Setup Your Finances Department to Ensure Financial Sustainability
So you’ve come up with a great idea and no longer are stuck at what business to start. You’ve come up with a great solution, and you’re putting it into action.
Now getting things on a roll, and putting your programs into implementation, is one step.
But to be sustainable – especially financially sustainable – I would suggest to make sure that you have a Finances Department within your organizational structure.
Your Finances Department in Your Social Enterprise
Your Finances Department or Finances Unit could include a person that you hire who is an accountant or who has an accounting background.
Getting your finances in order is so significant for social enterprises, whether they be for-profit or non-profit.
Now many in the non-profit sector sometimes say: “Well, I’m trying to get things done. I’m trying to get programs running. Therefore, I shouldn’t worry about the finances.”
Well if you’re a non-profit, you’re obviously having to get your funds from somewhere – usually from donors.
A Finances Department Helps Your Programs Run Smoothly
Even then, donors want to see that you are running a ‘smooth ship.’ That you are ‘well-oiled.’ That you are running with systems in places – financial systems – that are operative.
Getting an accountant is one way for you to focus less on the finances, and to handle it via someone who can do it and do it well. This will help you figure out what business to start and whether this is viable. That gives you the time to focus more on the programs and find innovative solutions. While your Finances Department and accountant focuses on creating financial system to keep your social enterprise running smoothly.