The nonprofit sector contributed approximately $1.04 trillion to the United States economy in 2016 and currently composes 5.6% of the country’s GDP. Based on these facts, the nonprofit sector has tremendous potential for growth in the coming years.
However, the majority of nonprofit organizations struggle with meeting their growth targets and in order to expand resources, it is critical to understand these challenges.
- Fiscal restrictions: Non-profits operate on tight budgets and need to track exactly where,when, and how much money is being spent. They are constantly on the lookout for optimizing the use of their assets This is much easier with a robust asset management system in place.
- Tracking targets: It is important to incorporate the correct tools to measure effectiveness. Such practices can help inform donors about how successful the organization has been in achieving targets and goals.
- Infrastructure development: In order to build new infrastructure, it is critical to manage existing resources in an efficient manner With limited fiscal sources, the key is to cut down on costs with streamlined asset management.
Without a robust strategic plan, nonprofit growth can be tough to accomplish.When it comes to growing nonprofit resources, organizations struggle to find the right solution. The best option is to improve efficiency and cut costs by automating nonprofit asset management.
How can an asset tracking software help manage nonprofit resources?
A cloud-based asset management system offers the ability to reduce errors in data documentation and improve overall efficiency. Here are four ways a tracking software can help expand nonprofit resources to achieve maximum potential:
1. Catalogue assets for transparency
As a nonprofit organization, the first step towards growing your resources is to establish an accurate database. Once you know exactly what’s in your inventory, you can then make informed decisions about scaling.
An easy way to document all assets is to label them with a barcode and enter them into an online database. Through this process, your assets will be centrally accessible for everyone in the organization. Real time asset tracking helps achieve the following goals:
- Lowers instances of asset misappropriation and theft as tagged assets make it easier to track check-ins and checkouts. This means you can investigate any instances of fraudulent activities. Controlled asset movements help you cut down on costs and channel finances in the right direction.
- Periodic inventory of all items helps eliminate unused assets. This can help free up storage space as well as generate some extra revenue that can be invested to scale up the organization.
- Having traceable asset records solidifies legitimacy as a nonprofit organization. You can prepare reports of asset utilization and present to stakeholders and at fundraising events. This will increase chances of acquiring funds and establishing credibility.
2. Automate inventory for timely procurement
Nonprofit organizations have numerous events and conferences scheduled to raise awareness and raise funds. In order to make such activities successful, it is important to have seamless inventory supply at all times. This includes both replenishment of existing stock and expansion of nonprofit resources as the need arises.
The best plan of action would be to automate inventory management to ensure stock expansion in a timely manner. Let’s assume you have received a sponsorship for a new project. In order to execute the project in a streamlined manner, it is crucial to have all the required assets and inventory items readily available.
Nonprofit organizations can set up a procurement request within the tracking software and generate purchase receipts. After this, the relevant vendors can be contacted to send resources within a given deadline. Automated inventory tracking enables nonprofits to seamlessly expand without the inconvenience of manually ordering supplies.
3. Assign specific roles to volunteers
Volunteers and supporters are key to a successful nonprofit organization. By implementing the right policies you can grow your human resource base to achieve new targets and goals. This is only possible when volunteers are aware of their roles and responsibilities as a part of the nonprofit organization.
While it’s great to have a lot of supporters on board, volunteer management can be quite challenging especially when you want to restrict access and permissions. In order to ensure role based access, it is recommended to manage assets and users from a single platform. For this purpose an asset tracking software enables you to define user roles for staff members and volunteers.
Let’s say you want to assign volunteers for the next summer camp project at a school. You can do this by creating an asset group for the project with permission to all the volunteers. This way volunteers can easily check in and checkout the items they require without any conflicts. Clearly defined user access enables team members to perform their duties in an efficient manner. With well trained volunteers, your project has a higher chance of success.
Growing in the right direction with smart execution
The right strategy about scaling up will help a nonprofit organization grow from good to great. Resource expansion just doesn’t have to be about acquiring more funds or building a bigger team, it can be about achieving efficient allocation. Regardless of whatever growth goal you want to accomplish, remember to invest in the right tools for the job.
To avoid roadblocks along the way, opt for a software that enables you to track assets as well as manage team members. Such a system can also help you monitor and verify actionable Key Performance Indicators (KPIs). These reports can help identify areas that need improvement and gear the organization in the right direction for sustainable growth.
EZOfficeInventory is a leading asset tracking software. It allows you to track, maintain, and report on inventory from anywhere, at any time. We offer a free 15-day trial – no credit card required!