It also increases the demand for basic necessities and essential human services. The financial crisis also brings about downward pressure on the government and philanthropic revenue sources. It also takes non-profit organizations long to recover from a financial crisis. This is due to the state budget timing and depressive giving rates. Collaboration is one way in which non-profit organizations can deal with a financial crisis. Non-profit organizations should enter into mergers and alliances with other organizations so as to fulfill a mutual mission. Collaboration should range from planning and analysis to implementation and forecasting. This makes it easy for a non-profit organization to cope during a financial crisis. During financial distress, the leaders of a non-profit organization should start viewing it as a business. They should do this when a financial crisis is forecasted. This ensures that there are good financial reporting and measures of success (Landskroner, 2002). Therefore, non-profit organizations should take appropriate measures prior to a financial crisis. Good preparation ensures that non-profit organizations do not get affected badly by a financial crisis. It is also important for non-profit organizations to collaborate with other organizations so as to reduce the effects brought about by a financial crisis.
Nonprofit Manager’s Resource Directory
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