Achieving Financial Resilience
Do you understand how to access capital for cash flow, investment in technology, workforce development and other business transformation activities for your organisation’s financial resilience?
It seems like a lot, but we have been working hard to bring you resources to support and empower you and your organisation. This blog provides an overview, but you can read and use the Financial Resilience toolkit to get you started.
And if you want to take the next step, start a conversation with us. Complete the form below and we will connect with you.
The Building Financial Resilience toolkit was developed by CSIA, with the support of Social Scaffolding and funding from the Department of Social Services, NDIS Jobs and Market Fund Round 1.
Your journey towards financial resilience
Your organisation’s financial resilience is a journey that takes time and deep thinking. Putting the right building blocks in place is critical to its success.
To be successful in this process you need to:
- Develop a culture that values numbers
- Understand what drives your numbers
- Measure the benefits of your activities
- Report widely across your team and to your board
- Monitor and adjust on a regular basis
- Know at what stage to bring in expert help.
Is your business model successful?
When we talk about business models, we don’t mean your business plan.
A business model provides the direction for your business plan. It outlines how your organisation creates, delivers, and captures value for itself as well as your customers.
Through the Building Financial Resilience project, we engaged with successful business models in the Community Services Industry.
Our learnings from this process show that successful business models:
- Link closely with the organisation’s overarching business plan
- Are regularly reviewed as outside influences change
- Bring the people and stakeholders of the organisation along on the journey
- Have solid internal processes that identify challenges and enable change
- Use a range of tools for business efficiency
- Invest in research and development
- Engage a technology platform, and
- Seek out expert facilitation of the journey.
It’s not too late to develop a great business model for your organisation. The process involves deep thinking about your value proposition, customer demand, long term goals and what you deliver in the short term.
The Building Financial Resilience resource can help you with this process or contact our team below for a tailored approach for your organisation.
How do you invest in identified opportunities in your organisation that fall out of the scope of Government funding?
Opportunities such as a good governance framework, technology, people, research and development, social enterprise or investment in a property that grows your equity base. These are the types of opportunities that are critical for financial resilience.
We know that many community services organisations rely on Government funding as their main source of income and that it’s usually tied to service delivery.
But to reach financial resilience investment is needed in areas not often covered by funding, philanthropy, or sponsorship. Other sources of capital from banks, impact investors or private investors may be required for your organisation to reach its full potential.
One alternative source of capital is a collection of investors who come together for a common investment aim. This pooled fund approach is being explored for disability service providers. Contact our team below to find out more.
Ask the experts!
The Building Financial Resilience resource is just the start of your journey. Take a deep dive on your numbers, culture, governance and resources today. Contact CSIA below to strengthen your journey towards financial resilience.