Ways to diversify your revenue streams

Description

Abstract: Many nonprofits learned the importance of revenue diversification the hard way over the past two years. Unexpected reductions, or even elimination, of certain revenue streams had them scrambling to meet increased demand — or simply to stay afloat. This article examines how nonprofits can achieve the greater financial stability that typically comes through diversification of revenue streams. A short sidebar covers a few potential downsides of revenue diversification that each organization must assess to determine whether the benefits outweigh the costs.