Not-for-profit Finance Week | My latest Blog |
What’s Coming Up | Finance Tips From Julie | Working With Me
Hi there – thanks for checking out my latest Good Governance Newsletter!
I know you are here because you are committed to good not-for-profit governance and leadership, and you want to make sure you do everything you can to steer your organisation in the right direction.
So, to support you with that, through my regular Good Governance Newsletters I strive to bring to you valuable NFP governance and leadership information and updates, happenings and events, that will help you do exactly that.
So take a moment and check out what I have to share with you in this week’s newsletter…
Read on for:
- Our Community’s Not-for-profit Finance Week – this week!
- My latest Blog – Focus on Board Roles: The role of the Board Secretary
- Upcoming Events:
4 September – My next quarterly webinar: 10 things you need to know about not-for-profit Governance – also this week!
26 September – Then join me online for a deeper dive into my flagship training program: Good Governance for NFPs
24 – 27 October – My inspirational Spring Retreat for Executive Women - Finance Tips from Julie – Diversifying Revenue Streams
- Working with me – How my Executive Support Program can help you
I’m so glad you have found me and all the resources I share via my newsletters and emails.
I am sure I will have something to help you in the not-for-profit work you do, whether it be as an Executive, a Board member, or a grass-roots community volunteer.
So dive on in and let me know what resonated with you this week!
Regards
Megan
NOT-FOR-PROFIT FINANCE WEEK
Brought to you every year by the good people at Our Community, Not-for-Profit Finance Week is a celebration of ideas, knowledge and financial capacity-building for Australia’s $100 billion not-for-profit sector.
The aim of the event, held this year from 2 – 5 September, is to increase the profile of the not-for-profit sector, bolster the financial capacity and sustainability of the sector, and provide support for the staff, the Board members and in particular the treasurers carrying out the important task of overseeing their organisations’ finances.
So join in for a week of information-packed FREE webinars!
Full details can be found HERE.
And do let me know how you go!
MY LATEST BLOG
The role of the not-for-profit Board Secretary is probably the busiest of all the not-for-profit Board roles, and an effective Secretary is critical to the success of any not-for-profit organisation.
So this week I have written another piece for my short series: Focus on Board Roles.
This second article explores the key functions of the role of the Board Secretary and the different ways different organisations may choose to – or be required to – undertake that role.
So if this snippet above has piqued your interest, you can check out the full article HERE – I hope you enjoy it!
And if you want to read more of my blog articles, or listen to some of my podcasts or watch some of my webinars, then check out my back catalogue of Blogs & Pods HERE.
Enjoy!
A FREE GOVERNANCE WEBINAR,
AN IN-DEPTH GOVERNANCE TRAINING SESSION,
AND A VERY SPECIAL RETREAT FOR WOMEN LEADERS
✅ 4 September
My next quarterly webinar: 10 things you need to know about not-for-profit Governance.
Back by popular demand, this perennial favourite always pulls a crowd, demonstrating that there are lots of people keen to improve the governance practices of their NFPs. So if this is you too, come along for my top tips to improve your organisation’s good governance too!
This session will be held online, on Wednesday 4 September, from 11 am – 12 pm (AEST/Melbourne time) and tickets are free.
Click HERE for further information and to book yourself in.
💡 26 September
If you’ve got a taste for NFP governance now, and want to do a much deeper dive with me, then come along and join me online for my comprehensive Good Governance for not-for-profits training session.
This is my flagship governance training program, and it explores in more detail the important areas of good practice, compliance, planning, and risk.
Come along and hear my many years of accumulated governance experience and wisdom distilled down into this three-hour training session for you and your fellow Board or Committee members to learn from.
With just 25 tickets available for this one, there will be time for questions and discussions, and unpacking the concepts discussed.
This online training session will be held on Thursday 26 September, from 4 pm – 7 pm (AEST/Melbourne time) and tickets are just $156 per person.
Click HERE for further information and to purchase your tickets.
🩷 24 – 27 October
My Retreats for Women Leaders are gaining momentum, and are attracting dynamic women leaders from across the community, government, not-for-profit, and business sectors.
My upcoming Spring Retreat is going to be a beautiful long weekend of self-care (and a little self-indulgence!), with lashings of inspiration for an amazing year ahead.
