This useful income exploration tool will help you review your current income; identify new and potential income streams; and explore the impact that different income sources will have on your organisation and beneficiaries. It has been developed by the NCVO to help voluntary and community organisations to develop and implement a sustainable income strategy.
To be sustainable, income needs to be:
- Stable – it’s important to have a mixture of income streams so that if one diminishes it doesn’t threaten your organisation’s overall viability. Being able to predict with confidence your future resource levels also enables longer-term planning.
- Suitable – there are a wide range of funding and finance options which are appropriate for different situations. Understanding what each can offer, and ensuring there is a good match between your objectives and the type of funding or financing you are seeking, is essential.
- Sufficient – there’s never enough money, but understanding your costs properly allows you to make informed decisions about accepting contracts or undertaking project work. This is critical for effective planning and growth.