Thompson & Associates’ Post

Though challenged with unique circumstances, the nonprofit sector can gain valuable insights from seasoned executives. A recent Harvard Business Review article delves into the strategies behind sustaining organizational growth over the long term. Combining its wisdom with nonprofit expertise is pivotal for building sustainable growth frameworks in our specific organizational context. Read more of Eddie Thompson's blog this month... https://lnkd.in/egUK29QM #ceplan #philanthropy #nonprofits #charity #charitablegiving #plannedgiving #giftplanning #majorgiving #annualgiving #estateplanning #legacygiving #donors #charitableestateplanning #nonprofitdevelopment #advancement #donorstewardship 

Advice I've given #nonprofit leaders dozens and dozens of times: increasing your financial sustainability is all about diversifying your revenue. This article from Stanford Social Innovation Review provides a counter argument, though it is more focused on things that help organizations grow larger than just achieving sustainability at their current size. They argue that when studying the financials of larger organizations, three things have helped them grow and remain solvent: *Concentration on or two major revenue sources *Seeking funding that is a natural match for your organization's work *Building dedicated capabilities and infrastructure to tap into the one or two revenue categories you're focusing on. I find this research fascinating, and while I may integrate it into my advice, I can't imagine most nonprofits not ensuring multiple revenue sources. The larger your reserve, the more you can handle slight fluctuations in one or two large revenue streams. If a significant funding sources allows you to build enough reserve over time, I suppose then the focus on diversity matters less. These may large foundations, but often they are government money or earned revenue strategies. All funding strategies shift eventually, so even those big funding sources can dry up This makes continual philanthropic engagement important for us all, even if the focus is more on making sure we keep telling our missional story so no one forgets why it matters.

Advice I've given #nonprofit leaders dozens and dozens of times: increasing your financial sustainability is all about diversifying your revenue. This article from Stanford Social Innovation Review provides a counter argument, though it is more focused on things that help organizations grow larger than just achieving sustainability at their current size. They argue that when studying the financials of larger organizations, three things have helped them grow and remain solvent: *Concentration on or two major revenue sources *Seeking funding that is a natural match for your organization's work *Building dedicated capabilities and infrastructure to tap into the one or two revenue categories you're focusing on. I find this research fascinating, and while I may integrate it into my advice, I can't imagine most nonprofits not ensuring multiple revenue sources. The larger your reserve, the more you can handle slight fluctuations in one or two large revenue streams. If a significant funding sources allows you to build enough reserve over time, I suppose then the focus on diversity matters less. These may large foundations, but often they are government money or earned revenue strategies. All funding strategies shift eventually, so even those big funding sources can dry up This makes continual philanthropic engagement important for us all, even if the focus is more on making sure we keep telling our missional story so no one forgets why it matters.

"The Chronicle commissioned an exclusive survey of nonprofit CEOs to learn how they feel about their jobs, what they like about the work, and their greatest challenges. More than 350 chief executives shared their experiences. The results include some surprising findings. While charity CEOs overwhelmingly say they love their jobs, they’re simultaneously confronted with major challenges that range from work-life balance to the strains of fundraising and attracting strong talent. A third say they’re likely to leave their job within two years." Many thanks to The Chronicle of Philanthropy and Ben Gose for the discussion and … for including my thoughts in "A Really Tough Job: Nonprofit CEOs Work to Make Their Roles More Manageable." #nonprofitleadership #nonprofitexecutive

Anyone who has ever worked in the ecosystem of building #nonprofit-#corporatepartnerships knows the inherent challenges and resources involved - sometimes it pays off, and sometimes you feel like you're simply investing in something without a clear outcome. Even worse, the partnerships where only one side benefits, which was all too often the case years ago in the humanitarian sector (anyone else remember the instances of completely irrelevant corporate goods being donated during a crisis? Yikes, thankfully, we see less and less of this now). For some modern-day insights on how to build effective nonprofit-corporate partnerships, check out these practical tips from my recent blog post with Fox Advancement. Link to the original blog post: https://lnkd.in/eJe7DBa9 #Nonprofits #Partnerships #Impact #SocialImpact

It’s hard leading a nonprofit. But this new book, "How to Lead Nonprofits: Turning Purpose into Impact to Change the World” provides a roadmap for leaders looking for clear guidance. Buy it now. It's available for delivery now - links to retailers here: https://lnkd.in/ejDqn5Wz Here's what the experts say: “Masterful…a book I will be recommending for years to come” – Arthur C. Brooks, Professor, Harvard Kennedy School and Harvard Business School, and #1 New York Times bestselling author “A clear and compelling road map for social sector leadership” – Jim Collins, New York Times bestselling author, Good to Great and Good to Great and the Social Sectors “There is a level of candor and vulnerability that makes it relatable to anyone who is in or aspires to non-profit leadership” – Tirana Hassan, Executive Director, Human Rights Watch “I recommend this book to all leaders seeking to make a change in the world” – Cindy McCain, Executive Director, World Food Programme "Nick Grono shares how nonprofit leaders can aim high and make an impact by focusing on the people and purpose that drive them." — Darren Walker, President, Ford Foundation “This is an important book for anyone looking to build nonprofit institutions that create enduring change. Nick understands the power of using the tools of business to create outsized impact in the social sector." — Jacqueline Novogratz, Founder and CEO, Acumen Buy it now: https://lnkd.in/ejDqn5Wz

I give this same advice to my students. All CEOs in every industry have to raise capital for their companies, and for non-profits, that means fundraising. https://lnkd.in/e6rmyjbu

Thinking about starting a business but torn between nonprofit and for-profit? My latest blog article breaks down the key differences and important considerations to help you decide! Whether you aim to serve the public good or generate profit, understanding these distinctions is crucial. Discover how running a nonprofit is just like running a business, with a different tax code. 🔗 Read the full article below: #Nonprofit #ForProfit #BusinessStartUp #Entrepreneurship #SocialImpact #BusinessTips #NonprofitOrganization #BusinessGoals #MissionDriven #TaxExempt #darlenemziebell Don't miss out on this valuable insight! 👇 Share your thoughts and questions in the comments!

Having worked in both the for-profit and nonprofit sectors, I have seen firsthand how nonprofits can amplify their impact by applying business acumen, strategic thinking, and data-driven decision-making. Conversely, for-profit businesses can benefit by broadening their definition of success to include a greater focus on mission and the business’s impact on people and the environment. #NonprofitLeadership #BusinessStrategy #SocialImpact #CorporateResponsibility

Businesses can make a huge impact on their communities through philanthropy. This can be as simple as donating resources, volunteering, or partnering with non-profits. What many don't realize is that sharing these stories of giving back can also boost their business growth. Learn how to use philanthropic storytelling to enhance your business by checking out this insightful article on Rolling Stone #VRTManagementGroup #Entrepreneurs #peopletransformation #recruitingstrategy#digitaltransformation #peopletransformation #recruitingstrategy #hiring #entrepreneurship #leadershipdevelopment #hiringstrategy #leadershippipeline #VRT9 #EGA #EntrepreneurGrowthAlliance #VRTManagementGroup #Entrepreneurs #SmallBusinesses #Entrepreneurs #Smallbusinessowners #Peopletransformation #Businessscaling #scaling