For-profit business practices for your nonprofit

?You can?t do today?s job with yesterday?s methods and be in business tomorrow.?

Nonprofits often get the best results when they use some of the most successful practices pioneered by for-profit business.

The strategic plan ? a map of near- and long-term goals and how to reach them ? lies at the core of most for-profit companies. If your nonprofit doesn?t have a strategic plan or has been lax about updating an existing one, creating or updating your plan should be a top priority.

Many for-profit companies use ?SMART? principles when setting their strategic goals. Such principles help leaders focus on priorities and create achievable objectives.

To be SMART, a goal must be:

• Specific. Goals should be as clear and detailed as possible. Include names, dates, locations, processes, and requirements for completion.
• Measurable. Clearly identify the outcome you?re seeking. For example, if your association needs corporate sponsors, your goal might be to find at least five sponsors for this year?s annual meeting. Simply wanting some sponsorship isn?t measurable ? or motivating.
• Attainable. Set goals that are within your control. Although it would be great if you could raise 50 percent more in donations this year over last, is it really within the realm of possibility?
• Realistic. While there?s nothing wrong with dreaming big, it pays to be realistic. Focus on initiatives you?re both willing and able to pursue and that you believe your organization can accomplish. But be careful not to deliberately underestimate your goals and shortchange opportunities.
• Timely. Building in a time factor is essential to staying on track. Time frames can vary by goal. Perhaps you want to increase membership by 20 each month, or have a new program up and running by the end of the year.

Check back for more strategies borrowed from for-profit businesses.

Source: http://blogs.ssandg.com/nonprofits/2012/10/08/for-profit-business-practices-for-your-nonprofit/

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