The Not-for-profit sector (NFP)is facing a tidal wave of trouble. Heavy cuts to Government funding, due to poor economic performance and changing funding culture, will force the NFP sector to adapt to new business models to compensate. On top of that, many NFP organisations are Industry Associations, meaning their secondary sources of funding are corporate or individual industry members. This second source of income is also at risk.
The economy is slow, and individuals are trying to save money in light of low wage growth. At the same time, businesses performance is stagnant, meaning their event sponsorships decrease significantly.
Boards of directors are well aware of this economic shift, pressuring executives and staff to find a way to survive. However, there is no easy solution. At Tailored Accounts, we strongly believe that your Chief Financial Officer (CFO)is central to saving your organisation from shut-down.