Posts Tagged ‘Economic Times’

There’s no question about it: we are seeing the most challenging economic times since the Great Depression. Every day, we read about lost jobs at this company or that, but when was the last time you heard about lost jobs and closing doors at a non-profit organization?

Well, it’s true; it’s actually happening. The non-profit sector is struggling in a big way. The timing could not be worse: we rely on so many non-profits to provide their services – from soup kitchens to health care – and the prospect of scaling back (or closing their doors) is happening when they are more desperately needed than ever in communities, both large and small, all over the country. As a point of reference, we must remember that an organization receives its IRS non-profit status only after proving its charitable benefit to the constituency it serves.

If we review the series of key events over the past months, several specific issues have combined to form that so-called ‘perfect storm’ – we have just completed the most expensive presidential campaign in the history of our country (and, before Obama could deliver his acceptance speech on election night in Chicago, many people were already very seriously concerned about the economy), state budgets have been squeezed, many of the failing private-sector organizations (even Freddie and Fannie) were large contributors to the non-profit sector, and individual donors have seen their savings drop more than any other time in their lifetime.

Let’s face it; the magnitude of the current financial situation – and its effects on the non-profit sector – is huge.

But, the purpose of this article is to provide some positive steps to help proactive non-profits achieve success (survival?) even during difficult times. True, just as in the for-profit sector, not all non-profits will survive. We cannot change that fact in a capitalistic society. However, we can encourage non-profits to exude excellence and compete successfully among their peers for precious funding dollars.

I received an email on March 26, 2009 from a group, whose information I try to follow, known as “IT Solution Journal.” The subject line read as follows: “Compliance Rules: Tools, Policies and Best Practices That Are Cost Effective”

Wow! That’s the subject near and dear to my heart: non-profit compliance in the areas of ethics, governance, and accountability. As I have stated in previous articles, I believe that pro-active compliance is a sure way for a non-profit, charitable organization to signal its commitment to excellence.

So, in part, here is what that email had to say:

“Organizations of all types and sizes, industries and professions have long been mindful of the need for legal and regulatory compliance. In the current economic environment, however, forward-thinking organizations now are shifting their focus somewhat. Mere adherence to laws and regulations is no longer enough. Thanks to tight economic conditions and a fiercely competitive business environment, proactive managers and executives are committed to implementing strategic email and Hosted Service management…”

The good news: My experience has been that non-profit organizations have been extremely resilient over the years. And, my belief is that non-profit organizations are better-suited to address a number of our most pressing problems than either the government-sector or the private-sector organizations.

And, the bad news: I am concerned that most non-profits have not been as diligent as they should with their regulatory compliance. To date, the critical document for a non-profit, charitable organization has been the IRS Form 990, filed annually. It is my opinion that this will begin to change more and more (as I have mentioned in previous articles regarding the focus that Congress has placed on non-profit compliance and the increased scrutiny it has mandated to the IRS.

Foundations are watching their endowments drop, thereby making the case for less grant funding and their boards struggle with eroding investment portfolios. The same is true with individual donors. So, how does a struggling non-profit gain an edge?

I have five suggestions:

1. Don’t panic. Now is the time for calm, cool, collected thinking.

2. Make necessary changes. If there are board members or staff members who are not serving the organization adequately, replace them. Now is the time to rally your best and brightest minds and your most ardent supporters.

3. Review your IRS compliance requirements. Make sure you have your policies in place – and, make sure you are following them. Ethics, governance, and accountability measures will speak volumes.

4. If you are fortunate to have an endowment, use it. Avoid watching the stock market numbers every day. Keep your mind focused on the future.

5. Talk to your donor base, membership base, and continue to seek grant funds. This time, however, do it from a position of excellence. Don’t be reluctant to tout the professionalism of your organization over your peers.

In conclusion, this is a time of tremendous challenge; however, it is also a time of exciting opportunities. It’s time for non-profits to compete like never before (not in petty terms) but in all things that exude excellence, confidence, and strong business acumen.

Rob Glenn is the founder and president of The Center for Ethics, Governance, and Accountability (CEGA). His organization seeks to provide non-profit organizations with compliance policies that will provide a competitive edge for grant writing, donations, and charitable support. More information about CEGA can be found at http://www.centerega.com

Author: Rob Glenn
Article Source: EzineArticles.com
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Budgeting is a very vital task that you have to master if you want to succeed in any of your business venture. You have to be conscious about everything that you have to allocate funds to. And this includes printing prices and other considerations when it comes to your marketing tools.

With the tough economic times and as it gets tougher every day, you have to make sure that you will thrive in the industry you are in. But no matter how hard times are, you must never stop from advertising. You can pause a while if you really cannot afford to move forward. But make sure to create a bang the next time that you are in it again.

You don’t want to commit the mistake of being mistaken as non-existent. Remember that there are many businesses that come out each time that you fail to make any move to reinstate your place in the industry. If you are going to be lax, time may come when you have lost everything that you have worked so hard for, including the patrons that you thought were loyal to you.

So go and get your budget fixed. Here are some aspects that you may want to look into to help you with this goal.

1. List down all elements in your business that requires you to allocate funds to. Write down the estimates of the total cost that you may incur in the process. Look closely at what you’ve written and weigh things out. For example, do you really have to opt for the broadcast medium when print can give you same output without having to spend too much?

