Nonprofit firms enjoy certain privileges beyond tax exemption. However, few of these firms truly leverage these. Only the best ones have aced corporate strategy to benefit their firms. This advantage can be seen in marketing, product development, customers servicing and most importantly revenues. In customer servicing, what nonprofits must do is segment them separately as they all have separate requirements. Products need be developed on the basis of goodwill, openness and business intelligence gathered from the target audience. Marketing will best succeed when nonprofits sign aligned partnerships. To enhance revenues, nonprofit firms need to target financial sustainability. Fundraising needs to be approached just like sales. Social entrepreneurs need to get more involved to take advantage that such opportunities bring in.

Source:https://hbr.org/2018/08/what-the-best-nonprofits-know-about-strategy?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_activesubs&utm_content=signinnudge&referral=00563&deliveryName=DM11717

Uploaded Date:16 August 2018