Steps to sustainability

Sustainable funding is a process or approach to increasing an organisation’s financial sustainability.

It is important to remember that achieving sustainability does not happen overnight. Working towards sustainability is an ongoing process that takes effort, commitment, and shared vision.

There are three main steps involved in achieving sustainability:

• Income diversification - Organisations must be able to explore and adopt a sustainable and diverse mix of income sources which often means adopting new income streams. It is important that organisations do not rely heavily on a single income stream; if one source of income diminishes an organisation’s overall viability should not be threatened.

• Organisational skills - Working towards sustainability often means making considerable changes within an organisation. It is vital that organisations are equipped with the right skills and knowledge before considering organisational change. Income diversification often requires new skills for example marketing, negotiation or employment law. Organisations must be fit for purpose before considering these avenues.

• Planning - The key to ensuring financial sustainability is effective planning and management. Forward planning is vital to the ongoing success of any organisation. Thorough planning can assist an organisation to focus attention on its long-term future and how it is going to get there.