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A business plan for a nonprofit corporation is not merely a personal plan for a business’ development.Banks and grant agencies require business plans before they will provide the financing for the company.
To keep meetings on track and give board members the information they need to make informed decisions, a higher level view of the budget is a better fit.
A sample view from within Live Plan of revenue and expenses.
The template also includes a chapter to describe your fundraising plan, rather than sales plan, and a chapter to provide an overview of your the demographic your organization serves, rather than the traditional for-profit market analysis.
Live Plan makes it easy to add “partners” (members of your nonprofit leadership team and board of trustees) that could benefit from login access to your plan.
What looks like being 30 percent over budget on office supplies could indicate something as basic as needing to purchase a new computer monitor a few months prior to when it was officially budgeted. Putting this level of minutiae in front of your board can be confusing and distracting from real challenges that you need your board to help you address.
But you still need to communicate with them about your financials.
Whether you’re already using Live Plan or doing some research to find the right software for your tax-exempt organization, it’s natural that you’ll have some questions about how Live Plan might be able to help you write your nonprofit business plan or strategic plan.
But did you know that Live Plan also makes it easy for nonprofits to track their projected financials against their actual income and expenses in real time?
For instance, if your organization has a surplus of funds because you didn’t spend some of the money you budgeted for a particular initiative, it might be appropriate to funnel it back into program costs and administration.
Likewise, you can use the Live Plan business Dashboard to help you quickly identify shortfalls well before they balloon into a budget crisis.