The annual Not-For-Profit Trends Report for 2023 has landed on our “desks,” and it’s chock-full of insights about the challenges and opportunities facing our sector. Let’s explore some of the major takeaways from the UHY report and how we can adapt to these emerging trends.
First off, let’s talk about the elephant in the room: The Great Resignation. Many of us have been grappling with staffing shortages, and it seems this is a widespread issue. The report suggests that we need to get creative with recruitment and retention. Consider investing in employee engagement programs, offering flexible work arrangements, and boosting your efforts in staff training and development. Remember, people are the heart of any nonprofit, and our work can’t go on without them.
Secondly, the push towards technology is stronger than ever. We’ve all seen the benefits of leveraging tech in our operations — it can help us streamline processes, reach a wider audience, and even unlock new fundraising opportunities. But it’s also posing challenges, especially for organizations with smaller budgets and less resources. The key here is to adopt a strategic approach. Prioritize the tech solutions that offer the most value to your organization, and don’t shy away from seeking grants or partnerships that could help you cover the costs.
And we can’t avoid talking about the economy. The report hints at a possible recession on the horizon. While we can’t control the economy, we can prepare for it. This is a good time to review your organization’s financial health, build up your reserves, and diversify your income streams. Also, don’t forget about the new accounting standards mentioned in the report. Make sure you’re staying compliant and take advantage of any available training or resources to help you navigate these changes.
The report also highlights the importance of staying on top of emerging trends. Nonprofits are operating in a rapidly changing environment, and we need to stay nimble to keep up. The issues we face today may not be the ones we face tomorrow, so it’s crucial to keep learning, stay engaged with our community, and keep our fingers on the pulse of the sector.
The 2023 Trends Report provides a wealth of insights that can guide us through these challenging times. However, remember that every nonprofit is unique, and what works for one might not work for another. Take the time to digest this information and think about how it applies to your own organization. As always, we’re in this together, and with resilience, creativity, and strategic thinking, we can navigate the road ahead.
To see the full report, go here: https://uhy-us.com/media/6521/nfp-survey-2023-interactive-final.pdf