Getting your nonprofit to a state of financial sustainability is a goal for all of us. But just how do you get there and is there a “quick” way to do it? Patrick Renn, from The Renn Wealth Management Group, joins us to talk about setting up your nonprofits finances so you can naturally attracted long term donors and investors, and reach your sustainable goal.
Patrick talks about the importance of having a financial plan that covers short (one year), medium (three year) and long term (5 or more years) goals.
He also talks about the need to be transparent. People like to donate to success and the best way to show your success is to share it with your current and potential donors. So don’t hide your financial statements – share them. This could be done by sharing your budget, your profit and loss statement, your business plan and/or your annual report with your supporters.
Patrick goes on to tell us how we can best attract and retain investors in our nonprofits. And you may be surprised… but one of the best ways to do this is through story telling. The return on investment (ROI) for a nonprofit donor is knowing their donation is making a difference. So by simply sharing your stories with your donors can help them feel like they are getting a good ROI.
Patrick also wrote the Planned Giving Special Report: The 7 Most Influential Giving Trends which outlines some key points in the planned giving arena.
So, if you want to get on the road to financial sustainability for your nonprofit, then this podcast is the one to listen to.
Patrick’s website: RennWealth.com
Patrick’s new book: