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How do you keep up with the latest trends and developments in financial management for non-profits?

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As a nonprofit leader, you know how important it is to manage your finances effectively and efficiently. But with the constant changes and challenges in the nonprofit sector, how do you keep up with the latest trends and developments in financial management for non-profits? In this article, we will share some tips and resources that can help you stay on top of your financial game and make informed decisions for your organization.

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Spencer Beckman, MBA

Memphis 20 Under 30 | Yale M.Div. '26
Toni McLelland MSc FRSA

?Critical Friend & Business Mentor for Third Sector, Social Entrepreneurs & Start Ups ?Business Turnaround &…

1 Know your goals and metrics

The first step to keeping up with the latest trends and developments in financial management for non-profits is to know your goals and metrics. What are you trying to achieve with your financial strategy? How do you measure your progress and impact? Having clear and realistic goals and metrics will help you align your financial activities with your mission and vision, and also help you identify and address any gaps or risks. You can use tools like dashboards, scorecards, and reports to track and communicate your financial performance and outcomes.

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2 Learn from others

The second step to keeping up with the latest trends and developments in financial management for non-profits is to learn from others. You don't have to reinvent the wheel or figure everything out on your own. You can benefit from the knowledge and experience of other nonprofit leaders, experts, and peers who have faced similar challenges and opportunities. You can learn from others by joining networks, forums, and communities of practice, attending webinars, workshops, and conferences, reading blogs, newsletters, and publications, and seeking mentorship, coaching, or consulting.

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Spencer Beckman, MBA

Memphis 20 Under 30 | Yale M.Div. '26
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Scarcity mindset is a trap in fundraising and development. Find a few local mentors, peers, and (of course) a few professionals who are younger and newer to the world of development to learn from and brainstorm with regarding your work. The sheer number of fundraising leads, innovative marketing ideas, meaningful connections, and new trends my development network has provided to me far outnumber anything I've ever gleaned from countless hours of fundraising conferences or afternoons spent reading through abstract, development-based articles.

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3 Embrace technology

The third step to keeping up with the latest trends and developments in financial management for non-profits is to embrace technology. Technology can help you streamline your financial processes, improve your efficiency and accuracy, enhance your security and compliance, and leverage your data and insights. You can embrace technology by adopting cloud-based software, platforms, and applications that are designed for non-profits, such as accounting, budgeting, fundraising, reporting, and analytics. You can also explore new and emerging technologies, such as artificial intelligence, blockchain, and digital currencies, that can offer new possibilities and solutions for your financial management.

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Abimbola Ayeni

Program Lead | Health Policy and Management | Researcher | NIH-Funded Grant Expert | Public Health Professional | Entrepreneur
(已编辑)
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Leveraging on technological tools to keep track of fund development goals, financial processes and financial performance for non-profits cannot be overemphasized. For the sake of efficiency and effectiveness in financial management, my team adopted the use of accounting software called grantmaster to track the inflow and outflow of funds in order to identify the financial gaps and make informed decisions right in time. To stay afloat in financial management and be able to keep up with the evolving models for global impact, non-profit need to update their management system through technology.

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4 Be flexible and adaptable

The fourth step to keeping up with the latest trends and developments in financial management for non-profits is to be flexible and adaptable. You can't predict or control everything that happens in the nonprofit sector, but you can prepare and respond to changes and uncertainties. You can be flexible and adaptable by creating scenarios, contingency plans, and reserves, reviewing and updating your policies and procedures, diversifying your revenue sources and expenses, and engaging your stakeholders and partners. You can also foster a culture of learning and innovation in your organization, where you encourage feedback, experimentation, and improvement.

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5 Invest in yourself and your team

The fifth step to keeping up with the latest trends and developments in financial management for non-profits is to invest in yourself and your team. You are your most valuable asset, and so are the people who work with you. You can invest in yourself and your team by providing and accessing ongoing training, education, and development opportunities, building and strengthening your financial skills and competencies, seeking and offering support and guidance, and celebrating and rewarding your achievements and contributions. You can also promote a healthy and positive work environment, where you balance your workload, manage your stress, and prioritize your well-being.

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6 Stay curious and open-minded

The sixth step to keeping up with the latest trends and developments in financial management for non-profits is to stay curious and open-minded. You don't have to follow every trend or adopt every development, but you should be aware of them and evaluate them critically. You should also be willing to explore new ideas and perspectives, challenge your assumptions and biases, and learn from your successes and failures. You should also seek feedback and input from your stakeholders, beneficiaries, donors, and regulators, and incorporate their views and needs into your financial management.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Toni McLelland MSc FRSA

?Critical Friend & Business Mentor for Third Sector, Social Entrepreneurs & Start Ups ?Business Turnaround & Troubleshooting Specialist?Speaker & NED ?DEIB Veteran & Queen of Compassion?30+years wisdom & #TonisFairyDust?
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Understanding the ESG (Environmental Social & Governance) Agenda for not for profit is crucial to secure funding especially from the public purse. How the organisation is governed and stakeholder relationships are key. A high number of those aware of and with an ESG agenda are more likely to secure funding. This is a good area to explore for sustaining longevity in business.

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How do you keep up with the latest trends and developments in financial management for non-profits?

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3

4

5

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1 Know your goals and metrics

2 Learn from others

3 Embrace technology

4 Be flexible and adaptable

5 Invest in yourself and your team

6 Stay curious and open-minded

7 Here’s what else to consider

Non-profit Leadership

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How do you keep up with the latest trends and developments in financial management for non-profits?

1

2

3

4

5

6

7

1 Know your goals and metrics

2 Learn from others

3 Embrace technology

4 Be flexible and adaptable

5 Invest in yourself and your team

6 Stay curious and open-minded

7 Here’s what else to consider

Non-profit Leadership

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