Author: Neal Waugh
Nonprofits have the potential to play a vital role in the economy. A nonprofit with a strategic plan can be very successful in achieving the twin objectives of meeting the needs of its external stakeholders as well as attracting the necessary resources to achieve the desired goals. However, first, key concepts must be implemented to ensure success and sustainable profitability.
Revenue Projection
A realistic annual budget should be made, dividing the revenue projection into categories. There are essentially three categories that revenues are received in most nonprofit organizations; Grants, donations, and fundraisers. If, for example, your revenue projection for the twelve months is $50 000, an estimate of the projected revenue for each category should be inserted in the relevant column.
There should be a description of the strategy deployed for each category to achieve the projected revenue targets. In this blog, I will focus on Grants with a follow-up on subsequent blogs with more details and also on other categories.
Grants
Although a nonprofit organization might provide multiple services to the community, there must be a core area of focus for the organization. This can be characterized as the area of core competency and strength of the organization, which may reflect the training and experience of the staff. This may also be an area where your organization has provided services to the community and developed brand recognition. It is recommended that the nonprofit have a written description of the organization's core competency, objective, and potential program impact on the community. This can be a go-to document with a distinct, simple, and succinct narrative that can be used when applying for grants. Over time, the nonprofit can refine and build on this document as the organization evolves. In addition, the organization's mission statement should reflect the area of emphasis of the nonprofit.
Geographical location
Although your organization might have a national and, by extension, a global impact, it might be prudent to have a strategy focusing on a specific community. Establishing a presence in a community will assist in building relationships with key stakeholders and increase your donor base. It will also allow for the accurate measurement of an approved metrics of projected program outcomes. The nonprofit's brand will be enhanced in such an environment, especially with media visibility on the initiatives.
To increase the chances of getting a grant, there are four essential areas that a nonprofit organization should focus on:
1. Annual Budget
2. A written strategic plan for the organization with the desired program outcome outlined.
3. Collect data on the program's success to date, which accentuates the program's impact.
4. If the nonprofit is a startup, then the reasons why it can be concluded that the program will succeed should be explained, possibly citing other organizations with similar programs that have achieved success deploying the same methodology. Subsequent blogs will address the other areas mentioned in more detail.
Journal your thoughts and make notes about your nonprofit by ordering your journal on the link below:
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About the author
Neal Waugh is a business consultant, researcher, strategic planner, educator, and project manager with over thirty years of experience. Currently, a Doctoral student in Education majoring in Leadership and Innovation, graduating in 2024 from St. Thomas University, Miami, Fl. He also has a Master of Science in Instructional Design and Technology (4.0) and a bachelor's degree in Mathematics.
This is great thank you very much. We need to talk after the holidays Thaddeus Hamilton.