Goofus, Gallant and You
Some changes seem intuitive - "If we go to a four-color newsletter, our donors will like it more (and read it more) than the two-color one." You're probably right. But be prepared for a bit of a dip while the more timid catch their breath and adjust.
Other changes are much riskier. For example, while cancelling your printed newsletter and going only to an electronic version will save money, will it generate the income your newsletter is producing? Can you cut out your annual event, which is labor intensive, without losing your volunteers and donors who enjoy being part of the event?