Written by Tejas Ajmeri & Ranelli Williams, CPA
Starting and running a nonprofit organization can be very complex, especially considering all the research, time, and passion that it takes to achieve success. All non profits start with a big idea, and a plan to help solve social issues and to help those in need. To be successful, there are a few other ingredients that are necessary. Below is a list of 5 necessities that we have identified to assist you.
The ultimate representation of an organization comes from the top of the organization hierarchy. The leaders of an organization represent the values, morals, and behaviors that they wish their brand and employees also possess. Not only is that kind of representation a core aspect that every nonprofit needs, but it is also that leaders charisma and ambition that leads their organization to achieve the goals that they set out to accomplish. With strong leadership, comes a great workforce, and a great start to organizational success.
An Engaging Mission Statement:
A mission statement for Non Profit Organizations is the most crucial to its direction. It elaborates on what the organizations goals are, who it intends to serve/help, and how it plans on achieving those goals. It is the literal foundation that represent what the nonprofit’s purpose is, and must be clear, concise, and engaging.
A strong mission statement will help influence people to contribute to the cause, as well as raise awareness to other people and organizations that plan on serving the same or similar purpose. For any non profit to thrive, it would need strong partnerships, contributions, and a relationship with the community that it is serving. All of these relationships and opportunities would not be possible without an impactful mission statement.
A Benchmarking Plan:
A benchmarking plan is essential to all organizations, whether they be for profit or non profit. Tracking the progress of an organization is a great way to determine what is going right and what is wrong. Timelines, deadlines, and trackers are all essential to benchmarking, as they serve to build upon where the the organization plans to be at a certain point in time. Without a plan or an idea for where an organization is going, is it easy to lose track of any progress made.
As mentioned before, benchmarking is an essential key to the success of any organization. By establishing benchmarks, organizations are able to analyze their progress, adjust their plans to create more realistic goals, and make changes in other areas that they found were not working for them. It also pushes those who work for the non profit to meet the standards that were set by the benchmarking plan, therefore increasing productivity, and ultimately meeting and exceeding the nonprofit’s mission.
A Strong Relationship with the Community:
Being able to build strong relationships within the community is a key component to the growth of a non profit organizations. Community leaders, teachers, CEOs and others all serve a unique purpose in their community and are usually in search of like minded people to connect and collaborate with. With that, these community leaders are able to collaborate to potentially have a greater impact than working on their own.
Developing a strong relationship with the community also helps nonprofits gain much needed support from that community. People do business with those they know, like and trust. With the communities support, nonprofits are able to gain a better understanding of those they serve and are able to truly make an impact for all those involved. Likewise, the more known and involved a non profit is in the community, the more likely they will be to attract support and resources to help them achieve their goals.
A Good Accountant:
Without a well experienced accountant who specializes in nonprofit accounting, it could be quite difficult to manage your finances. Having a good accountant on board will help keep your financial records accurate and organized, in addition to keep track of the organization’s financial progress, and managing other financial obligations. Other benefits include consulting, financial planning and support, including efficiency evaluations, and introducing business connections that foster growth and expansion.
If you are looking for consultation in the area of accounting or looking to outsource your accounting function, saving money on health insurance and other benefits, as well as payroll taxes, please reach out to Ranelli Williams, CPA at ERJ Services at 570-269-5324 or firstname.lastname@example.org
For some of the necessities listed above, we will be delving deeper in future blogs. We will also be sharing information in the area of financing for non profits, grant writing and fundraising, sponsorships and much more to support your growth. Join our mailing list by CLICKING HERE.