Nonprofit Doesn’t Mean Don’t Make a Profit
That old myth “nonprofits can’t make a profit” needs to be put to rest.
Good financial management suggests that you should have at least 50% of your operating budget in reserves. 100% is even better!
How do you think chambers are able to put funds in their reserves? They run in the black, yes they make a profit!
I’ve written before on the importance of paying attention to the finances. If you’re not putting 10% of your operating budget a year to reserve, you should be asking why not?
Do you regularly review your programs to assess their value to the membership vs. their impact on your bottom line?
If we want to fight for our small business members, we need to be IN business. That means running your chamber like a business.
Let’s get to the business of doing business.
Until next time!