UK Health Radio Podcast
UK Health Radio Podcast
118: Voices of Courage with Ken D. Foster - Episode 118
118: Voices of Courage with Ken D. Foster - Episode 118
118: Voices of Courage with Ken D. Foster - Episode 118
Saturday 3rd May 2025
Discover how business strategies can transform nonprofits with Ken D. Foster and Donald Summers. Unpack myths and learn practical advice for impact.
46 minutes
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Mindfulness & Emotional Wellbeing
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Get the buttons here!Revolutionising Nonprofits: Business Strategies for Social Impact
Episode Overview
- Challenge the 'overhead myth' by rethinking financial strategies.
- Maintain at least six months of cash reserves for stability.
- Develop an investment-grade business plan.
- Embrace business principles to enhance nonprofit missions.
- Understand key performance indicators for effective management.
"It's finance capitalism that's not immoral, it's amoral. We can use these tools for good."
Ken D. Foster takes centre stage in this episode of 'Voices of Courage', tackling the intricacies of nonprofit management with guest Donald Summers, a social impact advisor and CEO of Altruist Partners. If you've ever thought running a nonprofit was all about heart and no business, think again! Summers brings a refreshing perspective, challenging the notion that nonprofits shouldn't adopt business strategies. He calls out the 'overhead myth' and encourages nonprofits to rethink their financial strategies.
Donald Summers shares his journey from a sceptic of business practices to a champion of merging business acumen with nonprofit missions. His story is a testament to how embracing strategic planning and financial savvy can transform mission-driven organisations. The episode is filled with practical advice, from maintaining six months of cash reserves to developing an investment-grade business plan. Summers emphasises the importance of understanding key performance indicators and having a robust governance structure.
Ken and Donald dive into the realities nonprofits face today, such as revenue challenges and the need for evidence-based practices. Summers doesn't shy away from discussing the tough truths, like how many nonprofits operate on a hand-to-mouth basis and why it's crucial to have financially sound operations. Whether you're a nonprofit leader or just someone with a big heart wanting to make a difference, this episode offers invaluable insights.
Are you ready to challenge your assumptions and see how business strategies can fuel your nonprofit's mission? Tune in to find out how you can transform your approach and make an even greater impact.