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Tips for Cost Savings During COVID

In this episode of the NP Local podcast, co-hosts Jason Cass and Scott Niermann, MPA, CFRE, discuss the actions or elements that could be cut to save money in your organization and those that are not wise to cut. 

Episode Highlights:

  • Scott thinks that many organizations are cutting immediately in areas that may not be wise to cut immediately. (3:11)
  • Scott mentions that his first recommendation is to look for the waste. (3:55)
  • Scott shares that for every different type of organization, there are different types of decisions but for most organizations, the small ones probably cannot afford to own. However, if they scale up a bit, it could be in their best interest, to have that asset. (4:30)
  • Jason mentions that the best action you can do, when your insurance comes up is to call your incumbent. Because your incumbent is going to give you the best prices. (7:24)
  • Jason shares that in the insurance world, we keep 92% of our business. Therefore, if you’re not the incumbent, you have less than an 8% chance of getting that business. But if you are the incumbent, you have a 92% chance that they’re going to give you better pricing, better coverage, and they’re going to give you more options on your markets. (8:10)
  • Scott mentions that more organizations should be looking at purchasing cyber liability. (11:24)
  • Scott shares other information that the Blackbaud Institute report indicated. (16:04)
  • Scott mentions one of the elements that you shouldn’t cut is the training. (18:28)
  • Scott shares that instead of cutting the training, look for those lower-cost training, don’t stop training and don’t zero out the training budget. (18:34)

Key Quotes:

  • “I want to do the best for you and keep in mind this is from my heart. Because it doesn’t do me any good as far as competitiveness and writing insurance for me to tell you to stay where you are. But right now, I’m concerned about your expenses and making sure that you’re looking at things. If you have been with the same incumbent for 10,15, 20 years, I would strongly look at it.” – Jason Cass
  • “Insurance is not one of those areas to cut. It’s about making sure you have the right coverages and the right policies. And I would say right now, you know, more organizations should be looking at purchasing.” – Scott Niermann
  • “You’ve got to make hard decisions sometimes and this is one of them. And they know this I mean this nonprofit world, smaller the organization, it’s about survival. So, it’s important then also to nurture those partnerships, your board members, your volunteers.” – Scott Niermann
  • “Look for those virtual webinars, and presentations that you can do anytime…Don’t kill that training budget. Because this is a time for sharpening the saw.” – Scott Niermann

Resources Mentioned: