The following blog post is the third in an 8-part series on inflation. To see the previous post, click here. To see the next post, click here. If you would like to download the entire document, please click here.
Engage your leadership team and your staff in discussions about your organization’s response to rising costs. Educate both about the challenges posed by inflation.*
You are the LEADER of the organization. Where you focus and how you prioritize determines what others in the organization will focus on and prioritize. The opposite is also true – if you are not talking about an important issue, then it is likely your leadership team and staff will not. They will think, “Well if the CEO/ED isn’t worried, why should I be?” Inflation and its impact on your organization might be a real example. People are hearing about inflation (the news discusses it every day), but if you aren’t talking about it within your organization, then your leadership and staff are likely disregarding its impact. Worse, they are unlikely to change their behavior.
Why should you begin discussing your organization’s response to inflation with your leadership team and staff? Because you may have to make some difficult decisions in the future, and you don’t want those decisions to be a surprise. Also, you want your staff to change their operating behaviors to minimize expenses, preserve cash, and focus on necessary services.
By including your leadership team and staff in discussions about how your organization might respond to rising expenses, you get the power of many people thinking about the situation rather than just one person – you. You have a better chance of gaining buy-in for the difficult decisions which may need to be made about staffing and services.
- Communicate openly and transparently: Keep your team informed about the financial challenges your organization is facing and the steps you are taking to address them. Encourage open and honest communication, and be transparent about the decisions you are making and the reasons behind them.
- Involve your team in decision-making: Engage your team in the decision-making process and encourage them to share their ideas and suggestions for how to manage rising costs and navigate inflation. This will help you tap into the collective knowledge and expertise of your team and make more informed decisions.
- Educate your team about inflation: Make sure your team understands what inflation is and how it can affect your organization. Provide them with resources and information to help them better understand the challenges you are facing and the strategies you are implementing to address them.
- Encourage creativity and innovation: Encourage your team to think creatively and come up with innovative solutions to the challenges posed by inflation. This might involve finding new ways to raise funds, streamlining processes, or exploring alternative sources of revenue.
By engaging your leadership team and staff in discussions about your organization’s response to rising costs and educating them about the challenges posed by inflation, you can foster a sense of collaboration and teamwork and build a stronger, more resilient organization.
Click here to receive the downloadable version of this blog series
Click here to read the next blog in this series
Click here to read the previous blog in this series
Click here to listen to the accompanying I 501(c) You – The Podcast For NonProfit Board Members episode
*Portions of each blog in this blog series were written with the use of artificial intelligence.