With the new year just behind us, it’s a good time to focus on opportunity.
A nonprofit leader establishes opportunity for their organization by pointing it in the right direction and hiring the people needed to make it a success. As a leader you need to be out in front, thinking ahead of the game.
All organizations operate in cyclical environments, and it’s essential to develop a culture that realizes change is always a medium of opportunity. You need to be able to quickly organize a new initiative when an opportunity arises and then move fast to capitalize on it.
Investing in people and infrastructure is a given. When revenues are strong, control your spending and aim to build a cash reserve that can cover three to six months of operating costs. When the economic climate changes, causing a downturn in earned revenue or charitable contributions, your organization will be well-positioned to meet urgent or emerging needs. Cash is king. Raise it when you can; don’t wait until you need it. Always protect your downside.
Q: Will you be ready the next time that opportunity strikes? Q: How can you prepare to “face the elevator door” of opportunities in the new year?
Here’s a video that looks at how nonprofits can fund their commitments.