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wiki How is a “wiki,” similar to Wikipedia, which means that many of our articles are co-written by multiple authors. A business plan is a document that is typically drafted before starting a business that sets forth in detail the way the business will run.
To create this article, volunteer authors worked to edit and improve it over time. A nonprofit is a business just as a for-profit business is and should prepare a comprehensive business plan.
Additionally, you need to make the case for your mission, explain why donors and grantors should provide funding, and seek a qualified board of directors (sometimes called board of trustees).
In fact, since a nonprofit business plan contains more information about mission and vision, it is commonly referred to as a strategic plan.
But what warms the hearts and minds of potential donors are the “outcomes.” If the nonprofit is a medical clinic, examples of outcomes would be how many lives were saved, how many families were kept intact, and how many days were not lost at work.
Inputs and outputs are usually gathered from the organization’s accounting system or other readily collected data.AARP, for example, has both a for-profit business where it sells insurance and products, and a nonprofit business to advocate for people over 50.In a nonprofit business plan, the marketing section is expanded to a marketing and development section.Outcomes usually belong to the customer — the people or organizations the nonprofit is helping — and are often only available by survey.The key difference between for-profits and nonprofits is in the layout and names of the financial statements.You need a business plan for the start-up or expansion of a nonprofit for the same reasons you do for a for-profit enterprise.It’s often said that nonprofits should be run like for-profit businesses.Whether you’ve decided or not, starting to write a business plan will help you narrow the details and start to assess the viability of your idea.A business plan will help you to understand costs, outline potential risks, as well as how you’ll manage cash flow for your non-profit.In the previous three installments, we looked at “4 Sections Every Business Plan Must Have (and Why They’re Important),” “Why You Need a Business Plan (and the Best Style for You),” and “When Is a Good Time to Review and Renew Your Business Plan?” This month, we discuss creating a business plan for a nonprofit.