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How do you match your nonprofit strategic plan to your budget?

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A nonprofit strategic plan is a roadmap for achieving your mission and vision. It outlines your goals, objectives, strategies, and actions for a specific period of time, usually three to five years. But how do you make sure that your plan is realistic, feasible, and aligned with your budget? Here are some tips to help you match your nonprofit strategic plan to your budget.

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1 Assess your current situation

Before you start planning for the future, you need to understand your current financial position and performance. This means reviewing your income and expenses, your assets and liabilities, your cash flow and reserves, and your funding sources and restrictions. You also need to analyze your strengths, weaknesses, opportunities, and threats (SWOT) as an organization. This will help you identify any gaps, risks, or challenges that may affect your ability to execute your plan.

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Bill McCreadie

Business Consultant with background in Engineering, Finance and Sales Management
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If you get this right with proper analytics and it will save effort later. Spend the time at this stage and avoid the temptation to rush the analysis. With many business evaluations, it's important to do the homework before committing resources in possibly the wrong direction.

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Dr Richard Treatch CPA

Audit Director at Terra Business Solutions
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The budget supports the strategic plan. 1. Discern the vision for the next # of years. 2. Develop the strategic plan that will realize the vision. 3. Develop a budget that supports the strategic plan for the next # of years. 4. Adjust the budget annually during the goal setting process. 5. Develop the KPIs)metrics to measure performance against the plan. 6. Analyze and adjust monthly.

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2 Define your priorities and outcomes

Once you have a clear picture of where you are, you need to decide where you want to go and how you will get there. This means setting your strategic priorities and outcomes based on your mission and vision. Your priorities are the broad areas of focus that will guide your actions and decisions. Your outcomes are the specific and measurable results that you want to achieve for each priority. For example, if one of your priorities is to increase your advocacy impact, an outcome could be to influence a certain policy change or legislation.

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Jeff Kohler

Retired Financial Services Tax Partner at PwC and Non-Profit Board Member
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The Board Treasurer and other financial stakeholders need to be imbedded into the strategic planning process for many reasons including providing a reality check on overly ambitious planning goals, ascertaining buy in of financial stakeholders and in maintaining budget coordination with strategic goals

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3 Estimate your costs and revenues

The next step is to estimate how much it will cost to implement your plan and how much revenue you will generate to cover those costs. This means projecting your expenses and income for each year of your plan based on your strategies and actions. Your expenses include your operational costs, such as salaries, rent, utilities, and supplies, as well as your program costs, such as materials, equipment, travel, and evaluation. Your income includes your earned income, such as fees, sales, or contracts, as well as your contributed income, such as grants, donations, or sponsorships.

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Kevin Sullivan

CEO ASA, CPA/ABV
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Improve fundraising. It's that simple. Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxcccxcxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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4 Create a realistic and flexible budget

Creating a budget that reflects your plan and supports your goals is based on accurate and reliable cost and revenue estimates. A budget is a financial tool that helps you allocate your resources, monitor your progress, and evaluate your performance. To create a realistic and flexible budget, you need to align it with your plan, use scenario planning to prepare different versions of your budget based on different scenarios, build in contingencies, and review and revise it regularly. For example, if one of your outcomes is to increase your social media presence, you should include the costs of hiring a social media manager or consultant. Additionally, a contingency line should be included in the budget to cover any unforeseen or unexpected costs that may arise during the implementation of the plan. Comparing actual income and expenses with budgeted income and expenses on a regular basis will help you track performance, identify any variances, and make necessary adjustments.

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5 Communicate and collaborate with stakeholders

The final step in the planning and budgeting process is to communicate and collaborate with your stakeholders, such as board members, staff, donors, partners, and beneficiaries. This will help you gain their support, feedback, and input, as well as ensure their accountability and transparency. To do this effectively, you should share your plan and budget in a clear and concise way, highlighting your priorities, outcomes, strategies, actions, costs, and revenues. Additionally, involve your stakeholders by inviting them to provide data, insights, suggestions, or feedback. Finally, keep your stakeholders updated on your progress and achievements throughout the implementation of your plan and budget. By doing this you can create a plan and a budget that work together to advance your cause and make a difference.

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Ann L.

MPhil Candidate, Bilingual AFRIKAANS, ENGLISH REGISTERED ACCOUNTANT, SYSTEMS: SAGE, SAP FI, Adv Excel; SME Advisory, Consultant, Freelancer, Facilitator; Business, Professional, Divorce Coach, Mentor, Speaker
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Essentially, at incorporation, this should be the first 6 months focused activity. I believe that non profit founders overlooking this critical step is bound to failure along the line. It should be a mandatory capacity building objective and key performance indicator (KPI) to all new board members.

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Juliana Pan

Executiva em Saude | Planejamento Estratégico | Gest?o de Programas e Portfólios
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é crucial reconhecer que, mesmo uma organiza??o sem fins lucrativos, a sustentabilidade financeira é essencial para manter propósito central. O planejamento estratégico é uma ferramenta fundamental neste processo, pois n?o apenas projeta a vis?o de futuro, mas também traduz esses direcionadores em planos táticos e operacionais concretos. Portanto, é imperativo que essas organiza??es se dediquem ao planejamento estratégico com seriedade e comprometimento, garantindo assim a continuidade e o impacto do trabalho.

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6 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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Juliana Pan

Executiva em Saude | Planejamento Estratégico | Gest?o de Programas e Portfólios
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é crucial reconhecer que, mesmo como uma organiza??o sem fins lucrativos, a sustentabilidade financeira é essencial para manter nosso propósito central. O planejamento estratégico é uma ferramenta fundamental neste processo, pois n?o apenas projeta a vis?o de futuro, mas também traduz esses direcionadores em planos táticos e operacionais concretos. Portanto, é imperativo a dedica??o ao planejamento estratégico com seriedade e comprometimento, garantindo assim a continuidade e o impacto do trabalho.

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How do you match your nonprofit strategic plan to your budget?

1

2

3

4

5

6

1 Assess your current situation

2 Define your priorities and outcomes

3 Estimate your costs and revenues

4 Create a realistic and flexible budget

5 Communicate and collaborate with stakeholders

6 Here’s what else to consider

Nonprofit Management

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How do you match your nonprofit strategic plan to your budget?

1

2

3

4

5

6

1 Assess your current situation

2 Define your priorities and outcomes

3 Estimate your costs and revenues

4 Create a realistic and flexible budget

5 Communicate and collaborate with stakeholders

6 Here’s what else to consider

Nonprofit Management

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