way but I am also saddened by those whose doors are no longer open.
As we face 2021 and consider challenges – some unknown – that may lie ahead for nonprofits, the words pliability and flexibility pop up in my mind. It begs the question; will your organization be pliable and flexible to weather whatever storm comes your way?
I know we have all heard the saying “don’t put all your eggs in one basket.” But, today more than ever, it is worthy advice.
Any nonprofit organization that relies heavily on one single source of revenue is taking a risky gamble. If your key corporate funder has a bad year and curtails giving; a government program loses funding; or a charitable foundation has an off year in the market and is not able to disburse funds, your organization is at risk. Even for organizations with a diversified income, these trials definitely pose a challenge, but for an organization that was primarily funded from one of these sources, losing that source could mean closing its doors.
Though COVID-19 has brought economic uncertainly, Americans continue to demonstrate an ongoing outpouring of charitable giving and generosity. That’s why individuals should be your nonprofit organization’s major philanthropic support strategy. Keep in mind,
If nothing else, COVID-19 has taught us that we need to be prepared to weather any storm. As we approach 2021, now is the time to review your organization’s revenue and have serious discussions with your Board on whether or not you can weather the uncertainty of 2021 and/or the next storm.
Remember it is recommended that no more than 20% of your income come from any one source besides individuals. Click Here to download a FROM-TO Revenue Grid to guide to help as you plan your 2021 revenue strategies. I want you to weather any storm.
If you have questions or would like additional information, schedule a no fee phone call with me now by clicking here.
Stay well and safe.