From the course: Nonprofit Management Foundations
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Understanding nonprofit financial leadership
From the course: Nonprofit Management Foundations
Understanding nonprofit financial leadership
- I've always liked how Peter Drucker defined the difference between a manager and a leader. A manager makes sure you do things right, whereas a leader makes sure you do the right things. This distinction is particularly important when it comes to understanding how finances work in a nonprofit. Because there's a big difference between financial management and financial leadership. Financial management involves collecting financial data, producing accurate reports, and solving near-term financial issues. Whereas financial leadership is about guiding the nonprofit toward growth and sustainability. At the end of the day, a nonprofit CO is really responsible for one basic thing. You need to lead the organization to produce significant impact, and you need to support the work with a sustainable financial model. To be successful, you can keep in mind the following financial leadership guidelines. First, develop a realistic annual budget. Strong annual budgeting is an essential element of…
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