Building resilient charities?

Last week we held a fascinating event with CASS Business School, Big Society Capital and others, hearing the views of around 100 people on how charities can improve their financial strategy and become more resilient. My thoughts focused on improving the funding mix. If charities are to fulfil their ambitions on a sustainable basis it is important for them to diversify their funding sources and consider the full menu of options now available. Evidence shows that funding is the biggest issue for charities especially those of small to medium size. It may not always be possible but I would suggest this damaging cycle of income and cost reduction could be smoothed over with a more diverse funding approach. Understanding and investigating new sources of finance is a vital step towards addressing the growing gap between the rising demand for a charity’s services and their increasingly stretched funding.

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