Securing a for-profit partner can generate long-term dividends for nonprofits. From supplying volunteers to opening up a new pool of donors, for-profits have a lot to offer. With so many for-profits to choose from, how does a nonprofit identify the company that is right for their organization? Start by taking these three steps:
Conduct a Needs Analysis
What gap(s) can a for-profit partner help to fulfill? Be it a shortage of volunteers, lack of brand awareness, or drastic decline in funding, identifying your nonprofit’s needs will help to hone in on what you need from a for-profit partner. When conducting the analysis, also consider other resources that may be able to fill in some of the gaps. This will ensure you are leveraging all of your resources to best suit the cause.
Gauge Compatibility
Once you have identified potential candidates for your for-profit partnership, review the company’s website and collateral materials in detail. Do they have a corporate volunteerism program? Are they invested in corporate sustainability? Is there a corporate giving program in place? Answering these key questions will help to identify a point of entry and refine your ‘ask’ of the for-profit.
Reciprocity
What can your organization offer a for-profit partner in exchange for their ongoing support? While the opportunity to develop a strategic and ongoing relationship with a nonprofit offers long-lasting community relations and public relations value, it is important that both the for- and non-profit feel invested in a mutually beneficial relationship.
Partnering with a for-profit can play a significant role in helping a nonprofit to achieve its strategic goals. When structuring the partnership, consider how you will communicate the news to key audiences, both internal and external. One thing is for certain — this announcement will be one to share.
