A strategy is a document that maps out what you will do to generate sustainable income to carry out your mission. It helps you to take more control of your financial future, fuels flexibility to run projects of your own design, meet unexpected costs, helps with core costs and enables your non-profit organisation to be better placed to deal with an increased need for your services.
It makes sense to formulate an income strategy, so you are better at raising funds. Clear the strategic direction will bolster your financial health and spread risk by pinpointing income streams that are a good fit for your social enterprise or voluntary organisation.
It will help you pre-empt and deal with challenges and make timely use of opportunities by utilising strengths that you may not yet have discovered.