As a nonprofit, one of the hardest obstacles you will face is not receiving enough funding to do the things you want to do. But, if you have a solid budget that you stick to, you can get through the low points until funding picks up again.
Unlike a business, you aren’t trying to increase profit margins or meet sales goals. Your bottom line isn’t about making money. It’s about calculating the costs it will take for your organization to achieve its goals.
That’s why practicing good budgeting techniques is crucial to accomplishing your mission with any level of funding.
With this article, we’ll address why you need a budget, what the benefits are, how you should build your plan, and decide on which type of budget works for your nonprofit.