Money & Business

Daily Buzz: Outlining Your Nonprofit’s First Budget

By / Mar 4, 2019 (Natee Meepian/iStock/Getty Images Plus)

When your nonprofit is just starting out, a budget is a critical tool to managing and growing your organization. Also: when to put out a post-event recap.

Starting a new nonprofit can be exciting but, financially speaking, uncharted territory.

“It’s easy when you’re just starting out—and you’re super excited about the future—to operate on a lot of hope,” says Sandy Rees in a post on Get Fully Funded. “Now, hope is not a bad thing. But you need some practicality and planning to go with it.” And that means a budget.

To start your nonprofit’s financial plan, you’ll need to first decide on your program activities for the year, Rees says. From there, estimate all associated expenses and potential revenue—and then compare. Take the time to get accurate projections. If you guess, you risk throwing off your entire budget.

“Be careful not to overestimate your revenue just to get a zero bottom line,” Rees says. “Next year, when you have a year’s experience and historical numbers to pull from, you can use your actual numbers as estimates.”

Get Your Post-Meeting Recap Out on Time

A post-event recap is an important way to highlight the key takeaways of your meeting for your community. “This essential tool is most useful in the days after the event,” Smart Meetings contributor Sherie Raymond explains. “In fact, the best time to publish this report is within 48 hours of the event ending.”

To be ready share a post-event recap on this tight schedule, you’ll need to generate content from your meeting in real time. Take notes, photos, and videos during the event, or crowdsource using your meeting’s unique hashtag—just make sure to verify photo permissions before you publish.

Other Links of Note

Leading a remote team? These three management mistakes can affect your employees’ productivity, according to CMSWire.

An analytics strategy requires the right people, technology, and process, the MemberClicks blog explains.

Need inspiration for how to retain members and donors? Network for Good suggests asking this one question: What would Netflix do?

Sophia Conforti

Sophia Conforti is a contributor to Associations Now. More »

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