As we kick off a new year, many of us may also begin a new venture serving on the board of a nonprofit. Or, maybe you are a nonprofit leader busy onboarding new board members and volunteers. Whether a board member or volunteer, executive director or frontline employee, it is important to remember that nonprofits need to operate like a business to be successful.
Just like any other business, nonprofits must address six core areas:
- Leadership – Align your team around common objectives and keep them on track with a clear, succinct mission statement.
- Marketing – Invite people into your story to gain clients, donors, volunteers, and supporters.
- Sales (aka Development) – Build healthy relationships with donors to keep necessary resources coming through the door.
- Products – Continuously assess what you offer to the community. Is it needed? Is it within your mission? How much does it cost to produce?
- Overhead & Operations – Cultivate a high-performing team to make the most of the resources entrusted to your organization.
- Cash Flow – Adopt best practices and task the right people to keep track of the finances.
By using tried-and-true business practices, nonprofit organizations can remain viable even during tumultuous times, meaning they can continue offering their needed services to the community. If you are involved with a nonprofit that could benefit from this guidance, please reach out! We would love to help you develop the strategy you need to meet and exceed your goals.