In an attempt to boost efficiency, nonprofits have a hard time setting up strategies that are cost effective. What they don’t know is that they don’t have to do it alone. In this era of innovative partnerships, your nonprofit can enhance its operation by aligning with another organization in a nonprofit partnership.
There several attractive benefits that come with nonprofit partnerships. The parties involved usually have a mutually beneficial agreement which will help your organization improve its impact, efficacy, and sustainability. The first step to a successful partnership is to define what you want out of it.
Top Benefits for Your Nonprofit
Here are a few ways nonprofits partnership may be beneficial to the organizations Involved.
- Increase funding: Most nonprofits go into partnership for sponsorship or to cut administrative costs. This is achieved when nonprofits partner with organizations that share expenses and donate funding.
- Expand donor base: As a nonprofit organization, you can partner up with several donors which can help your organization grow. Staying in touch with your donors on a regular basis and expressing gratitude for their support can go a long way in building your donor base.
- Connect to new business partners: Potential investors may hear about your organizations when you partner with nonprofits. The donors and volunteers of a nonprofit partnership can help your company create more connections.
- Attract in-kind donations: A strategic partnership involves giving and receiving in-kind contributions. Each partner can supplement each other services by giving their time free of charge. This kind of donation is an important source of revenue, especially during times of economic recession.
- Attract new volunteers, Board, pro bono services: Partnering up with a nonprofit can attract new volunteers who may offer you their pro bono and charity board services. In such a partnership, it depends on what skill you can offer and what the organization needs.
- Increase brand recognition: A partnership will definitely increase the visibility of your organization. There will be events focused on cross-promotion where you can easily reach another organizations network. When a nonprofit organization partner with a well-known and trusted organization it increases their visibility and improve the public’s perception of their organization.
- Increase media coverage: During a partnership, a partner can feature you on their social channels, websites or communicate with their community about your services. First, you need to be certain about the audience you want to target and partner up with organizations who have that audience in their community.
- Connect leaders with community thought leaders: A great leader attracts and inspires talent. When a nonprofit collaborates with another organization, their two spheres of influence combined can expand their ability to advance their shared goals and individual missions.
- Develop earned income opportunities: Earned income strategies take many forms in the nonprofit world, but in general they involve setting up a business spin-off that complements an organization’s work.
An incompatible partnership can ruin and damage your reputation. Therefore, you should choose your partner wisely and ensure that your prospective partner aligns with your organizations’ core values and mission. Once you have decided if a partnership is good for your organization, be clear about what you expect from them and understand exactly what they expect from you. Discuss what your joint outcome will be and make sure you build trust and respect each other’s core values so that your partnership will be mutually beneficial and long-lasting.