Nonprofit businesses are a unique group of their own, they are solely created out of the need to help others and improve the quality of their lives. In other words, there are no payouts or dividends going into investors pockets. There are no paychecks to collect but, it can be a very rewarding job or career.
However, there are a few things that every nonprofit business plan needs. Things that we do not always think about. For instance, insurance plans, risk management packages and best practice solutions. Preferably those that can be customized for your group’s individual needs. Whether your group works with babies to grandmothers and even animals, there are always risks involved and accidents that can happen. You do not want to lose all you have worked so hard for, over a frivolous lawsuit. Unfortunately, that can happen to your nonprofit business.
When your directors are creating your nonprofit business plan, make sure you put together some information packets for everyone, even staff for feedback reasons. Include your research on insurance and risk management for your nonprofit business. Many companies will customize a package, no matter the size of the group or your clients’ needs. Research the websites and download any info packets they offer and quotes, for your nonprofit business plan meetings with directors and staff.
When your nonprofit business is registered, there will be grants, tax exemptions and government surplus available for your nonprofit business. If you are the director of the business, do your research there are many areas that may apply to your specific needs. Insurance can be the highest cost in a business and when you are a nonprofit business, you cannot take that chance. Every nonprofit business plan should include that “just in case section”. The economy can also have an effect on your donations; there will be times costs will have to be cut. Casualty insurance packages can protect your business, in these times.
By adopting the best practice solutions into your nonprofit business plan, you are assuring your business success and security. As the director you want that safeguard for your staff and your nonprofit business. A great website to go to get information on current practices and laws for starting your nonprofit business is www.sba.gov/content/nonprofit-organizations. Assess your nonprofit business for risk and talk to your staff and volunteers to address any ideas or additional problems. As the director you are responsible for protecting the nonprofit business and its staff. Along with the intellectual property, your ideas. In the beginning they are the “driving force” of your nonprofit business plan. Protect them; your business, staff and most of all your clients.