Ari Monkarsh, a business expert, shares his thoughts, opinions and guidance on how to develop yourself as a professional, and your business.
Friday, February 23, 2018
5 Challenges Facing Philanthropies that Prevent Their Success
No matter what cause a philanthropy works toward benefiting, there are very real challenges the organization will face while trying to help others. Many people want to help out specific causes, yet it can be difficult to launch a charity and have it be successful. In order to better prepare yourself and your philanthropy for the challenge that comes with striving toward success, here are five challenges faced by philanthropists that prevent their success.
An endless battle for survival
It is always problematic for some philanthropies to take a step back and relax when they have minimal reserves and there is a need, often desperate, for more money. Nonetheless, it is of the essence to break the cycle by finding time to step back and breathe and then plan ahead. Thinking about the future and planning for it at present would help them overcome the same battle over and over again.
A reasonable time frame to consider could be five years for instance. In this duration, they should imagine where they want to be after the period elapses and what difference they want to make in the community. Once they have established their destination with clarity, they can work out how much money they need to fund their activities and work backward to create a strategy that won’t fail and can prevent future worries about money.
Limited time to commit to philanthropic activities
Frequently, it can be difficult to find enough time to spend dedicated to philanthropy. Naturally, one can not do everything, so no one should try and you need to pace yourself accordingly. However, they should try to stay focused on specific areas they can make a major impact. It is always better to do a few things well, than try to do a lot of things and then do them poorly. Learn to manage your time well so you can do as much as possible.
Lack of enough money to invest
Philanthropic ventures cost money and need money continuously invested in their causes. Philanthropists that are starting up often face a dilemma over where to place their limited resources and what aspects make for the best investments. It may be necessary to take any spare funds on investments to generate more money to fund the activities.
Sufficient training for small philanthropists can be challenging to achieve. With limited time and funds, it can be difficult to get workers and volunteers the training they need to do their jobs effectively. It’s important to set aside enough time and resources to properly train those working with your organization and then focus on continually develop their skills.
How to be unique
There are too many philanthropies that are doing more or less the same thing. Therefore it becomes a crowded marketplace that makes it tricky to attract support. It is essential for philanthropies to focus on sectors that make them stand out from the crowd. Before starting a philanthropy, make sure there’s a need for your organization and that there’s something that makes you different from other charities.