5 tips on how to grow revenues for your NFP
As we enter a post pandemic world, the way we work has changed and so has the way we should think about revenue growth. Below are 5 tips to consider when thinking about how your organization manages and grows revenues.
- Don’t treat revenue generation like a standalone activity
The first mistake any association or NFP can make is to treat revenue like its a separate entity. How you earn and grow your revenues should be holistic and be embedded into everything you do and offer your stakeholders. It is a lens or approach to how you operating NOT a program or service. - Understand your revenue streams
Before you think about revenue growth, you must first understand where, why and what your overall revenue mix is. It is hard to see opportunities without seeing the entire picture. - Don’t go hunting for the next big idea just yet
Like previously mentioned, before you do anything, you should understand your overall revenue mix. Have a look at your current programs and offerings to find ways to maximize them before creating new streams. It might also be worth releasing products or services in order to free up time for items that are both high generators and mission critical. - Understand everyone has a role in revenue generation
Not everyone in your organization is actively generating revenue, but the entire team is contributing to your value proposition, strategic and operating plan. Educating your team on where and how they fit into the overall financial picture is critical to the success of your programs and offerings and ultimately increased revenues. - Understand why you want to grow
This can’t be understated. Before you start tackling all kinds of growth plans, understand why it is you want to earn more revenues or grow your organization. Some organizations may in fact not want to grow, but maybe just want to diversify their revenue streams. Better understanding your motivations will lead to better success and team buy in when it comes to increased growth.