Is your organization struggling with the many challenges that come with inflation? The rising cost of everything has been top of mind for most people, including nonprofit leaders. Inflation is impacting our employees, the communities we serve, and our donors.
While rising costs are all around us, there are some strategies your organization can implement to overcome these challenges. In this episode, I dive into how you can keep up with rising costs like diversifying your revenue streams and looking at your organization’s cash reserves. These, along with some solid financial planning, can make a big difference for your nonprofit.
I also discuss the challenges nonprofits are facing with retaining employees and strategies for raising their salary to market rate. Hint: we’re talking about getting comfortable with asking funders for more money. It may not be easy, but it is doable. Let’s dive in.
Read the podcast transcript here.
Episode Summary
In this episode, you’ll learn strategies on how you can help deal with the rising costs within your organization, including:
•Keeping up with the rising costs of everything: health insurance premiums, audit fees, employee salaries, etc. (1:45)
•Communicating with funders about increased costs (4:40)
•Challenges with retaining employees (8:20)
•Why financial planning is so important, especially during inflation (10:00)
•Diversifying your revenue streams (12:00)
•Looking at your organization’s cash reserves (16:10)
•Getting comfortable asking funders for more money (17:50)
Teasers
“We need to have a forecast where we are proactively looking at our revenue and our expenses so we can project what our revenue needs to be to match that.”
“Who knows what prices are going to turn into? Who knows where inflation is going?”
“When we’re talking about inflation-adjusted fundraising, we need to ask for more money.”
Resources
FREE Cashflow Template: https://100degreesconsulting.com/cash
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/overcoming-inflation
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