Neglecting to compose an all-inclusive business plan is probably the most common error made by those in the beginning stages of forming a not-for-profit. You’re in the company of making a profit while you aren’t in the company to make a private gain. Community partners, and most possible board members, donors need to see only how you mean to do that.
You’re open for public review if your IRS application for exemption is approved. Your business plan and your company preparation stuff gives you the audit trail needed.
An average not-for-profit company planning process will address all the essential questions. The table of contents should contain these seven sections:
Organizational Structure: Describe how your non-profit is arranged, for example, staff and board of directors.
Products, Software or Services: Products or what software are you offering? Contain procedures, the advantages of your services, future growth strategies, and record anything new, on replying to a community demand, or tendency.
Marketing Plan: In this section describe how you intend to reach them and who you’re attempting to reach. Describe your possible partners and your competitors. How are you going to promote what stuff and through your services?
Operational Strategy: Where will you be found and how are you going to deliver your services? Describe in detail how you are going to assess its services and your plan.
Organizational and management Team: Who’s in your management team? Supply advice about their expertise and key management staff. Record financial sponsors. Clarify lines of duty. Supply an evaluation of present and future staffing needs, including how you are going to use volunteers.
Fiscal Strategy: Discover your present and proposed financial status, completely describing sources of income. You are going to contain cash flow statement, balance sheet, an income statement, and a minimal three-year fiscal projection.
Supporting and beginning a non-profit is in many ways much harder than starting a brand new company. Dedicate yourself to the company planning phase and you’ll discover your journey will not be a bit heavier.