Ken Favaro, a contributing editor of strategy+business and the lead principal of act2, responds to a letter from someone who has recently "retired" from the business world to lead a nonprofit.
The letter asks, what does strategy mean to them? Favaro cites excerpts from actual mission statements of organizations, from expanding global access to healthcare to spreading ideas.
According to Favaro, businesses can be just as mission-oriented as nonprofits, and nonprofits have to compete just as hard as businesses to achieve their missions. And, like businesses, they need a strategy to do so.
Favaro offers a table comparison containing the key elements of strategy for nonprofits to those of businesses.And based on these differences, a nonprofit strategy must answer the three essential questions he listed.
Favaro urges that one of your first steps should be to work with a new team on creating a strategy that is "sharp, distinctive, and broadly understood by your staff, partners, directors, and other constituents."
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