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4 Tips for Nonprofits to Secure Business Partnerships
Nonprofits often forget that they are also businesses. While they aim to create change, they still require a business plan and an understanding of business principles to achieve their goals.
To make a lasting impact, nonprofits should partner with for-profit businesses. Even a small local business can provide valuable insights and support to a nonprofit.
Approaching businesses for partnerships can be challenging, especially for new nonprofits. However, it is not impossible with the right strategy.
Weighing partnership options
Nonprofits often struggle to determine how a business partnership fits with their overall strategy. Understanding a business’s strengths and determining how your nonprofit can help them is essential.
Research shows that a business’s charitable giving influences consumer purchase decisions. Consumers are also more likely to switch to brands that support causes they align with.
Building successful partnerships requires finding common ground between nonprofits and businesses.
Development ideas for nonprofits
To find compatible businesses for partnerships, research small to midsize businesses in your area. Look for shared values and examine their past philanthropic activities.
When approaching businesses, highlight the mutual benefits of a partnership. Emphasize how partnering with a nonprofit can enhance a business’s reputation and support employee retention and recruitment efforts.
Instead of focusing solely on fundraising goals, talk about community engagement, volunteerism, and other value-adds during initial conversations.
Maintaining regular communication is key to successful partnerships. Share the impact a business’s support has on the community and provide evidence of the partnership’s outcomes.
Using a business plan to secure partnerships
Having a well-prepared business plan is crucial for nonprofits seeking partnerships. It helps define the nonprofit’s mission, strategic and financial efforts, and demonstrates effective cash flow management.
By combining these tips with your business plan, you can establish long-lasting and mutually beneficial partnerships.
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