There are a lot of tricky factors to worry about when it comes to being a nonprofit, namely a reduced cashflow. Rachel Daddesio of Montgomery explains how to become more stable.
When a person thinks about a nonprofit, what might occur to them is just where the money comes from that helps do what they want to do. This comes from the misunderstanding of what a nonprofit is. Simply put, a nonprofit does not exist for the purposes of gaining profit, but they do raise money to allow them to do the things that they intend to ue their entity intends to accomplish. These kinds of organizations often raise money through donations, but individual donations can be a difficult means by which to achieve sustainability. As such, Rachel Daddesio of Montgomery encourages nonprofit entities to seek out this self-sustainability.
Rachel Daddesio of Montgomery Explains Good Ways to be Self-Sustainable
One thing an operator of a nonprofit entity should understand now is that self-sustainability is not going to be an easy task, Rachel Daddesio of Montgomery warns. Nonprofits typically exist to advocate for marginalized people and causes, and when it comes to making money for sustainability, people tend to put their money towards something that benefits them. So if you were, say, advocating for trans rights, you have to convince them to want to contribute — either through a desire to good, or by imparting upon them that there’s some benefit to doing so. There are a number of ways you can try to get attention through sales, but in the end, it’s one heck of an uphill battle, Rachel Daddesio of Montgomery cautions.
When all is said and done, one of the best ways to make and keep money is to be smart with money. An important thing to do is to make sure that you know your costs well in advance. For example, if you want to attract an individual or group that is willing to sustain your cause for a long period of time, you need to be able to demonstrate that you will be a reliable partner for that entire period of time, and then some, Rachel Daddesio of Montgomery explains. By budgeting, and generally having a good idea of what your costs will be, you will have significantly improved stability and, in turn, sustainability. Philanthropists like to know that their money is both going to a good cause, and that the people they’re giving it to know what to do with it, Rachel Daddesio of Montgomery points out. Obviously, there are always going to be twists and turns that hit you like a ton of bricks, Rachel Daddesio of Montgomery notes, but adaptability and a good contingency plan is also a sign of someone who’s a good fit to manage such charitable donations. For example, Rachel Daddesio of Montgomery notes how Covid-19 really demonstrated the skills of some nonprofits and their ability to roll with the punches.