It promises to provide women leaders with the perfect blend of rest and relaxation, along with great conversation and connection with a small group of other dynamic women.
If this resonates with you, you can find out more HERE.
And contact me on megan@mjbconsulting.net.au for further enquiries or to book yourself in – I do hope to see you then!
FINANCE TIPS FROM JULIE
Julie Doyle is my business finances guru, and this week she is generously sharing some of her wisdom around Diversifying Revenue Streams.
This week Julie says:
To mitigate risks associated with any over-reliance on a single source of funding, not-for-profits are increasingly diversifying their revenue streams across a number of strategies.
And multiplying your income sources can also be about more than just the money, it can also enhance relationships and team building.
Some things you might want to consider for diversifying your NFP’s funding sources could include:
Grants: Apply for grants from various government agencies, foundations, and corporations to spread out the risk by not having all your fundraising ‘eggs in the one basket’.
Donations: Cultivate a broad base of individual donors rather than relying on a few large contributions.
Fundraising Events: Organise events such as galas, auctions, or community fundraisers that attract a variety of donors.
Earned Income: Develop income-generating activities, such as selling products or services related to your mission.
It is important to build strong relationships with your funders – whoever they may be – by maintaining open and regular communication with them to ensure they understand your NFP’s value and impact, and to deepen their connection to your cause/s.
Establishing a Reserve Fund is a good strategy to create a financial buffer that can be tapped into during lean times or periods of reduced funding. This reserve can act as a safety net against sudden and unexpected funding cuts.
Implement long-term financial planning by developing a multi-year budget and financial plan that anticipates potential shortfalls, and includes strategies for addressing them. Develop scenario planning to help you better prepare for different funding environments which may eventuate.
Develop a strong Board and Leadership Team. A diverse and well-connected board can open doors to new funding opportunities and provide better strategic oversight for a not-for-profit. Effective leadership ensures that your NFP remains agile and can adapt to changes in funding if and when they emerge.
NFPs should focus on their impact and accountability. Clearly demonstrating your impact can help to attract a wider range of funders, while being transparent in your financial reporting and program outcomes will build trust with your donors and funders, encouraging more diversified support.
Considerations should also be given to exploring broader partnerships and collaborations, as partnering with other entities can lead to shared resources and joint funding opportunities, and entering into collaborations can also increase your visibility and credibility, making it more attractive to funders.
All NFPs should be regularly reviewing and adjusting their funding strategies by continuously monitoring their funding landscape, and adjusting their strategies as needed to respond to changes in the economy, donor interests, or funding availability.
If you have a NFP finance query you would like Julie to talk about via my Good Governance Newsletter, just email it to me on megan@mjbconsulting.net.au.
EXTERNAL SUPPORT FOR NFP EXECUTIVES
Are you – or is someone you know – a not-for-profit Executive looking for that special something to make your busy role and life more manageable?
Something that can help you take a step back, assess the overwhelm, and more effectively navigate your journey of leadership growth and development?
If this sounds like you or your Executives, I want to let you know that I have what you are looking for – and that is my one-to-one Executive Support Program.
Through my Executive Support Program I encourage and inspire people to work towards their goals, but I will also hold you accountable, and ask the tough questions when needed as well to support your growth, development and achievement in the areas that are important to you.
As one of my Executive Support Program clients, you also get automatic access to my growing Alumni and Friends community, which includes our quarterly Brains Trust online networking lunches, and my Executive Retreats throughout the year.
And if you are wondering what kind of difference my support could make for you, check out what Sue Sestan, CEO of Inspiro Health, had to say about her experience of working with me:
I have been working with Megan through her Executive Support Program for nearly a year and have found her knowledge and personable approach to be very effective.
Megan is skilled at tailoring the Executive Support Program for individual needs ensuring the time spent is value for money.
And her guidance and values driven attitude stems from extensive experience and support of the NFP sector and her assistance with prioritising and focus on outcomes orientated strategy has been invaluable.
Megan has been instrumental in developing my existing connections and networks due to her strong affiliations and support of the NFP sector.
I highly recommend Megan for NFP CEOs and Executive leaders.
It was an absolute delight for me to support Sue in her journey, and if you feel that you could use this kind of personalised support as well, I’d love to help you too!
Check out the Program flyer HERE, and to find out more, schedule a free discovery call with me HERE.
I hope I can help you soon with what’s important to you too!
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