Most nonprofit executives and staff members are drawn to work for trade and industry associations and professional societies to be part of a mission-driven cause: to advance an industry, advocate for necessary changes, to build communities that create meaningful change, and to serve a greater good.
Thank goodness for tax exemption status such as 501(c)(3) granted by our government.
However, as we all know, without the life blood of a steady flow of revenue derived primarily from membership dues and events registration and sponsorships, nonprofits can’t exist.
Today, all association executives and professional society leaders are looking to identify new sources of revenue to continue operations. Few industry organizations that I speak to are immune from the crushing weight of a P&L that is more L than P.
There are more than a dozen proven ways to generate new revenue for your organization, and the one limiting factor to activating these is mindset.
The mindset that being a nonprofit precludes you from turning on new, bold programs to increase your top-line revenue and bottom-line operating income can be a self-limiting belief that slows your organization’s recovery and holds back the great potential of a stronger balance sheet and more stable P&L entering 2021.
The health, economic, and social crises we are facing are not abating in the short-term, so now is the time to activate new strategies and tactical plans that generate new sources of revenue for your organization.
Never before has “no money, no mission” been more true.
For more on revenue recovery, download our white paper, Starting Your Path to Revenue Recovery.
Founder & CEO
360 Live Media