Nonprofit Insurance Program

Adapting in Hard Times

By Alexa Connelly
September 23, 2015

As the economy ebbs and flows, every business is bound to to go through some ups and downs. In times like these every little set back can have dire consequences on the future of the company itself. Non-profit organizations are especially vulnerable to unanticipated losses, since they usually have scarce resources to begin with, and not that many extra funds with which to absorb such losses. Still, almost every crisis can be overcome with the right kind of planning and foresight. Here are a few tips for keeping non-profit organizations afloat during difficult times:

  • Decide what’s expendable and what’s not

Streamlining your operation is necessary in turbulent times. Make a list of things you could potentially cut in order to save money and order it into three separate columns, according to their level of expend-ability. When it comes to cutbacks, start from the first column and then make your way across, depending on how bad the situation gets.

  • Explore new revenue streams

In hard times there’s a good chance that both individual and corporate donations will diminish. So can take this time to find out which economic sectors might still be in good shape and strive to build relationships with donors from those industries. Plenty of other strategies, including online crowdfunding and community fundraising, can also be explored at this stage.

  • Don’t stop believing

A non-profit’s reputation is often its most prized attribute. So be sure to keep in touch with past donors and inform the’m about your on-going projects. Also, continue to advertise and market your organization. Even if budgets are tight, you should still maintain an active social media presence and continue to inspire people who come into contact with your non-profit.

  • Insure your organization

If you haven’t done so already, taking an insurance policy on your business will help keep it secure no matter how hard things get. It’s best to opt for a company that specializes in nonprofit and social service organizations in order to benefit from insurance products and risk management services tailored to fit the exact needs your industry. 

If you follow these four steps, chances are you’ll be steering your non-profit organization back to prosperity in no time.Just remember: hard times may come and go, but patience and perseverance will always win out in the end.

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