“Almost all on Wall Street and in Washington got 2022 wrong.” That is the opening line of a December 27, 2022, article in the Wall Street Journal. The article was entitled “Wall Street, Fed Flopped in Trying to Predict 2022.” Who knew that Russia would invade Ukraine? The article points out that surprises like that kept anyone from predicting exactly what 2022 would bring. Based upon those 2022 surprises, the Wall Street Journal gave this recommendation, “If there is a lesson to be taken away from the past 12 months, some investors and analysts say it is this: Be prepared for more surprises.”1.
Most economists forecast a slow economic rebound, with the first quarter of the New Year being much like what we have recently experienced. If we see a rebound in the economy, most feel it will only happen late in 2023. That is their prediction but remember, “almost all on Wall Street and in Washington got 2022 wrong.” This is why you must be prepared for the unexpected, as the unexpected always happens, and we shouldn’t be surprised by surprises.
The question for church leaders becomes, how can you prepare now for future surprises? Here are four recommendations to help you be prepared for any surprises in 2023. Doing these four things will help you plant S.E.E.D.s, preparing you for future surprises.
- Stabilize your finances. At least for the first quarter, now is not the time for aggressive moves. Work to limit your spending and review all your contracts. Remember, just because it is in the budget doesn’t mean it’s in the bank!
We at OnlineGiving.org can help you stabilize your finances. Here are a few recent posts about how we can help you stabilize your finances:
https://www.onlinegiving.org/support/four-reasons-we-dont-require-contracts
https://www.onlinegiving.org/support/maximize-gifts-and-reduce-rates-with-ach
https://www.onlinegiving.org/support/starting-strong-in-the-new-year
- Elevate your offerings. The easiest way to increase giving and givers is by putting time and effort into your offering time. Determine not to let any offering of 2023 be taken without thought and planning. Commit to spending as much time and effort on the offering time as you do your announcements, and you will see giving increase.
Our church partners receive help every week of the year with manuals designed to improve the offering time. Check out this post about how to elevate your offering time: https://www.onlinegiving.org/support/how-to-raise-your-giving.
- Endow your future. The largest donor group in America by dollars is Baby Boomers. 10K of them turn 65 daily, meaning their earning power and, thus, their giving ability is declining rapidly. Our donor base is aging and, in the next few years, we will see the largest transfer of wealth in recent history. Is your church positioned to benefit from this transfer? If you don’t have an endowment plan, you will miss out on a key means of assuring your long-term future. Resolve to have an endowment plan in place by the year’s end.
How and how much? Most denominations have foundations that will help you with this, and there are also several firms you can use for a small fee. Foundations must be set up correctly, so it pays to get the help you need. How much should you have in an endowment? The answer depends upon your church size, but my goal for most churches is to have at least double their current annual budget. Ultimately, I want to see churches have $1 million or more in an interest-bearing account.
- Disciple the Next Generation. Multiple studies in the last years show that the younger generations in the church are not giving the same amount or percentage as older generations. We must focus on making disciples. Consider a four-week sermon series on stewardship. We must teach the next generation about the joys of generosity and its role in a life of faith.
Are you prepared for the surprises of 2023 and beyond? By planting these four S.E.E.D.s, you help prepare for whatever surprises 2023 has in store. The church that survives into the future is the church that plans for the future today.
The Stewardship Coach
Are you prepared for the surprises of 2023 and beyond? How can we prepare now for future unknowns? Here are four recommendations to help you be prepared for any surprises in 2023.https://t.co/Y7anmuYsZd pic.twitter.com/geEQelR1JG
— Online Giving (@onlinegivingorg) January 12, 2023
1. “Wall Street, Fed Flopped in Trying to Predict 2022,” by Akane Otani Wall Street Journal December 27, 2022.
