Though there are some differences, successful nonprofits and for-profits share many of the same traits and strategies. Keys to success for both types of organizations are strong leadership and good business acumen. Lessons from the for-profit sector are equally important for nonprofits to learn.
- Measurable proof: Just like for-profits, success needs to be constantly measured in nonprofits. Donors want measurable proof the organization is worth investing in. Nonprofits need to be accountable to their beneficiaries.
- New business: In the nonprofit world, ?new business? can be considered potential donors and partners. Nonprofits need to continue seek new business, not only for investment, but also potential joint partnerships that can further the mission.
- Engaged employees: Running a nonprofit is much hard to do alone than with a team. Nonprofits need to treat employees with respect and pay them market-rate salaries. Nonprofit employees should also be encouraged to engage and provide ideas to help the organization grow.
Source:?What can not-for-profit organisations learn from the private sector?
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