There is no shortage of worthwhile causes in the social sector. For every issue is there sure to be a number of mission-driven organizations attempting to advance change. One of the themes we at BCE regularly hear from our clients is that dollars from charitable contributions are getting increasingly competitive. Even with increasingly sophisticated mission-driven marketing, capturing new donors is challenging. And what is more, charitable giving tends to be cyclical. Organizations are not competing for a limitless pool of capital, but finite resources.
One potential source of relief is earned income. Non-profits are looking for ways to leverage internal capabilities and competencies to create shared monetary value for programs and their participants. Here are a few of the initiatives that these organizations should consider to achieve this goal:
COVID-19 has intensified competitive dynamics in the non-profit sector. While the future of charitable giving remains uncertain, mission-driven organizations should look for new ways to generate funding. Diversity in revenue sources can offer greater stability for programming and lessen the reliance on an increasingly competitive donor landscape. Non-profits should explore earned income initiatives that align to their internal strengths and program goals to accomplish this strategic objective.