Smart Spending: 6 Ways to Keep Your Nonprofit's Overhead Low
Nearly every business strives to operate with low overhead. Because nonprofit organizations rely on donations and grant money, rather than traditional sales, it's even more critical for these companies to keep spending to a minimum.
While it may seem challenging—perhaps even downright impossible—to balance your budget in a way that keeps your organization afloat, following a few smart financial strategies can help you make it happen. We asked members of Forbes Nonprofit Council to share some practical tips for controlling overhead spend. Their best answers are below.
1. Measure Your Spending
If a budget item creates value and return on investment, spend to maintain, enhance or expand. If it is not performing, reduce, redesign or eliminate. This is a smart approach that donors will appreciate. — Aaron Alejandro, Texas FFA Foundation