Running a nonprofit enables you to use your influence to address a growing societal problem. Starting a nonprofit may be a little bit easier compared to a regular for-profit business. But then, failure to secure regular funding and not having enough members and volunteers can make your work a lot more challenging.
Now that we are battling with a global health crisis, more people are in need. Nonprofits try to stretch their program to extend their hand in helping low-income residents. But then, many are unable to sustain their organization.
Are for the other types of nonprofits, they are also finding it hard to survive the pandemic. The main concern these days is helping people in need who lost their jobs and home during the pandemic. Other causes are being left behind.
If your nonprofit is struggling, know that you are not alone. According to The Washington Post, up to one-third of nonprofits are at risk of closing down. But know that there are still things you can do to try and turn things around.
Here are some nonprofit success secrets that are helping successful nonprofit organizations thrive even during the recession.
Find Ways to Cut Down Costs
Budgeting is never easy when you don’t make enough profit for your business. You rely on your donors such as private foundations, the general public, and even the government. You may even sell products or services to sustain your cause.
Now that money is tight, it is crucial that you find ways to allocate as much of your funds towards your goal. But then, you still have overhead costs to take care of. Aside from maximizing your profit, you need to find ways to save money.
You can start by being frugal and only spend money on important things. Look for ways you can save money on your utilities. Consider sharing an office with another charity or your nonprofit partners.
Outsource some tasks to save money and allow your employee to tackle more important fund-raising matters. When it comes to your inventory, consider buying large quantities at once. For instance, buying towels and rags in bulk enables you to gain enough stock to last a longer period while enjoying bigger savings.
Reuse and recycle resources as much as possible. This will help lower your trash collection bill. This can also lower your purchasing costs in the long run.
Always Have a Positive Startup Mentality
Startups are usually purpose-driven. They are innovative and are like to adapt to the fast-changing market. They also make it a point to think outside the box even with fewer resources.
Adopt a positive startup mentality allows you to quickly adapt to the ever-changing market. But then, you need to make it a point that you are not the only one that is fully engaged with your goal. You also need to recruit passionate and talented staff who are committed to your cause.
Always remind your employees and volunteers why they are here and what your goals are. Spend time with people who are already influenced by your brand. Encourage them to give back to the community and let them be the statement of your cause.
Be a Donor-Centric Organization
No one wants to be taken advantage of. Sadly, many newbie nonprofits think of their donors as their public wallets. Just because your organization wants to solve an issue does not mean you will treat donors as merely your cash machine.
Your donors deserve your respect, transparency, and gratefulness. Without them, your organization won’t thrive. So, start treating your donors better and nurture your relationships with them.
Keep in touch with your donors and always thank them for your support. Make it easy for them by answering their questions. Always be transparent on where all their donations are going and what you already accomplished with their donations.
Reach out and ask how they are doing, and if your nonprofit can be of any assistance. Tell them how their donations are making the world a better place. Don’t be afraid to ask for their recommendations and recognize them for their generosity if they allow you to publicize their names.
Don’t Rely on a Single Income Source
As a general rule, nonprofits should diversify funding sources. Without enough funds, you won’t be able to accomplish your mission. The best way to sustain your organization is to make sure you don’t run out of funding sources,
If you only rely on offline donations, start marketing and accepting donations online. Think of products and services you can sell, ask for grants, corporate sponsorships. You can also consider program-related investments (PRIs) and interest from investments.
These are but the four things successful nonprofits do differently that helps boost their success. They have this startup mentality and they are always donor-centric. They have multiple income streams and still think of ways to save and reduce their expenses. Keeping these things in mind will help your nonprofit organization thrive even during the pandemic.
