The summer months can be hard for any church. Historically speaking, church attendance declines in the summer months as families go on vacation or merely stay away to avoid the heat. For churches that rely on the Sunday collection plate for most of their income, this can be a hard time.
For the most part, it’s a great time to be a real estate investor: interest rates are low, and home values are climbing in most areas. In fact, metro areas like DC are growing rapidly, which means there’s a good chance you’ll get high returns from your investment.
You are ready to dive into your new business venture, but you have one question that is holding you back. Do you need a business advisor? Small business colleagues have differing points of view. Here are some questions to consider that will help you decide if you should hire an advisor for your small business.
As far as nonprofits go, a church is one of the most complex organizations for leadership. Church leaders have to balance the spiritual needs of their congregations with the programmatic needs of the communities their churches serve. Meeting these needs requires resources, both human and financial. When your church income relies on the weekly donations of your congregation, it can be a little tricky to ensure that you have consistent cash flow.
The true key to building wealth lies in building assets. Regardless of how much money you make, you can build wealth over time through assets. Think about how much of your life involves bills, taxes, purchases, contracts, etc. When it comes to financial planning, your tax professional is in a unique position to give you advice on asset building strategies. Why not take advantage of the time you spent preparing for your tax filing and reconnect with your CPA to develop a financial plan for building wealth.
Any nonprofit that lacks a substantial base of operating cash can experience cash flow problems. What causes them? There are many factors unique to the nonprofit business model, such as seasonal fundraising, annual grant payments, and reimbursement-based contracts. Nonprofit leaders need knowledge of how the organization's cash flows, and what to do if it doesn't.
Church leaders have the responsibility to ensure that there is adequate and ongoing funding for the costs of operations and programs. This is often a very challenging task. However, many church financial problems can be avoided by proper planning, consistent budgeting, and accountability for spending.
Being a good landlord takes practice, and no matter how much you read, there really isn’t a substitute for experience. But if you are thinking about investing in rental property or you are a new rental property owner, there are a few basic rules that will help you hit the ground running.
When you are starting a new business, the structure or business entity that you choose makes a difference. Many new entrepreneurs have to decide between an LLC (limited liability company) and a sole proprietorship. The truth is that there isn’t one single answer to the question of LLC vs. sole proprietor, and you should obtain the help of a qualified business advisor to make this decision.
It takes leadership and money for a church to experience dynamic growth. Many church leaders, legitimately concerned about church finances, are looking for ways to increase giving from their congregation. They want to tap into the generosity of the members and boost offerings in the church. It doesn’t have to be a daunting task.