4 Ways to Save Your Non-Profit Money
Most non-profit leaders are constantly working to keep costs down while keeping donations and funding up. This can be difficult, as donations can fluctuate greatly over time (as can costs), and the bulk of financial contributions go to program initiatives, rather than employees or marketing efforts which could potentially increase donations.
Here we share four ways non-profits can save money so more cash can be spent on what matters most: fulfilling missions and making a difference to those impacted by your non-profit’s cause.
Utilize multiple social media outlets.
Social media is extremely powerful. For non-profits looking to grow an audience while keeping tight reigns on spending, it is simply invaluable. Making a profile for social media outlets such as Facebook, Twitter, Instagram, YouTube and LinkedIn is free. Managing the accounts may end up costing a non-profit money (as employees are likely being paid for the time they take to keep each account active), but much of the content used on social media can be duplicated over time, which cuts back on the overall time it takes to manage. Additionally, volunteers may be interested in taking on social media management, which is of no cost to a non-profit.
Put checks in place to ensure late fees are avoided.
It might sound obvious, but money spent on late fees is simply wasted. There can be late fees associated with office overhead, technology subscriptions, event planning and catering, and even credit card payments. Use best practices to make sure late or missed payments are avoided. Anytime there is a change to credit card information – due to a new employee, employee name change, or new card information – be sure to update any auto payments that were set up using the outdated credit card information.
Seek out services and solutions that offer discounts to non-profits.
One financial benefit for non-profits is that some of the companies they do business with may offer discounts simply because they’re working with a charity. When seeking out new partners or vendors, ask if a discount is available. If it is, they’ll share it with you, and if it is not, perhaps this will act as a bargaining chip for your non-profit as costs are discussed. Examples of companies that might offer non-profits discounts include event venues and technology such as email service providers.
Hire outside firms for certain tasks.
Arguably the biggest opportunity to save non-profits money comes in the form of eliminating overhead that exists for office equipment and staffing. Using an outside agency, such as The Mattison Corporation, provides non-profits with a significant reduction to overhead, while also engaging qualified individuals to help with many tasks. For example, hiring a full time executive director is costly, and that person might not have knowledge in tasks outside their specific job description, such as event planning and bookkeeping, that would benefit the non-profit. The Mattison Corporation offers access to individuals with varied and substantial expertise, enabling more tasks to get done for less money.
In the end, running a business – whether for or not-for-profit – can be costly. Non-profits looking to cut costs should evaluate spending regularly, not just on an annual basis, and should seek out partners that can affordably help them achieve their goals.