15 Jul Overcoming Financial Uncertainty in a Post-COVID World

By Tiffany Rucker, MBA

Every industry has been affected by COVID-19. From employee retention to fiscal management, the pandemic required business leaders to hurriedly put new systems in place to operate in unprecedented conditions.

Many businesses and nonprofits were not prepared for the financial strain caused by prolonged business closures and operating restrictions. Nonprofits found themselves torn between how to continue to serve their population and adhere to government guidelines.

As we begin to move out of the pandemic’s period of restriction and to create our new operational normal, as your nonprofit’s CEO, it’s important to understand how to lead your organization to bounce back even stronger than before.

Analyze Your Budget

Taking the time to do a deep dive into your organization’s finances can help you eliminate unnecessary expenses, which in turn can help you focus more on program needs. COVID-19 has shown organizations that alternative ways to care can be just as effective. As you investigate your organization’s budget, check for alternative, cost-saving approaches to complete program services.

Utilize Your Resources

We live in a fast-paced world, and in the hustle and bustle of overseeing operations, you may forget about connections and resources that you’ve already established. If you want your organization to survive post-pandemic, this is the time to utilize all your resources. This may mean reestablishing connections with organizational allies and lapsed donors to explain—and demonstrate—your commitment to keeping the doors open for business. Tapping into old resources may prove to be extremely lucrative and vital to your organization’s future success.

Update Your Processes and Procedures

No one was truly prepared for a disaster of the pandemic’s magnitude—and even fewer are truly prepared for the new era. Some operational and organizational changes made on the fly to accommodate the global crisis may be discontinued, but things will never go back to “business as usual.” The way we live and work is forever changed.

As your nonprofit emerges in this post-pandemic world, it is important to shore up your systems and procedures for operational efficiency—and to add a pandemic scenario to your business continuity plan to ensure its sustainability. Document and evaluate the changes and accommodations made for COVID-19. This should include how you handled your employees, alternative service options and communication efforts, etc. Now that you know that your organization can survive with alternative solutions in place, iron out the kinks and add them to your operations manual.

Grow Through What You Go Through

Overcoming the pandemic will take time. Entering the post-COVID era with the mindset of change and growth can help you financially recover your organization.

COVID-19 inspired radical change, which can be liberating. So, remain open and optimistic as you lead your nonprofit into a new age—may it be your most impactful one yet!

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Tiffany Rucker is a small business and financial literacy coach as well as wife, mom and special needs advocate. She lives in Tampa, Fla.