It is a challenge to be a nonprofit CFO
By John Gillespie, Charles River CFO Nonprofit and Social Enterprise Practice Leader
The role of a nonprofit CFO has never been a simple one. It requires agility, strategic thinking, and an understanding a nonprofit organization's unique financial challenges. Balancing cash needs, donor priorities, evolving technology, and workforce management are demanding even in the best times. Three years have passed since the pandemic's start, and many organizations are still facing economic uncertainty. Despite this, there is also an opportunity for nonprofits to reassess their current situation and plan for success in the future.
Is your organization ready for what comes next?
What programs and initiatives are financially viable? What risk management strategies do you have in place? What does your organization need regarding skills and experiences for the next growth phase? Are you ready for it? Is your team? What about your financial systems? Do you need a new external perspective? Do you even have time to read this article? (I hope so because we can help).
Here is what a new perspective can offer.
Is your financial team ready? What can be accomplished differently? Is the CFO working on ongoing accounting issues that a fractional or part-time controller may manage at a lower cost? How can technology streamline processes so your organization runs more efficiently while freeing up time to focus on other tasks like fundraising or strategy? Can jobs be redefined to avoid hiring a full-time replacement? How can outsourcing be part of your financial team? What long-term initiatives are you considering to continue to source the skills you need?
How comprehensive is your plan B? What if the CFO leaves tomorrow? Who is in place to oversee that the critical financial functions continue uninterrupted? What strategies are in place to manage this risk? How can an interim solution be deployed to provide the needed time for sourcing a new CFO in this tight labor market?
Does your organization have an employee engagement plan? Where should you start? What questions should you ask your employees, and how should you respond with actionable initiatives? The labor shortage is not going away. Focus on engaging the employees you want to retain.
As a nonprofit leader in today's uncertain economic environment, it’s important that you take a proactive approach to assessing your organization’s current needs and making plans for success going forward.
Charles River CFO works with clients to address senior financial staff transitions or provide regular, part-time (fractional) solutions for your finance and HR departments. This frees up your management team to build your organization while controlling overhead costs. Our scalable team approach provides the necessary expertise and flexibility to ensure your organization remains well-positioned for future success!
At Charles River CFO, we are smart, nimble, and flexible. Have you considered how outsourcing accounting and finance or hiring an interim CFO or Controller could benefit your institution? Let us know how to connect with you or call Jack Sullivan, Vice President, Business Development, at (781) 431-0420 x1.