The idea here is to list down your options and choose the best that suits what you have without going overboard. If you have set your eyes on the print medium, canvas on other considerations like printing prices. Look at the choices and decide on the ones that fit your budget right. If you have a need for many materials at one time, then it will be better if you will avail your materials in bulk. Such project will be processed through the offset method of printing that will create more savings for you and your business.

2. Hire a professional to help you in budgeting. This is important especially in dealing with money. One wrong move or miscalculation can lead to bigger troubles. So it will be best if you will get down with business knowing that you have every aspect of it ironed out.

3. Look at your expenses. If there are unnecessary purchases, make sure that you avid doing such in the future. This is important so that you will learn to handle your finances accordingly. This will also help you in learning the art of self-control especially now that you have your business to tend to.

Knowing the range of printing prices is only one way for you to start on to the right budgeting tricks. As you stay longer in the industry, you will reap the rewards of your hard work and will learn to appreciate the value of the money invested and allocated correctly.

Visit Digital Poster Printing Company for affordable printing prices and quality prints.

Author: Carla San Gaspar
Article Source: EzineArticles.com
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In these trying economic times, drumming up more business can be hard if you clients have shrinking budgets. Small business owners are finding that their clients, whether individual consumers or other businesses, are tightening their belts and reluctant to spend.

However, some small businesses are finding that they can capitalize on the current crisis by connecting with current clients in new ways, and by hooking up with new clients. Here are three trends to think about when it comes to dealing with your clients’ shrinking budgets.

1. Existing Clients are Open to New Ideas

In a world where everyone is looking for ways to cut financial corners, clients are open to learning about how to be more financially frugal, and from many new sources. One small marketing business sent its clients a short flyer listing “10 Tips for Frugal Marketing,” which not only offered great information but also alerted clients to some new inexpensive services the firm was offering. By wrapping the information about the new services into a list of useful tips their clients could immediately use, the marketing business generated an immediate positive image and some new business from existing clients.

2. Partner Up to Access New Clients

One spa owner decided to see if pooling marketing budgets with other local businesses could generate increased revenue for her own business. She teamed up with some local small businesses to offer a series of “Feel Good” workshops. The workshops offered consumers many ways to “Feel Good”-physically, emotionally, financially, spiritually, and even legally. Partner businesses included a law firm, an accounting business, a fitness gym, a nutritional consultant, a spiritual counselor, a banker, and even a private investigator. All the businesses cross-promoted the workshop series to their own clients, and attendees received coupons for free consultations and discounts. Overall, the businesses reported an average increase in business from the workshops ranging from 10% to almost 30%. Not a bad gain in today’s stingy market.

3. Go for the Big Fish

Even big firms that used to have large recurring marketing budgets are starting to scrutinize the individual line items on which they spend money. According to marketing firm TheEyeWorks, 60% of businesses have or will decrease the size of their marketing budgets this year. More importantly, over half the companies polled are willing to consider working with a smaller marketing agency if the agency could produce similar results.

The moral of this David and Goliath story is that this financial crisis may have evened the playing field for small businesses. The fact that large businesses are looking for ways to deal with shrinking budgets gives small businesses a shot at large accounts that might otherwise be out of reach.

When faced with the incredible shrinking budgets of your current and potential clients, don’t despair. Instead, think of yourself as the small business version of David, in the David and Goliath story. Then start talking to your current and potential clients in new ways. You may surprise yourself!

Stephanie Valentine has been a small business owner for over 15 years. Her blog, http://www.gosmallbizblog.com, offers helpful tips on taxes, productivity, revenue generation, and more for small business owners. She also writes about online MLM marketing at http://www.gomlmonline.com/blog

Author: Stephanie Valentine
Article Source: EzineArticles.com
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During bad economic times, many people are trying to diversity their sources of income. Starting your own quilt shop is indeed a viable option for you to increase your monthly income if you are already passionate about quilting.

So how much capital do you need in order to start your own quilt shop? Below are we shall discuss some of the major cost components that you have to consider when compiling your business budget:

Capital Equipment

Quilting machine, office machine such as fax machine, telephone, cash register, display panels for exhibition and etc are classified under capital equipments. Usually capital equipments form major part of your preliminary quilt shop business start up costs. If possible, you should consider buying used equipments for your business if you are on a very tight budget.

Quilting supplies

These include materials such as thread, batting, patterns, templates and etc. You should budget the purchase of these materials as buying materials without proper budgeting will affect your business cash flows and hence the liquidity of your quilt shop business. In order to have a more accurate ordering level, you are also required to prepare sales budget. From the sales budget, you shall be able to figure out the production budget and hence the required quilting supplies.

Operating expenses

Starting your own quilting shop shall incur monthly operating expenses such as office supplies, electricity and water bills, telephone and fax bills and etc. It is important to estimate the monthly minimum operating expenses of your quilt shop business in order to calculate the selling price of your quilting products.

Based on the above discussion, you should have a rough idea on how to prepare a simple business budget if you have decided to start your own quilt shop.

Are you thinking of turning your quilting passion to profits? Check it out at Starting Your Own Quilt Shop for comprehensive step by step guide.

Author: Gary Goh
Article Source: EzineArticles.com
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