As the pandemic slowly begins to recede, a weary culture begins to piece together a sense of normalcy. Progress is expected to be slow as people strive to redefine the status quo amid concerns of a virus resurgence or the emergency of a dangerous new strain. Individuals, businesses, and nonprofit agencies struggle to adapt in a number of ways. One primary concern is finding financial stability in the midst of a crisis.
Practice Lean Management
Desperate times call for desperate measures. This might mean delaying major purchases or even selling a second vehicle for families. Businesses may implement furloughs and cease discretionary spending accounts. Nonprofit agencies might consider rearranging their priorities in light of budgetary constraints. While none of these avenues are necessarily pleasant, each of them presents a viable solution. Doing more with less is not a new concept for most nonprofit organizations, and most organizers are already careful with their spending habits.
Develop New Resources
Cultivating viable new streams of income is one of the most effective ways of navigating a financial crisis. Family members may take on a second job or begin making new types of investments. Businesses may leverage company stock or other equity strategies and also dabble in promising new investments. Nonprofit agencies may look to new donors or offer their individual expertise within the community. There are many ways to increase awareness of a particular cause and attract new philanthropic efforts.
Stay on Course
Financial security is not a fleeting goal. It should not be chased after, nor should it be treated as an optional outcome. Despite dips in the revenue stream or fundraising dollars, staying on track with the end results in mind is important. This is not the time to create a new mission statement or completely change course. However, these normal hills and valleys in the financial flow may require moving some priorities to the back burner for the present time. The financial leadership team or head of household is responsible for reviewing these periodically, keeping their efforts in mind, and ensuring that everyone is on the same page.