A nonprofit seeking to improve workflows can experience many benefits from the guidance of a fractional COO. In addition to providing a fresh perspective, fractional COOs help nonprofits brainstorm new ideas for fundraising, network, and improve workflows. Nonprofits also benefit from a fractional COO’s expertise and knowledge in running successful organizations. Keep reading to learn more about what fractional COOs can do to support nonprofit organizations in achieving a stable and financially successful future, and how Fraction Force Strategies can be a key player in that success.
How Fractional COOs Make a Difference
Key Challenges Nonprofit Organizations Face and How We Address Them
One of the critical challenges nonprofit organizations face is limited resources. Funding can be variable depending on the time of year and the state of the economy. This puts nonprofits in a unique position when balancing their overall mission and goals with their budget. However, strategically using resources can help address many challenges. We utilize scalable strategies that grow with nonprofits. We also address the specific needs of each organization actively planning for the future. Where do they want to be in two to three years? Are there systems we can implement that will grow with them? Additionally, we look over their internal communication systems and see what can be improved, as having excellent communication systems can address many of the issues that organizations face.
How We Help Drive Financial Stability in Nonprofit Organizations as a Fractional COO
Like any business, a nonprofit should have a budget, do forecasting, and look at cash flow management to ensure their future is bright. Additionally, nonprofit employees should become adept at finding revenue sources and streams that are more diverse and creative. When money is limited, thinking outside the box is essential. We incorporate these strategies into our client’s business plans. In addition to relying on our varied financial knowledge, we also work with fractional business development experts who can be brought in to brainstorm creative ways for generating revenue.
Strategies Fractional COOs Employ to Enhance Operational Efficiency in Nonprofits
We always start with reviewing or assessing the processes and systems currently in place, particularly how staff engage with those systems. We interview key players, develop an understanding of their current role, and then look at the organization and how it operates. Assembling all of this information beforehand helps identify what’s working well. From there, we look at the aspects of the company that are holding them back from success and consider how we can best address these issues. Is someone stuck doing a repetitive task that could be automated? Can we consolidate or do away with specific tasks? We specialize in looking at gaps and inefficiencies and starting conversations within the company about how best to fix them. Once you remove redundancies, you create operations that run much more smoothly.
How Fractional COOs Manage the Funding and Revenue Challenges That Nonprofits Encounter
A fractional COO can manage nonprofits’ funding and revenue challenges by being strategic with their revenue streams and proactive with the information they gather about the organization. They should have a plan, know the resources or connections they may need, and continue communication with the organization. Each step of the process should align with the nonprofit’s mission and include insurance, such as creative revenue planning and planning for downturns in funding. No matter how resourceful a nonprofit is, there are inevitable economic downturns and times of year that are not as fruitful. A wise fractional COO will leave nonprofit strategies that don’t just make their workflows more streamlined but also provide contingency plans so that slow seasons do not cause significant harm to the organization.
The Role a Fractional COO Plays in Strategic Planning and Execution Within Nonprofit Organizations
At Fraction Force Strategies, strategic planning and execution are our greatest strengths. We understand that fractional COOs must have a solid but lasting impact and provide their clients with adaptable strategies. Nonprofits may not benefit from being handed off a plan, even if it is tailored to their needs, which consultants will often do. We believe in collaboration, understanding the vision of the key players, and providing a roadmap for achieving said goals. When we are involved with a nonprofit, we make sure that their plan is a living document that key players can return to again and again. Ensuring tasks are understood and executed is one of the critical attributes of a fantastic fractional COO.
How Nonprofit Organizations Can Measure a Fractional COO’s Impact on Their Organization
Like many other organizations, nonprofits utilize KPIs or key performance indicators. These indicators, however, may be unique to the organization itself. Key players can monitor efficiency, financials, and initiatives that have been put forth since the fractional COO began working. They can then measure how the execution has gone on each of them and how long it took to complete. Goal completion can also be a KPI: has the fractional COO helped a nonprofit achieve its intended objectives? Internally, an organization can also measure success through team feedback. We recommend surveys as a temperature check on teams to help gather input. Asking team members if the changes have made them feel better about work, more productive, and inquiring what ideas they have for improvement can help key players understand the fractional COO’s impact and look toward the future.
How Nonprofit Leaders Can Identify the Right Fractional COO to Meet Their Specific Organizational Needs
In nonprofit organizations, the right fractional COO has a record of working/volunteering–you want to work with someone familiar with the dynamics of a nonprofit and its ethos. You want someone who is driven and focused but also thoughtful and has given back to the community. My nonprofit and volunteer experience includes working as a board member of the Young Leaders Council and as a member of the Junior League of Nashville. A fractional COO with nonprofit experience is better equipped to tailor their recommendations to the particular organization’s needs and isn’t afraid to have tough conversations to identify them. The ability to address problems should also be complemented with an ethos of respect and tact, and that is precisely what we do through Fraction Force Strategies. When an organization is experiencing difficulty or seeking to improve, the last thing it needs is an uninvested party judging the organization’s current operations with a harsh eye. Through Fraction Force Strategies, we provide thoughtful, flexible solutions for nonprofit leaders and team members seeking to improve their organization.
At Fraction Force Strategies, we offer tailored strategies and advice to small- to medium-sized businesses and nonprofits that will jumpstart their operations into an exciting and productive era. We can be reached through our website or by phone at (615) 733-9505. We look forward to working with your nonprofit to find solutions that bolster collaboration, funding, and growth!