Picture this scenario. It is the middle of the year so you’ve got 6 months left in the year. You know how much money you’ve got in your bank account but you are not sure if you can make it through the rest of the year. How are you going to pay your team? You’ve got bills to cover and you are not sure you can cover them.
How does this feel as a leader? Does it enable you to focus your energy on your mission or do you feel at sea and anxious. If you can’t predict how much money you will need for the rest of the year, you won’t be able to prepare for what lies ahead and you may limit your mission impact.
To sustain the impact your organisation is having in the communities it serves, you as a leader must know the funds your organisation is going to need in the coming months so you can be prepared.
This course is about planning your organisation’s funding requirement. We will take some time to review several key aspects of this planning and give you a chance to check if you are planning well. Then you will have an opportunity to decide which area you want to implement now so your organisation can have healthier finances.
1. How much money have we spent to date, so how much money do we have now?
2. How much money we are going to need in the near future?
To answer the 1st question we need accurate recording of all our financial transactions so that we have up to date financial information on hand right now. This course aims to get you thinking about great ways to answer the second question. It focuses on bringing life to your budget in the first section, and planning your cash in the second section, both being essential so you can be on top of how much cash you are going to need.
Financial planning is crucial for non-profit organisations. It aligns resources with the mission, promotes sustainability, and enables efficient allocation of funds. It aids in budget development, supports effective fundraising strategies, and ensures transparent, accountable financial practices. Additionally, financial planning empowers organisations to make informed decisions, manage financial risks, and be prepared for unforeseen challenges while complying with donor requirements and fostering trust among stakeholders.
Let’s get going.