Management Features (360)
What Makes It a Nonprofit?
- Monday, 31 January 2022
- Management Features
- Written by Scott Koegler
When starting a business, you are likely to come across many phrases, key among them some terms like “nonprofit” and “not-for-profit” often thrown around. While it can be easy for you to assume that they mean the same, they are actually different from each other. That is why you need to understand it properly before you embark on the company registration exercise. The differences between the two have implications on taxation, governance and functions. While the two are close, they contrast with for-profit organizations. Here is what the terms mean so that you can understand which one is the right one for your business venture.
Read more...Do you want to start a nonprofit?
- Monday, 24 January 2022
- Management Features
- Written by Scott Koegler
So many people launch a nonprofit to help others. The problem is that they don't realize that their own profits could use some help too. Just like any business, nonprofits need to focus on making the most of their resources. For example, if you're a doctor selling an overpriced medical device, you might want to get out of the business as soon as possible. But without a sizeable stock of your product or service, you're just wasting money and effort. If you're a financial advisor offering discounted investments or mortgages, then it's time to invest in your brand and become profitable again.
Read more...Your Plan for This Year
- Monday, 17 January 2022
- Management Features
- Written by Scott Koegler
Whether you are an established or a new nonprofit, there is always room for assessing, updating and adding on your fundraising strategies. To help you achieve this, there is a need for a comprehensive nonprofit annual plan. We have developed helpful tips and things that you need to understand to guide you when developing the correct annual planning for your charity.
Read more...Getting Fundraising Right
- Monday, 10 January 2022
- Management Features
- Written by Scott Koegler
The primary reason most nonprofits suffer is that they don’t have enough money to continue their missions. That’s right, even though you may have the best intentions in the world, if you can’t persuade donors to contribute to your cause, you will inevitably fail. This problem can be solved by understanding what motivates people to give money. To help with this, researchers conducted a study titled “Impact of motivation on donation behavior”.
Read more...Give Your Employees Effective Incentives
- Monday, 03 January 2022
- Management Features
- Written by Scott Koegler
Nonprofit organizations often face challenges related to resources and capital to spend compared to the for-profits. This affects how they offer compensation packages to their employees. However, most employees in nonprofits choose to work there because they believe in their cause, mission and philosophy. Regardless of their belief in the cause, any human appreciates incentives and recognition. Therefore, employers who create effective incentive programs are likely to find the best workers and fully engage them. The right incentive programs include tangible rewards for employees that show strong performance. While for-profits can offer their best-performing employees incentives such as cash bonuses, wage increases or expensive gifts, nonprofits cannot afford this due to a lack of budget. However, they can develop reward schemes that help boost the workforce's morale but do not affect the organization's financial standing. Here are some approaches you can take when doing this.
Read more...Thank Your Contributors to Kick off the New Year
- Monday, 13 December 2021
- Management Features
- Written by Scott Koegler
As the year ends, everyone hopes that a new year brings better results. While many people wish their family, friends and colleagues a Happy New Year, most do not thank their contributors and customers before the start of another year. Although wishing someone a Happy New Year is a good thing, saying “thank you” is even better. As simple as it may seem, an unexpected “Thank You” is like a surprise gift. It makes a person feel appreciated and valued. For nonprofits, thanking your donors, volunteers and supporters is essential and can be a powerful and cost-effective way to show how you value and appreciate them and soften their hearts for more contributions. As you begin a new year, remember to thank your donors by saying how much you appreciate their efforts and remind them of the importance of the work that your organization is doing and what their contributions are helping you achieve your goals.
Read more...What Makes It a Nonprofit?
- Monday, 06 December 2021
- Management Features
- Written by Scott Koegler
When you want to start a business, you will undoubtedly hear terms like “limited liability company,” “nonprofit,” and “not-for-profit,” among others being mentioned. While it can be easy to ignore these terms and what they mean, they are crucial for the future and direction that you take as an organization. Unlike for-profits, nonprofits and not-for-profits have different models, and their taxation, governance and functions are different under the law. Nonprofits and not-for-profits contrast with the for-profits in how they are run and taxed. Here are the things you need to know about for-profits, nonprofits and not-for-profit ventures so that you can find out which one is the right one for you.
Read more...Rules for Nonprofits
- Monday, 29 November 2021
- Management Features
- Written by Scott Koegler
While it may sound simple, nonprofit governance is not an easy task. However, it can work well for organizations that do not want profits as part of their mission or purpose. Starting from your board, you need to consider many essential components and rules before venturing into the nonprofit governance structure. For organizations such as those in arts, conservation, health, or religious activities, this structure is the right one. The importance of this structure is that when you receive non-profit status, you get to keep more money for your cause. Here are rules you should understand if you intend to start a nonprofit.
Read more...Five Ways Technology Can Help You Make the Most of Giving Tuesday
- Monday, 29 November 2021
- Management Features
- Written by Chad Reid
How the pandemic has disrupted for-profit businesses has been the hot topic of the past year and a half, but nonprofits have also felt the pinch. Nonprofits need donations to advance their missions, but many of the fundraising events they rely on have been on hold indefinitely.
Read more...Your Nonprofit Needs Recurring Donations
- Monday, 15 November 2021
- Management Features
- Written by Scott Koegler
New donations are fabulous, but recurring donations are even better when it comes to allowing your nonprofit have some consistency in contributions. When it comes to nonprofit fundraising, recurring giving provides a reliable source of income for your nonprofit to run operations and fund causes without worrying about financial challenges. Therefore, developing a reliable monthly giving program is an excellent investment that will significantly affect the financial health of your nonprofit in the long term. A recurring giving program is a donation where donors automatically donate a certain amount of their money to a nonprofit of their choice periodically. They can do so weekly, monthly, quarterly, or annually. Here are some benefits of recurring donations.
Read more...
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