Non-Profits Surviving In the Business World: Keys to Sustainability

Non-profit businesses often struggle to stay afloat in today’s busy market. While it can be a challenge when the goal is not to make a profit, many non-profits surviving in the business world have found some key factors to keep their doors open. 
Finding Grants
There are a huge number of grants available but it takes a lot of time and effort to go through the application process. There are three main types of grants available to nonprofits: government, foundation, and corporate. Government grants are probably the hardest to achieve but can offer a large funding source. Foundation grants are more diverse but they are also extremely competitive. Finally, corporate grants or sponsorships are fairly competitive as well. Non-profit companies that align with the goals and vision of the corporation have the greatest chance of success. 
Increased Visibility
Many non-profit businesses stay afloat through donations and volunteers. The way that they’re able to keep their doors open is that they’re constantly looking for people to support them by staying highly visible. Participate in the community in order to create visibility and make sure that the non-profit is well-known and likes. Engaging with the community and establishing relationships and partnerships is one of the key factors to success in the long-run so make sure that this is a priority. 
Participate in Fundraising Opportunities and Activities
Most non-profits find that they have to engage in fundraising activities. Simply asking people for donations isn’t a good way to get donations though. Instead, think of an activity or event that will encourage people to donate happily. Some businesses, such as theatres, will have a fundraising gala which is fun and encourages individual donations. There’s really no limit to the creativity of fundraising. However, keep in mind that people are more likely to participate and donate if they have a good time. 
Monitor Spending
Non-profits can be made or broken depending on their budget. A good non-profit that will stick around knows where they spend their money and doesn’t make any frivolous or unnecessary purchases. Keep a tight hold of every dollar that passes through the organization. Not only will this keep the business afloat, it’s also a good idea so that people who donate know that their money is going to good use. 
These are some of the methods that successful nonprofits have used to stay running, even in tight times. Use this advice when running or managing a nonprofit to survive in a competitive world.

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