Steps Your Organization Can Take to Navigate Inflation
Four steps to consider as you navigate your path forward
Tisha Hyter [00:00:13] It's no surprise that one of the biggest challenges nonprofits face today is inflation.
Tisha Hyter [00:00:18] I'm Tisha Hyter, Senior Vice President and Senior Nonprofit Strategist at PNC. In this video, we will discuss four steps to consider as you navigate the path forward.
Tisha Hyter [00:00:29] Number one: educate your donors. In your next meeting with donors, help them understand that you are truly doing more with less. Your donor’s annual gift is not stretching as far as it has in the past and it cannot reach the same level of impact. Come prepared with how inflation is impacting your organization. Share it with your donors and see if they would consider readjusting their giving to a level that covers your actual cost of service.
Tisha Hyter [00:01:37] Number two: consider inflation's impact on your workforce. Organizations we work with are focused on retention. Nonprofits are not able to simply increase their prices and pass costs on to consumers the way that for-profit businesses can. Therefore, salary increases are not always an option. Consider what you can do to create a culture that supports employees and makes them feel appreciated. Implementing organizational values or offering perks such as parking and gas subsidies can go a long way.
Tisha Hyter [00:02:07] Number three: revamp your development strategy. Now is a good time for your board and executive advisors to consider planned giving, legacy giving, and other ways you can support the sustainability and longevity of your organization. Make sure your gift acceptance policy is comprehensive before asking for new gifts.
Tisha Hyter [00:02:29] Number four: remember, you're in it for the long haul. Inflation and other factors have created challenging market conditions. But as you look at your investment portfolio, do not lose sight of the big picture. Leverage your investment advisor to help your organization focus on your long term goals.
Tisha Hyter [00:02:48] If you have any questions or would like to continue the conversation, please contact me or one of my teammates. You can also find additional information by visiting our web page. Thank you for your time today and I wish you all the best.