No one would judge a for-profit company for spending money on advertising, financial resources to hire the best employees, or investing in the good equipment. These are all points that wise investors look for when seeking out companies that have a good potential to grow. They know that prosperous businesses require a big investment in operations.
If this is the criteria for a business to succeed, then why should it be any different for nonprofit organizations.
Oftentimes, nonprofits tend to operate with a completely different mindset. I understand that a nonprofit has different motives and different intentions than a for-profit business, but that doesn’t mean that good business practices need to be so different.
Businesses and companies need investors, and nonprofits need donors. It makes sense that both parties look for some of the same qualities in what they put their money in:
- Company uniqueness
- Effective business model
- A plan for growth and expansion
- Company values and mission
Its safe to say that both investors and donors would agree that these are important criteria they would look for in the business they would invest in or donate to.
The wrong mindset
If this is true, then I want to address a practice I see too often from nonprofits: focusing always on the cheapest solution.
A nonprofit’s budget is a temperamental thing, and when starting out it’s important to watch every penny. However, to throw away so many valuable resources just because there’s a larger overhead can be a dangerous mindset. In order to run a successful organization or business, you need to start thinking smart, and the first step to thinking smart, is to use valuable resources not just free ones.
The valuable resource
Nonprofits have the potential to grow when they are backed by donors who believe and invest in their mission. But in order to get the support of those donors and investors, you need a good communication strategy.
Nonprofit marketing agencies offer some of the best expertise towards creating a communication strategy and plan that can take your nonprofit to the next level. Marketing is an investment and when its done well and professionally, the money you pay for good communication will pay off. Quality costs money, and free marketing is often poor marketing.
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