According to the Financial Times, a study on the impact of the Covid-19 pandemic conducted by Nottingham and Sheffield Hallam universities with the National Council for Voluntary Organisations found that 30% of charities sampled experienced deteriorating finances in March.
Additionally, nearly 60% of those sampled anticipated an increased demand for their services in the coming months.
It is widely anticipated that the negative impacts of Covid-19 (financial or otherwise) will be felt in the months and years to come. Good financial housekeeping throughout this period is crucial, with an eye on savings at every turn.
However, instead of large catch all actions to reduce spending and secure financial stability, charities should be focussing on smaller, incremental easy win savings (think 1% steps for Healthcare Reform, but for UK charities). A mobile phone costs review is one of those simple, risk-free steps that can lead to substantial savings:
The City & Guilds group received instant cashflow savings of 30% with projected combined savings of 60% on contract renewal in 2021.
Barts Cancer Institute: Billmonitor was able to secure attractive roaming options for BCI from at least two operators THIS TIME achieving savings of 42%, after previously achieving savings of 37% in 2015/16.
CSH Surrey reduced monthly cash costs and increased hardware fund, translating to nearly 50% cost savings.
Billmonitor believes in doing business with a purpose – helping organisations achieve sustainable prosperity by reducing costs and saving money that can be better spent on training employees or investing in R&D. We offer a free, no-obligation analysis of your bills to see how much you can save, read more here. Contact Sheena-Ann Nelson on firstname.lastname@example.org or 07943848610 for a free audit.