Today’s nonprofit organizations are under pressure to perform as efficiently as any for-profit business while showing greater transparency and accountability. To accomplish this, more nonprofits are using outcome metrics to measure performance, make improvements, and better position themselves for long-term growth. Here’s what you need to know about building a successful outcome metrics strategy.
Outcome metrics are a systematic way to measure nonprofit performance, whether you are evaluating finances, programs, membership, or other organizational activities. If it can be measured, it can be monitored and improved. Download “Outcome Metrics: Measuring What Matters in the Nonprofit World,” an eBook from Intacct, to learn how you can harness outcome metrics to drive growth.
Here are three ways you can use outcome metrics to improve your nonprofit organization:
- Strengthen funding: Nonprofits rely on the generosity of donors, volunteers, and other supporters. Grant programs and membership fees are often essential sources of income. Using outcome metrics, you can show where your funds come from, spending and budgetary successes, and show fiscal responsibility. Earning trust can lead to additional support and multi-year grants.
- Transparency and accountability: Both transparency and accountability work hand-in-hand to show stakeholders, supporters and your membership that you are fiscally responsible, using funding as promised, and making a difference with the programs and services that you offer. Showing results can also strengthen support – whether it’s growth, partnerships, matching funds, or successful programs.
- Credibility in your field: Supporters are becoming increasingly fickle with where they volunteer their time or donate extra money. You need to be a credible leader that shows good stewardship within the industry or community that you serve. Building relationships in the community, partnering with other organizations, and offering training or other value-added services can improve supporter confidence, while also strengthening credibility.
Many nonprofits are turning to outcome metrics to measure operational performance and show supporters that they are on the right path toward meeting short- and long-term objectives. Deploying a robust management solution can make it easier to capture and monitor key metrics. By connecting these metrics to goals and strategies, as well as mission-critical objectives, nonprofits can strengthen relationships and earn more trust and support from donors, volunteers, their membership, and other supporters. Download the eBook and contact SSi Consulting for more information about using outcome metrics to ensure your long-term growth.
By SSi Consulting, Certified Intacct Partner with offices in DC, Maryland & Virginia