Ep 95: Reframing Costs As Investments with Alex Romero

11/01/22 • 57 min

Relish THIS: The Nonprofit Marketing Podcast

Particularly when one is a solopreneur, there’s a tendency to think of expenses as money coming out of one’s pocket instead of as an investment into one’s organization. It stems from adopting a scarcity mindset (rather than framing one’s experience from abundance) and also is seen quite a lot when one attaches oneself very closely to one’s occupation. (But that’s a whole other conversation.)
The problem is compounded when framing every investment opportunity against the direct revenue this allocation is likely to create.
So before introducing this week’s guest here on Relish THIS, I’ll relate a quick tale.
When I first started my life as an entrepreneur, I had a tendency to fall into this “cost trap”. I viewed every expense through the lens of “how does this make us money” and neglected the other benefits investing in support, resources, tools, etc. could bring to an organization. I know now that there are many intangible benefits to investment, including boosts in morale, comfort, and the like, as well as time savings (both direct and indirect saving accrued simply by no longer having to think about an activity needing to be accomplished).
For me, one of the first places this type of investment attitude paid off was in bookkeeping.
Every month I dreaded doing our books. I didn’t enjoy it and knew I wasn’t great at it. I tended to put it off until the last minute and then fret about it after I was done. Neither, any good bookkeeper will tell you, are good for the health of one’s books.
So I overcame the “this cost won’t make me money” demon in my head and hired a bookkeeper. Mischa has been helping us ever since and I don’t think I have once questioned the “cost” of her engagement. It freed up a ton of noise in my own head and I know our books get done correctly and on time each month. Now THAT was a great investment!
So coming back to my guest today on Relish THIS. Alex Romero is one of the financial masterminds (her “real” title is Virtual CFO) at Chris Hervoshon CPA. They are a virtual CPA team that helps nonprofits get their financial house in order so that they can confidently serve their constituents most effectively.
Alex is just great. She has been working in the nonprofit space for years and shared a TON of valuable information during our conversation to help your nonprofit navigate bringing on a CPA to help you stay compliant with state and federal regulations and have a healthier understanding of your nonprofit’s financial status.
Of course, we talked about the cost vs. investment conundrum as well as what you need to know before bringing on a CPA, ways to bridge the gap between DIY and hiring an expert, and ways to get really proactive about your finances so that you can be able to run your organization most effectively. We dove into managing and tracking grants and donations as well, so there is a LOT of great information in this episode.
Whether you are just getting started with your organization or have been up and running for years, there’s something for you in this episode. I hope you have as much fun with it as I did.
Links:
Better Way CPA
Twitter
LinkedIn
Ask:
Start a spreadsheet to track any money that you get through your door at your nonprofit. Just start tracking and keeping records.

Previous Episode

Ep 94: Reimagining the Elevator Pitch With Building Bridges

In the past, one’s “elevator pitch” lasted 30-60 seconds.

There was a reasonable expectation that one could hold someone’s attention for that period of time during which a longer conversation could be created.

These days, however, 30-60 seconds is an eternity. In the world of TikTok and SnapChat and Twitter, we now have roughly 7 seconds to capture your audience’s attention before they move on to something else.That’s why you have to answer these questions immediately on your site:

What is this?
Who is it for?
How does it make their life better?
How do they get it? Or what should they do next?

Today’s guests on Relish THIS, Maren Miller and Nikki Murillo from Building Bridges, are working to transform the world through DEI training. They see an opportunity to inspire both current and future leaders to embrace inclusivity in the workplace and beyond to shift perspectives and make the world a better place. They are doing amazing work in the space.
They are also doing a pretty good job of fleshing out their story on their site: demonstrating empathy and establishing authority, differentiating their services and processes, and leveraging social proof. But (at least on the date of our conversation) were missing an opportunity to nail the 7-second test to really throw the hook into those looking to improve Diversity, Equity, and Inclusion practices in their organizations.

Just the nature of their work, which requires individuals to take a pretty hard look at their own privilege, requires overcoming some interesting challenges. We chatted through some sales ideas, ways to create some sparks in their INSPIRE phase activities and more.

This was a really fun conversation and I hope you can check out the show.

Links:

https://buildingbridgesshift.org/

Building a Story Brand

Small Business Marketing Assessment

Ask:

Fill out the Building Bridges Survey

Go Slow To Go Fast! Pause take a breath, be aware of yourself, of your environment, your surroundings, your community, and, examine what is the next right step.

Next Episode

Ep 96: Your Numbers Tell a Story: Understanding nonprofit finances with Stephen King

Storytelling is a major component of any organization’s marketing.

People love a good story, and effective storytelling can make the difference between gaining that new donor or falling short on your projections... again.

More often than not, when looking for a compelling story, one overlooks a glaring opportunity in one’s organization. See, when telling a good story, the devil is, as they say, in the details.

And what better place to look for details than one’s own numbers?

My guest today is Stephen King, Founder and CEO of GrowthForce, a financial management firm that specializes in working with nonprofits to help them keep their missions on track through sound financial management.

Stephen is a font of valuable information: from how to stay on top of your reporting, to how to leverage your accounting data to make all kinds of organizational decisions. He shares his understanding of how healthy finances create tangible results for every organization.

So buckle up for an eye-opening episode of Relish THIS

Links:

GrowthForce

Twitter

LinkedIN

Podcast: Path To Profits

Ask:

Attend the Nonprofit Growth Webinar. Download the workbooks and start getting your organization set up for growth.