A merger of two non-profit organizations can be both a lengthy and challenging process. By hedging funding shortfalls and addressing budgetary challenges, however, your organization can ultimately find that pooling resources and combining efforts can help you secure additional funding.
Linda Zager and Em Hall penned a second article in their series for the Expense Reduction Analysts blog on this relevant topic – we hope you’ll read and share!
We’ve put together five ways to maximize value during this process, including:
- Review your current suppliers. Your organization have likely developed long-standing relationships with suppliers over the years that may also extend into fundraising and sponsorship efforts. However, as a new organization is formed, it’s imperative to review current suppliers to streamline and remove any redundant services. This conversation can also be a catalyst in determining if it’s time to seek out other suppliers.
- Consider going to bid. If your organization is ready to consider suppliers’ options, it’s important to go to bid with your purchasing and service criteria in mind. Each supplier has different strengths, so seeking the suppliers that understand your organization’s needs creates a win-win for all involved. Even if your organization has developed a strong relationship with an incumbent supplier—and don’t plan on leaving—initiating the bid process can help create competitive tension and give your current supplier the incentive to offer more competitive pricing and services.
A merger or collaboration can seem complicated, but with the straightforward tips we’ve put together, you’ll begin to put a plan in place. If your organization is interested in learning more about reviewing your current suppliers, please contact us today to get started!