Starting and running a not-for-profit organization in Florida is one of the most rewarding things that anyone can do. Every day, you commit time and energy to improving your community and making a difference in the world around you. You can’t put a price tag on that.
Unfortunately, though your impact may be great, the price tag on the services you perform would likely be pretty low. Why is it that some of the most rewarding jobs in the world never feel financially rewarding? Do you feel like you are always scrambling or dipping into your own pocket to keep the lights on?
If so, you might want to consider adding a few more of the “business” elements back into your not-for-profit organization. After all, it will end in more resources to devote to your community and your goal, and you won’t always have to live on the edge of success and failure. When you are ready to bring operational efficiency to your nonprofit, there are a few main considerations at hand.
Form Your Florida Not-For-Profit Correctly
At Bryant Taylor Law, we help Florida not-for-profit organizations through the business formation process. And, this may come as a surprise to you, but “not-for-profit” and “nonprofit” are distinctly different. We’re focusing on not-for-profit organizations in this article. Choosing the right structure and moving forward with the right applications is crucial for getting the 501(c) tax-exempt status you seek.
We will help you through the process of forming and establishing your business as a legal business partner. This allows you to focus on your goals and the long-term strategy of running a successful organization.
Create a Budget (And Stick To It)
Most organizations live and die by their budget. Not-for-profits are no different. Create one by tracking all of the incomes and assets you have coming in, and all of the bills and expenses you have going out. The goal is to never spend more than you are bringing in any given month, even if you are merely a “recreational” organization with no goal of turning actual profit. Volunteer time is an asset you have to spend wisely and not waste!
Track Metrics (Including Vendor, Client, and Participant Satisfaction)
You should be tracking various metrics across your not-for-profit to see any trends that you can identify. One of the metrics should absolutely be customer satisfaction, to see where, when, and how you can consistently improve that. Play around with testing different options and see which ones are responded to most positively across the board. This will help you decide where your focus is best spent.
Set Long and Short-Term Goals
Most not-for-profits are built on goals, but can they survive on them? Most organizations create KPIs (Key Performance Indicators) that they evaluate over a short and long period of time. For instance, a KPI may be to “improve liquid assets by five percent in the next quarter.” Then, you put your specific energy into achieving that KPI and evaluate how you did at the end.
Get the Solutions You’re Searching For
As any not-for-profit owner will tell you, you get by with a little help from your friends. Running a labor of love requires some help from others. At Bryant Taylor Law, we can help get your Florida not-for-profit organization running with business concepts that will take it to the next level and move toward financial flexibility. To discover solutions that position you for success, contact Bryant Taylor Law for a consultation today.
