Nonprofit Success in Times of Crisis
In recent weeks all business sectors across America have made significant transitions with their work force and have overcome huge hurdles to their success in response to the Covid-19 pandemic. Employees everywhere are doing their best to meet the goals expected of them in a time of intense uncertainty and rapid change. The nonprofit sector is one industry that has faced unique challenges due to the pandemic.
Social distancing measures have barred nonprofits from community gatherings to promote their missions. And the drastic implications of the coronavirus on the American economy has left many nonprofits in need of proactive fundraising with a donor base that may be pulling back from generous giving. At MicroAccounting we support our nonprofit customers during this time of insecurity and want to help you continue to serve your communities. Below are some tips on how you can respond in times of crises to address the evolving needs of your nonprofit organization.
Start with the staff, make sure your team has the support it needs!
During times of uncertainty it is always important to maintain communication. This is critically important with social distancing. Be sure to communicate daily with your team regarding your expectations and the short term and long term goals of your organization in response to the pandemic. Nonprofits, like all businesses, need to utilize tools of the virtual office to keep on track. Make sure the lines of communication operate both ways. Gauge the well being of your staff and respond accordingly, meeting their needs to help your organization succeed.
Reach out to donors early
Now is the time to seek assistance from your community, not when the financial deficits strike. Review your budget and, when possible, try to forecast for how far your cash reserves will stretch if ongoing social distancing is mandated. Long term donors or members of your organization are the responders you need here and now. Be creative and offer up incentives for future reimbursement for their support today.
Organize and manage your financials
Financial forecasting can only be achieved if your current financial system offers detailed reporting and operates smoothly during regular operations. Now may be the time to rethink your current processes and business solutions. Sage Intacct is the number one cloud-based accounting solution that provides multi-dimensional reporting. A solution like Sage Intacct could provide an answer to help get your organizations financials on a strong footing to withstand the ongoing pandemic.
Once your organization’s financials are streamlined and you can predict future liquidity you must try and budget for the unexpected. Now is the time to conserve cash in the face of uncertainty but not to give up on your organization’s mission. Strategic thinking and creativity come into play here, brainstorm new and exciting ways to support the critical programs of your organization. You may have to put some programming on hold while refocusing on programming possible under the safety precautions associated with the virus.
Amp up your online presence
Like most businesses, nonprofits are now operating with a remote workforce meeting virtually to facilitate day to day business. Now is the time to take advantage of the virtual landscape to engage your community and pool of donors. Reinforce your organizations brand and mission online. Budgeting for website updates may be critical at this time. Utilize social media to engage with your existing donor base and to hopefully engage new donors in your community. Social media can also serve as a critical venue to repurpose your planned programs. For example, instead of a donor dinner, host an online event with a portal for virtual giving.
Pursue new opportunities for local and federal funding
Federal and local governments have stepped up to the plate to assist small businesses and nonprofit organizations across the country. Do your research and know what is available to you. Now is the time to apply for federal assistance in response to Covid-19. Refocus your team to complete the application process while working from home. Include these grant funds in your strategic planning and budgeting for the long-term expectations of social distancing.
Nonprofit leaders are facing unique challenges in the wake of a global pandemic. Hopefully, the tips listed above can serve as a starting point for rethinking your organizations programs so that the overall mission of your nonprofit is fully supported. MicroAccounting sympathizes with the needs of nonprofit leaders and can provide solutions like Sage Intacct to fully support nonprofit teams to keep their financials on track as we all weather the storm of Covid-19. Call us today at 855-876-3773 or email us at [email protected] to find out more.