3 Ways to Leverage Business Grants & Non Restricted Funds for Sustainability
One of the “bright sides” of this Pandemic has been an increased ability to access business grants, state and federal COVID-19 disaster relief funds, capacity building funds, and other monetary supports for non profits.
Many of these options didn’t exist previously, or where woefully underfunded.
Here’s a few ways to make the most of these financial opportunities:
Create a Payroll/ Operational Reserve. One thing that we learned in 2020 is that the future is not guaranteed. And even if it is, we have NO idea just what that future may hold for us. Organizations that have a 6-9 month Payroll/ Operational Reserve stand a much bigger chance of being agile enough to weather the unexpected storms of life.
Invest in Staff Training & Development. Our People Matter. Investing in their confidence and competence is one of the best ways to develop their Intrinsic Motivation- their inner desire to Thrive in the mission-driven workplace. This investment will also pay dividends for years to come, particularly in the efficient and sustainable delivery of services, and by reducing the costly effects of staff turnover.
Invest in Marketing & Communications. One more big lesson that we learned during this Pandemic is that our Digital Presence (or lack thereof) is EVERYTHING! Marketing & Communications is how we stay connected to our clients, our donors, our supporters, and our communities. Traditionally, this has probably been near the bottom of priorities for most agencies, but we can no longer afford to minimize the importance of this area.
Have a conversation with your board, and hopefully, your agency can begin to implement one of these suggestions today, and brainstorm other ways to leverage unexpected financial windfalls! And if there's anyway that we can support the fiscal solvency of your agency, just reach out here.