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Sometimes, nonprofit organizations end their fiscal year in a deficit. This means that they didn’t gather enough funds to make up for the costs of their operations for that year. When this happens, nonprofits should have a plan of action for how they will continue to operate even with reduced revenue.
For many nonprofits, this means building infrastructure that allows them to respond to changes in demand or funding sources. Specifically, this involves finding new ways to generate and sustain revenue without increasing expenses.
This article will cover common types of funding cuts and five tips you can use to keep your nonprofit going strong. Let’s get started.
First, let’s explore the most common types of funding cuts nonprofits might encounter and what they mean for your organization:
Determine what types of funding cut your nonprofit is facing, and adjust your operational strategy accordingly. Be honest about which funding issues may have deeper underlying causes, so you can create proactive plans to address them.
If your nonprofit is facing funding cuts, you can adopt certain strategies to make your nonprofit more sustainable. Here are five tips for addressing your funding cuts:
Focus on implementing strategies that will set you on a path to stable and diversified revenue. That way, if anything happens to one of your revenue streams, you will still have other sources providing funding.
Tackling funding cuts helps your nonprofit stay afloat and come out as a stronger organization. Stay focused on implementing strategies that allow your nonprofit to be adaptable. That way, you’ll be able to weather funding cuts now and any other obstacles that occur in the future.
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