Session 4 The Bottom Line - Creative Operating Budgets

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The Bottom Line – Creative Operating Budgets:

The Bottom Line – Creative Operating Budgets Kara Newport Daniel Stowe Botanical Garden

Daniel Stowe Botanical Garden:

Daniel Stowe Botanical Garden From 2010-2014 reduced operating budget by 40% Reduced workforce without significant lay-offs Grew earned revenue Hosted a major international exhibition Launched a capital campaign

Financial Management Philosophy:

Financial Management Philosophy Budget Management is a State of Mind Consider Corporate Culture Budgeting Paradigms Can Be Catalysts for Change

Financial Management – Leadership Role:

Financial Management – Leadership Role Know your numbers Be transparent Follow the rules and have good reports and systems Ensure board leadership support “They” are not the problem

How to Change Things When Change is Hard :

How to Change Things When Change is Hard Implement easy solutions with measurable results Seek the bright spots and celebrate successes Ambiguity is the enemy


Revenue Operational Opportunity


Revenue Know your numbers Development is not the answer

Earned Income:

Earned Income Diversity is stability Small organizations have a greater opportunity to developing new income sources Calculated risks are required

The Experience Economy By Joseph Pine and James Gilmore:

The Experience Economy By Joseph Pine and James Gilmore Work is theatre and every aspect of business is a stage A practical approach for businesses to script and stage compelling experiences – impressions that ultimately create transformations within individuals It gives value to the experiences we offer and allows us to price those experiences accordingly !


Expenses Investment Opportunity

Expense Management:

Expense Management Know your numbers Look at everything (without micromanaging) Find out what is working Choose to make investments

Staff Resources:

Staff Resources Most expensive resource at any organization Should be very carefully evaluated Work with people who add value to your organization

Workforce Reduction:

Workforce Reduction Be swift and kind – “Encouraged Attrition” Consider the up side and opportunities Cross train at every opportunity

Maintenance vs Deferred Maintenance:

Maintenance vs Deferred Maintenance Operationalize maintenance Deferred maintenance is significantly more costly Deferred maintenance is not a compelling fundraising case


Programming Who are you? Core M ission ROI – Camp-in vs Science Cafe Packaged opportunity (if it is authentic you can sell it)

New Initiatives:

New Initiatives An Organizational Effort

Capital Projects:

Capital Projects Whole organization needs to be ready, not just a fundraising venture Consider all opportunities for revenue in planning Be flexible in expanding and contracting resources

Project Based Initiatives:

Project Based Initiatives Identify organizational opportunities at all levels Develop clear cases – tell your story Fundraising happens throughout the organization Connect with your audience Be open to opportunities

The New Bottom Line:

The New Bottom Line Be clear, transparent and open Embrace the budget process and adapt corporate culture Diversify revenue sources and build on strengths Prepare your organization for opportunities at all levels

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