It’s no secret that the coronavirus (COVID-19) has detrimentally impacted the country. Businesses and the economy are facing challenges and several nonprofits are searching for guidance during this time. MISSION:MORE offers nonprofits with action items that will help them survive COVID-19.
TOP 4 NONPROFIT STRATEGIES
Assess The Situation – One of the most important things that a nonprofit can do at this time is assess the situation. The coronavirus has shifted the country and its effects are astronomical. Nonprofits are experiencing an increase in demands, such as food or shelter, with limits to capacity, cash flow and support.
Considering that no one knows fully what kind of effect the coronavirus pandemic will have, it’s important for nonprofits to assess the situation they have at hand. Understanding options, abilities and next steps during this time will help nonprofits remain intact. This is where nonprofits should ask themselves “what ifs” and create scenarios that could possibly happen during this time, such as “what if we lose 15% of our donor revenue” or “what if we need to move services online for the next six months”. This kind of thinking and assessing will help nonprofits plan for any situation.
Cash Flow Projection – Now is a more perfect time than ever to compile a cash flow projection, especially with the financial strain that this virus may have on your nonprofit. It will help management and board members see if the nonprofit will face cash shortages and assess where to distribute money for the upcoming months.
When compiling a cash flow projection, be sure to include money your nonprofit currently has, expected revenue and potential expenses.
Once finished, you will be able to assess if the nonprofit will experience a cash shortage. If your nonprofit might experience a shortage, it’s important to weigh the options. As far as revenue goes, speak with funders, ask for donations, or maybe even hold auctions. On the expense side, we recommend assessing which expenses are critical for operations and which are not.
If your nonprofit might experience a shortage, MISSION:MORE offers a solution. The Google Ad Grant is a $10,000/mo in-kind donation given to nonprofits to advertise online. With the help of MISSION:MORE, your nonprofit can reach more donors and raise awareness.
Positive Donor Relationship – Keeping a positive donor relationship is critical. It might just be what saves your nonprofit during the coronavirus and keeps it running smoothly after. Send thank you emails or letters to donors for their continued support. Let them know what it is that your nonprofit is doing during this difficult time, where their money is going and that you’re looking forward to the day when you can all be together again.
A donor is someone who truly believes in your nonprofit’s mission and supports it. It’s important to be upfront about what COVID-19 is doing to the functionality of your organization, as well as the impact it is having. In fact, providing donors with this information might persuade them to donate more, whether financially or emotionally, to your nonprofit.
Communication Is Key – Remain connected with your nonprofit community. Not only will it continue to strengthen the relationship between nonprofit and community, but it will keep them active and interested in your organization.
This communication is not only critical during the coronavirus, but after as well. Once the virus has settled and the economy and country return to a new normal, the support of the community will be powerful. Let the community know steps that your nonprofit is taking during this time, events that have been put on hold until further notice and changes that have been made.
Several nonprofits have moved to online events, such as donor drives or fundraisers. Stay active on social media (and online) to let the community know about these events. It will keep the bond between you and the community, and can help raise money for the nonprofit.
While the coronavirus has impacted the country, economy and community, it’s important for nonprofits to remain active. Completing these action items, searching for additional resources and remaining connected to the community can help your organization survive during this difficult time.
If you are a nonprofit in need of additional advice or are interested in applying for the Google Ad Grant, contact MISSION:MORE today.