It’s obvious businesses and non-profits shouldn’t wait till the last penny before they find ways to try to survive but must act when their revenue’s don’t cover their expenses. There might be money set aside for “rainy days” but that doesn’t mean they should wait till it becomes a typhoon. Here are some immediate actions that should occur
INCREASE REVENUE
NON-PROFITS- Offer VIP membership (Gold, Silver, Bronze etc) to already existing members with various new benefits that go with each package at an additional cost to members. Are you reaching all the potential members or must you consider the package, look, or path to get a greater share of potential members?
BUSINESSES- Can offer similar packages to customers when advantages to membership can be achieved. Have special sales days to increase intake of funds coming in as well. Are you reaching all the potential customers or must you consider the look and feel of your operation?
DECREASE COSTS
NON-PROFITS/BUSINESSES- First cut costs a certain % across the board and if that doesn’t reduce cost enough trim the most unproductive parts of your business.
SELL ASSETS
NON PROFITS/BUSINESSES- Are there items that might not be needed in daily operations and can they be sold now verses a time (G-D forbid) when they must be sold quick and at a huge discount?
WORK WITH
NON PROFITS/BUSINESSES- Is there a business or non-profit that you can work with to buy items/services on volume and reduce costs? Can they perform some of your tasks so you won’t incur some of these expenses and if so would they be willing to share in the revenue?
START NOW
NON PROFITS/BUSINESSES- Have you planned revenue generating plans that will occur in the future if so can they be moved up in the calender to produce revenue now? Have meetings with the key people who will grow your enterprise and ask how they might get others with similar demographics to join.
RENT
NON PROFITS/BUSINESSES- Rent out space that isn’t be used to other groups at an equal or lower cost then the competition.
GOVERNMENT
NON PROFITS- See if the local government can help with low cost loans or allowing you to provide services for the indigent in return for some compensation.
MERGE
NON PROFITS/BUSINESS- It might be best to merge with a similar organization to lower costs and increase total revenue.