The non-profit sector has been considered a sector that gets in its own way for a long time. There are however similarities between the non-profit sector and profit-seeking organisations. Examples of limitations may include the failure to have a clear message or even passion preventing partnership and growth. There are ways in which charities can improve their functioning by adopting traditional business formulas for success.
Encourage growth within your business:
Find ways to manage the talent with your organisation. Provide opportunities for freedom and give employees space to manage projects. Allow your staff to be more hands-on and involved in planning stages, which will encourage them to plan for their future within the organisation.
Build a strong board:
The leadership of your organisation should be solid and experienced. The board should be able to both mentor and challenge you. They need to be able to play a devil’s advocate role to ensure optimal performance of the organisation.
Don’t be afraid of taking risks:
You are going to have to take risks in order to be able to grow within your field. Take the time to engage with your supporters to gain insight into how much of a risk you can afford to take. Rely on your team for support and your board for how to take smart risks.
Invest in training people, facilities, fundraising and marketing efforts. Not everything will be free. You should be willing to invest to get the best out of your efforts.
Spend time doing adequate research to target and identify your income streams. Track your progress to identify potential problem areas. You should also budget effectively.