Create More Revenue Streams. Advice from Not-for-Profit Exec with Ramon RayRamon Ray
Alex’s Lemonade Stand is a non-profit founded on the occasion of the passing away of Alex, a young girl who battled with Cancer. Her family started the foundation to raise funds for cancer research focused on children.
Donate and read more about them here – https://www.alexslemonade.org/
See the full story below and video interview.
On the occasion of NetSuite’s SuiteWorld – www.netsuite.com – I interviewed Patrick Scott, Alex’s sister.
A not-for-profit with an important mission, they are focused on being good stewards of the money they raise and are aware that they are running a “business”
One big of advice Patrick gave to me was the importance of ensuring, you have different revenue streams. This was a huge improvement that the foundation implemented. They have online fundraising pages where people can donate. They also have the Million Mile Run where people can pledge based on the miles ran. They also host a charity gala with over 100 chefs.
Your business might not be a not-for-profit and you might have a different mission statement, but you can still consider what you can do to have multiple revenue streams.
Netsuite has helped them make things more efficient. It assists them in managing their 400,000+ donors and continue to expand their scope of growth.
By using NetSuite, They’re able to more closely track their finances of what’s coming in and out, along with from where. Analytics is also essential to their operation. It’s made them smarter and more intelligent with their projections of funds and allocation of resources. As a non-profit it’s important to have administrative costs as low as possible. They can’t afford to guess.
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