Managing an art studio is a deceptively difficult job. Obviously, one of the most important tasks is making sure your studio can manage income and expenses and analyze financial statements far enough in advance to afford the requested materials, pay teachers salaries, and arrange for advertizing and publicity to promote your classes and programs. Making a strategic plan for your not for profit organization that takes your budget and future plans into account can ensure your work don?t fail due to lack of resources.
First, think about the mission and goals of your studio. You need to start with a well thought out idea of what you need your studio to be, who your studio will serve, and what kinds of services you will provide. You also need to consider any competition and how you will distinguish yourself. Once have a clear vision for your studio, you can begin to see your budget. Think about how much you will need to spend on teachers, staff, supplies, studio facilities and maintenance. Your budget should also include advertizing. Where and how you advertize depends on what kind of image you want to project.
Next, think about your sources of income: membership fees, course fees and gallery sales, for example. Do your program expenses outweigh your income? If the answer is yes, you have to consider ways to make up the difference, either by cutting costs or increasing revenue.
Try to keep track of the current financial position of your organization, conduct financial statement analysis to measure the success or failure of your actions and adjust accordingly.
If your studio is already operational, you need to make sure you have a clear understanding of your current finances. From your own balance sheet, you may have an understanding of your studio?s strengths and weaknesses. If you aren?t able to analyze your financial statements yourself, consider recruiting a consultant, taking an intern, or asking for help from a board member or volunteer with business analysis experience. A thorough understanding of your financial performance in the past will help you identify potential risks, opportunities for improvement, and help guide you in the right direction for the future.
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Source: http://www.master-edge.com/creating-a-budget-for-your-non-profit-organization/
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