Insidephilanthropy.com has a very interesting post about what to do when your donors take big losses in the stock market. Whether your organization is for-profit or non-profit, there is some great advice in this post, including:
- Don't spend dollars before they have arrived
- Leverage your existing support into more support
With the stock market down substantially in the past six months, times are tough for for-profits and non-profits alike. In times like these, it is all the more important to invest in your board. As Kathy LeMay puts it in her post on insidephilanthropy.com, "donors are partners, just as investors are partners to ... businesses. Share your challenges."
We couldn't agree more with Kathy LeMay. Tough times are in many ways the best times to build strong relationships with your board and ensure that they understand the key strategic issues that you face. But, in tough times and good times the thing board members has precious little of is time. So use it wisely.
At iBoardrooms, we spend our time working on tools to help you manage your board effectively. Our tools automate the administrative details so you and your board can spend time on strategy and on building your organization. Whether you use our tools, other tools, or no tools at all, prioritizing strategy is so important if you want to ensure that your board is a key strength of your organization.
If you would like some help doing that, please give us a try.