What is Giving Compass?
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Giving Compass' Take:
• In this story from Forbes, author Albert L. Reyes looks into the importance of practicing patience for nonprofit leaders.
• What does practicing patience for nonprofit leaders actually look like? Can existing nonprofits apply this practice retroactively and reexamine their strategy to become more sustainable?
• To learn about three tips for building a better nonprofit board, click here.
Some of the best advice I can give any current or future nonprofit founder or leader is to practice the art of patience, as patience is one of the best ways to check and properly manage your emotional decision making.
While patience may be dying in our culture, it is still a critical business practice, and it is especially integral when starting a nonprofit amid all the competition. The nonprofit sector grew by 20% between 2005 and 2015, in contrast to a growth rate of about 2-3% in the for-profit sector, according to a report published by PNP Staffing Group.
However, sector growth doesn’t always mean longevity ... Half of U.S. nonprofits are operating with less than one month’s cash reserves, according to Guidestar, while 30% have lost money over a three-year period, and 6-8% of U.S. nonprofits are technically insolvent. One of the biggest reasons is not taking the time to research and develop a long-term strategy and means of funding before launching the organization and catering to a need.
Nonprofits enable our volunteers and donors to act on impulse to solve issues. They see our commercials or read our emails and can react and help through their decision to donate time or money. In order to provide this opportunity to them, it is our obligation as nonprofit leaders to practice patience in our actions and decision making to ensure our organizations are around for years to come.
Read the full article about patience by Albert L. Reyes at Forbes