In working with thousands of organizations, we’ve noticed some trends in what makes one organization more successful than another. Basically, the more you treat your nonprofit like a business, the more sustainable it becomes. In this ebook, we outline 5 key principles to balance your mission with profitability in order to build a sustainable nonprofit organization.
Here are the highlights:
- Tell a compelling and emotional story
Emotionally engaged customers are at least three times more likely to recommend products or services.
- Don’t shy away from overhead
It’s important to be realistic about what it takes to build an organization, even one that is built gradually.
- Create data-driven goals and decisions
It starts with thinking about the big picture, asking the right questions, and then tailoring your strategy based on your specific nonprofit.
- Diversify your revenue streams strategically
Don’t forget to allocate some resources for planning and analyzing these funding streams.
- Prioritize the donor experience
Keeping your donors happy by making them feel valuable and engaged, and providing a seamless, superior experience is the key to recurring donor support.
These tips – borrowed from “capitalist” business practices – can be put in place to help your nonprofit put a focus on financial goals to help achieve your impact goals much faster. It IS possible to balance a pure and altruistic mission with capitalist business principles. There’s no need to be either/or.