Have you started the process of budgeting for 2024 yet? It’s already October, so if you haven’t started yet, you’re behind. This podcast episode will help you get caught up so you can go into 2024 prepared and ready to make a big impact on the communities you serve.
This episode covers six tips for improving your nonprofit’s 2024 budgeting process. We dive into what mistakes many organizations make during this process, and more importantly, how to avoid them. Plus, strategies for boosting your team’s morale during this often difficult time. Hint: it’s not giving them free rein to make their department’s budget and then slashing it in half.
There is a better, more effective, and more collaborative way to budget that also accounts for sustainability, like having a cash reserve. You can learn how to be more proactive and strategic about budgeting for 2024 so you and your team can hit the ground running in January. Lead your team into the new fiscal year stronger than ever and ready to make an even bigger impact.
Read the podcast transcript here.
Episode Summary
In this episode, you’ll learn how to get caught up to speed on your 2024 budgeting so that you can go into the new fiscal year ready to hit the ground running and make a larger impact, like…
•The first thing to think about when creating your budget (2:50)
•Why you need to involve others in the budgeting process (5:00)
•How to plan for sustainability (10:05)
•Using a variety of sources to create your budget (14:30)
•Creating a plan for revenue (16:30)
•Why your nonprofit needs to invest in financial management (22:40)
Teasers
“We want to be thinking strategically about allocating the resources that we have to achieve our biggest goals.”
“Think from a 30,000-foot view instead of just taking this year’s profit and loss statement or income statement and tweaking it a little bit.”
“One big mistake I see a lot of nonprofits making is that we are building a break-even budget every single year. We’re budgeting for as much revenue as we have expenses and vice versa.”
“We want to make sure we have time to really be strategic and not just plunk some numbers into Excel based on what we did last year and hope for the best.”
Resources
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: https://100degreesconsulting.com/budgeting-for-2024
FREE Cash Forecast Template: https://100degreesconsulting.com/cash
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