As 2025 dawns at the New Bedford Economic Development Council, so does a new era. And it’s not just because the page on a calendar has been turned.
Rather, it’s because since the summer of 2008 one of the most important members of our team has decided to step back and, after a period of helpful transition, retire from the NBEDC.
That person is Deborah Trombly, who has been our Controller for these many years, and to whom we are immensely grateful. Deborah has been and is a person of immense ability with an amazing work ethic and a passionate dedication to the NBEDC mission to cultivate and promote a transparent, credible, and business-friendly environment that supports creativity, sustainable job growth, and private sector investment benefiting the citizens of New Bedford.
After 17 years, we can’t begrudge her some well-deserved time away from all the numbers and all the spreadsheets she’s managed so meticulously for us for so long. With two very young grandchildren to occupy her days and imagination, we’re just thankful she will still be around as needed for guidance in the coming months.
Strong financial management is critical to any enterprise – whether it be a non-profit organization like the NBEDC or a small business. A controller or finance manager is the person who keeps the ship right from a financial perspective. Simply put, someone who keeps the books – which is a lot more complicated than it sounds.
Financial management is pivotal in both non-profit enterprises and small businesses, as the staff members in that role act as the financial backbone of the organization. Their responsibilities encompass financial planning, risk management, budgeting, and ensuring compliance with financial regulations. While the core functions remain consistent, the context of their role can differ significantly between non-profit organizations and small businesses.
The Importance of Financial Management in a Non-Profit Enterprise
Non-profit organizations operate with the mission to serve a social purpose rather than generate profit. Consequently, they rely heavily on donations, grants, and other funding sources. A finance manager or controller ensures that these funds are managed effectively and transparently. Their role is crucial for several reasons:
- Financial Stewardship and Accountability: Non-profits must demonstrate responsible use of funds to their donors, grantors, and stakeholders. A finance manager ensures accurate financial reporting and transparent use of resources, fostering trust and credibility.
- Budget Management: Many non-profits operate on tight budgets and have restricted funding designated for specific purposes. The financial manager develops and monitors budgets to ensure resources are allocated efficiently and in alignment with the organization’s mission.
- Compliance with Regulations: Non-profits are subject to stringent regulatory and reporting requirements. The financial manager ensures compliance with tax laws, grant requirements, and financial standards, minimizing the risk of penalties or loss of funding.
- Strategic Decision-Making Support: Finance managers or controllers provide financial insights that help the leadership team make informed decisions. This could involve analyzing the financial feasibility of new programs, optimizing resource allocation, or preparing for long-term sustainability.
- Risk Management: Non-profits face unique financial risks, such as fluctuations in funding or donor fatigue. A finance manager identifies and mitigates these risks, ensuring the organization’s financial stability.
The Importance of Financial Management in a Small Business
Small businesses, on the other hand, operate in a competitive environment where profitability and growth are primary objectives. Strong financial management in such organizations is equally vital:
- Profitability Analysis: Small businesses must carefully monitor their revenues and expenses to ensure profitability. A finance manager or controller tracks financial performance, identifies inefficiencies, and recommends cost-saving measures.
- Cash Flow Management: Managing cash flow is critical for the survival of small businesses. Financial managers oversee accounts receivable, accounts payable, and cash reserves to ensure the business has adequate liquidity to meet its obligations.
- Financial Planning and Forecasting: Small businesses often face uncertainty in revenue streams and market dynamics. A financial manager develops financial forecasts and scenarios, helping the business prepare for challenges and seize growth opportunities.
- Regulatory Compliance: Like non-profits, small businesses must comply with tax laws, labor regulations, and industry-specific standards. The financial manager ensures accurate reporting and adherence to these regulations, reducing the risk of legal issues.
- Supporting Growth: As small businesses expand, their financial complexity increases. Financial managers or controllers play a strategic role in scaling operations, managing investments, and securing funding for growth initiatives.
- Decision-Making Support: In a small business, where resources are often limited, every decision has a significant impact. Finance managers provide data-driven insights that guide decisions on pricing, product development, and market expansion.
In both non-profits and small businesses, financial managers and controllers act as key advisors, ensuring financial health and sustainability. Their ability to manage finances effectively, ensure compliance, and provide strategic insights makes them indispensable. While the objectives of non-profits and small businesses differ, strong financial management is critical in driving efficiency, transparency, and informed decision-making remains a constant, underscoring the importance of this role in any organizational setting.
We’ve been fortunate that this critical and important position was held by Deborah Trombly here at the New Bedford Economic Development Council for so many productive years. In addition to her professional acumen, she’s also been a warm and friendly colleague who we’ll miss seeing so often.
Luckily, she’s promised to visit. And Deb – feel free to bring those beautiful grandkids along whenever you wish. Because beyond the numbers, we know what’s made you so priceless to us is that you’re part of a wonderful family rooted in this community. You can’t put a number on that.
And we wish you a heartfelt happy retirement. Thank you for all you’ve done for New Bedford.
