The strategy focuses on achieving financial sustainability and revenue diversification to ensure long-term financial health. It first emphasizes expanding funding sources by identifying new donors or investors, creating compelling pitches, and forming partnerships with other organizations. For instance, a non-profit could apply for relevant grants and conduct crowdfunding campaigns for targeted projects.
The second strategic approach involves developing income-generating activities. This means leveraging organizational strengths that can be monetized, such as launching workshops, selling branded merchandise, or offering consultancy services. A practical example could be organizing ticketed conferences that align with the organization's mission.
Lastly, enhancing financial management and transparency is crucial. This includes conducting financial audits, setting measurable goals, and regularly reviewing progress. Training staff in financial literacy and developing a transparent financial reporting process ensure accountability. Improving cash flow management and communicating performance to stakeholders also solidify the organization's financial health.
The strategies
⛳️ Strategy 1: Expand funding sources
- Identify and target potential new donors or investors
- Develop a compelling pitch and presentation materials
- Establish partnerships with other organisations for joint funding opportunities
- Apply for relevant grants and sponsorships
- Create a membership or subscription-based revenue model
- Launch crowdfunding campaigns targeting specific projects
- Explore public-private partnership opportunities
- Engage with local businesses for sponsorship and support
- Research and apply for international funders and grants
- Implement a donor recognition and engagement programme
⛳️ Strategy 2: Develop income-generating activities
- Identify organisational strengths that can be monetised
- Launch workshops and training sessions for external audiences
- Create and sell branded merchandise
- Organise ticketed events, such as conferences or seminars
- Develop an online course or digital content for purchase
- Offer consultancy services related to the organisation’s expertise
- Lease or rent out any underused facilities or equipment
- Form strategic alliances to deliver new services or products
- Expand into new geographic markets with existing services
- Invest in the development of proprietary technology or apps
⛳️ Strategy 3: Enhance financial management and transparency
- Conduct a comprehensive financial audit and analysis
- Implement a robust financial monitoring system
- Develop a transparent financial reporting process
- Set measurable financial goals and regularly review progress
- Train staff in financial literacy and management
- Establish an emergency fund for financial stability
- Conduct regular risk assessments and scenario planning
- Engage with financial advisors for strategic guidance
- Improve cash flow management practices
- Communicate financial performance to stakeholders effectively
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
