The Prosperous Nonprofit 7 Ways to Build Your Nonprofit's Financial Health
Is your nonprofit financially healthy? If you’re thinking, “Well, what exactly does financially healthy even mean?” Then, you’re in the right place! On today’s podcast episode, Stephanie covers everything you need to know about your organization’s financial health, sustainability, and how to make improvements so you can continue to have a lasting impact on the communities you serve.
She breaks down the seven financial metrics your nonprofit should be tracking, common pain points in organizations, and strategies for overcoming financial obstacles and increasing sustainability. Plus, a super simple way to find things your organization is paying for, but no longer using, helping you cut down on costs.
Stephanie also dives into the number one thing most strategic plans are missing, and why it can be detrimental to a nonprofit’s sustainability. As well as the critical role building and fostering relationships plays in an organization’s financial health. She has helped countless nonprofits understand where they are in terms of financial health and how to elevate the way they are managing their finances. Now she’s sharing her wealth of knowledge (pun intended) with you!
Episode Summary:
On today’s episode, you’ll learn how you can boost your nonprofit’s financial health including:
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The best way to figure out if your nonprofit is sustainable (2:55)
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How to calculate your metrics (5:10)
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Why your budget shouldn’t always be “break-even” (8:30)
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Where you can find templates and tools you need to enhance the way you're managing your organization's money (15:00)
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Seven things you can do to turn your organization into a financially healthy one (16:00)
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The number one thing most strategic plans are missing (17:10)
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A major pain point in most organizations (22:15)
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How relationships play a key role in the financial health of your organization (26:45)
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Recap of the financial metrics you need to be measuring (30:50
Teasers:
“For better or for worse, we as nonprofit organizations are rated on the way that we are spending our money.”
“Just understanding your asset composition is an important place to start on your balance sheet.”
“We need to know exactly where we are right now so we can make good strategic decisions as to what to change.”
“I can almost guarantee that you are gonna find some unused subscription, something you're paying for that you didn't really need anymore.”
Resources:
FREE Financial Health Calculator: https://100degreesconsulting.com/health
Keep up to date with the podcast: @100degreesconsulting
Follow Stephanie on Instagram: @stephanie.skry/
Connect with Stephanie on LinkedIn: https://www.linkedin.com/in/stephanieskryzowski/
Visit the podcast page: http://100degreesconsulting.com/nonprofit-financial-health