There’s a big hidden cost that nonprofits often ignore: the opportunity cost of decisions. Failure to consider this can result in poor decisions and/or allocation of resources. Fortunately, there are clear methods to incorporate opportunity cost into strategic decision-making and planning.
When it comes to financial data, less is definitely more. But what data is essential? In this entry I discuss how to find that essence and how to use it to your advantage in managing a nonprofit organization.
Some say the devil is in the details, but that expression used to say the exact opposite. People often shy away from detailed work, yet successful organizational management can require embracing them. So what’s up with that old cliche?
Scott Schaffer will be leading PIMG’s daylong workshop, Strategic Financial Management for Nonprofit Executives, in Seattle and Sacramento this fall. Read this blog for details.
There are many myths regarding nonprofit finance, and some of them are harmful. Here I shoot down several prominent ones.