When we say the words “budgeting season,” do you instinctively flinch a little? Maybe you get a sinking feeling in the pit or your stomach? It doesn’t have to be that way – BOC is here to help!
Recently, Linda Zager and Em Hall penned an article for the Expense Reduction Analysts blog on preparing for your budgeting season, especially if your fiscal year, like many nonprofits, begins on July 1st. Members who drive this from the leadership team achieve significantly higher results, considerable additional money for their programs. You’ll have to read the full post for all the details, but here are some highlights:
- Begin by analyzing your organization’s current areas of expenditure for the past 12 months to determine exactly where your money is going, how much, and how many vendors are associated with each expense area.
- Incorporate this information into a larger strategic plan going forward. This analysis allows you to set an actionable, data-driven plan with owners and to find areas where expenditures can be streamlined to free up cash flow and further the initiatives you want to set in the coming fiscal year.
- Consider bringing in a third-party subject matter expert to help facilitate the process. An outside source can help better define initiatives.
Budgeting season can often feel overwhelming, but there’s no better time to take a hard look at your expenses and determine where you can make reductions. If your organization is interested in learning more about this process, please contact us today to get started!