September 14, 2015

Have You’ve Created an Income Strategy or a Hope?

“Basically, our strategic plan,” Peggy explained in her offices on a recent sultry afternoon, “states that we’ll raise the money.”

What about your strategic plan? Does it also just state that you will raise the money?

If it does, then despite the hours everyone spent deliberating each word writing it, your strategic plan is misnamed. It’s a hope. Documents that contain great strategies and plans for missions, but lack a strategy and plan for income are a great start, but unfinished. They are income hopes.

Money is not an add-on. Complete strategic plans explain how you will obtain income.

Let me be clear. Money and mission share a healthy co-dependency. Think of them as conjoined twins. To thrive, each needs the other.

If your organization lacks a strategic plan for income, then stop everything. Don’t call a donor. Don’t check voice mail. Don’t leave for the day. Your work and your mission are too important for just income hope.

Gather your leaders. Develop a strategy and plan to obtain income.

Three signs that you’ve developed an effective nonprofit income strategy:

1. Your income strategy explains how to overcome obstacles and collect revenue.

2. A jury of nonprofit experts (your peers, the head of the local community foundation, and your CPA) agree that the income strategy will work.

3. Your plan outlines the battles you’ll wage this year.

Raising money is an outcome. It’s what you get when you develop a successful strategy and execute your plan with polish. Make “raise the money” your starting place, not the finish line.

To watch a video about making sure you’ve developed an effective strategy, watch this video, Is Your Nonprofit Strategy a Winner?

For more answers, check out this Nonprofit CEO Library.

For solutions delivered to your inbox sign up for Karen’s CEO Solutions.

Want to know more about developing an effective nonprofit income strategy? Don’t hesitate to reach out to me. I’d loved to help you create an effective strategy you’ll use to improve your nonprofit forever-Karen

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Author

Karen Eber Davis

Karen Eber Davis provides customized advising and coaching around nonprofit strategy and board development. People leaders hire her to bring clarity to sticky situations, break through barriers that seem insurmountable, and align people for better futures. She is the author of 7 Nonprofit Income Streams and Let's Raise Nonprofit Millions Together.

Have You’ve Created an Income Strategy or a Hope?

Three signs that you’ve developed an effective nonprofit income strategy:

1. Your income strategy explains how to overcome obstacles and collect revenue.

2. A jury of nonprofit experts (your peers, the head of the local community foundation, and your CPA) agree that the income strategy will work.

3. Your plan outlines the battles you’ll wage this year.

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