The Top 3 Trends Leaders are Chasing
A question on the mind of many CEO’s and leaders has been, what does my company or industry look like when all the dust settles from the pandemic? Throughout the past year we have been pushed into adopting technologies and digitalizing organizations faster than most thought was possible. But beyond the scramble into a more digital world, comes a level of disruption caused by the evolution in business models. A business model is how value is delivered through services. The fundamental ways of delivering service have changed or expanded.
With nonprofit business models now reflecting the rapid adoption of new technologies, we have arrived at a place where innovation must begin. Those leading the pack are prioritizing planning for, and adapting to this new environment. The nonprofit leaders, teams, and organizations that are experiencing success are capitalizing on the market trends and disruption and are focusing on three areas.
The top 3 areas of focus:
Mergers, Affiliations, and Strategic Partnerships: Many leaders in health and human services, higher education, and associations are starting to feel the pressure to consolidate. Those pressures arise from technology’s ability to make the world smaller, the size and scale required to cover the cost of doing business, and the fact that significant growth will no longer occur organically in a market saturated with competitors.
Digital Transformation: Advancements in technology have drastically improved the way nonprofits understand the individuals they serve as well as their ability to customize the user experience. As data becomes more critical when informing decision making, revenue generation, service delivery, and quality, it becomes necessary to have technological infrastructure designed around the user experience and value that is created.
Workforce Development: As business models evolve, organizations grow, or the dependency on technology increases, a different type of talent and/or a development plan to address talent gaps will provide the competitive advantage. Nonprofit employees are seeking relevant training and development in order to grow professionally, and the ability to invest in or partner with others to achieve this will make a significant difference in an organization’s ability to compete and afford a strong workforce.
The nonprofit marketplace can be overwhelming and the rapid pace of change can become paralytic given the amount happening. The best place to begin the process of moving forward and driving change is to set aside time with the Board or Leadership Team to discuss the top 3 areas of focus, how they apply to the organization, and to plan for the future. These discussions will serve as a starting point, evolving into ideas for change and narrowing the focus for the organization. This will help manage capacity while helping to pull the organization into the future.