Budget cuts can come fast when revenue plunges, as shown during pandemic, but forecasting can keep groups positioned for recovery
Sept. 10, 2021
By William Ehart
“Deficit” doesn’t have to be a bad word.
It may be written in scarlet letters as far as your board is concerned. But offering voluntary leaders a multiyear financial picture—and sketching an end to the red ink—can help avoid knee-jerk budget cuts that may be penny-wise but pound-foolish.
Taking a longer view has been useful for Peter O’Neil, an association veteran now in his second top leadership role as CEO of security-industry professional society ASIS International.
“I’ve always been a three-year budget guy,” O’Neil told CEO Update. Some deficits can be foreseen—and may even be part of a plan—while others can’t be predicted.