In a recent article, Richard Mittenthal, CEO of the TCC Group, notes that
the recession is not over yet for many nonprofits and that hard decisions
are still being made. He suggests four keys to ensuring your organization's
survival, or for donors who are looking for keys to organizations that will
be around tomorrow:
1) Evaluate, evaluate, evaluate. And act on what you learn.
2) Cut costs.
3) Focus on planning, including contingency plans to prepare your
organization for the range of challenges that lie ahead.
4) Strengthen relationships with key funders, avoid the internally focused
bunker mentality that can happen in crisis. Ask board members to become more
actively involved.
If you serve on a nonprofit board, it is your responsibility to provide
oversight and input on the organization's financial condition. Every step
the nonprofit can take now to stabilize its finances will pay off later, no
matter how long the recovery takes.
Read the full article.
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