Nonprofit entrepreneurship

A Nonprofit Board’s Best Friend: A Robust Business Plan

A Nonprofit Board’s Best Friend: A Robust Business Plan

By Eugene Fram            Free Digital mage

Viewer Favorite—Updated and Revised

In 2014 after a 70-year run and a terminal struggle to keep it alive, the 70-years old New York Opera declared bankruptcy. At the time, Anthony Tommasini noted critic for The New York Times summarily commented, “In short, artistic excellence isn’t enough.” Mayor Bloomberg, observed that the opera’s “business model doesn’t seem to work.” *

The opera’s demise is a classic reminder that all nonprofits, even those offering quality services, need to do deep-dive reviews of their business plans every three to five years. Following are some alternatives that can be developed if changes are needed. (more…)

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