Nonprofit organizations often face challenges related to resources and capital to spend compared to the for-profits. This affects how they offer compensation packages to their employees. However, most employees in nonprofits choose to work there because they believe in their cause, mission and philosophy. Regardless of their belief in the cause, any human appreciates incentives and recognition. Therefore, employers who create effective incentive programs are likely to find the best workers and fully engage them. The right incentive programs include tangible rewards for employees that show strong performance. While for-profits can offer their best-performing employees incentives such as cash bonuses, wage increases or expensive gifts, nonprofits cannot afford this due to a lack of budget. However, they can develop reward schemes that help boost the workforce's morale but do not affect the organization's financial standing. Here are some approaches you can take when doing this.

As the year ends, everyone hopes that a new year brings better results. While many people wish their family, friends and colleagues a Happy New Year, most do not thank their contributors and customers before the start of another year. Although wishing someone a Happy New Year is a good thing, saying “thank you” is even better. As simple as it may seem, an unexpected “Thank You” is like a surprise gift. It makes a person feel appreciated and valued. For nonprofits, thanking your donors, volunteers and supporters is essential and can be a powerful and cost-effective way to show how you value and appreciate them and soften their hearts for more contributions. As you begin a new year, remember to thank your donors by saying how much you appreciate their efforts and remind them of the importance of the work that your organization is doing and what their contributions are helping you achieve your goals.

When you want to start a business, you will undoubtedly hear terms like “limited liability company,” “nonprofit,” and “not-for-profit,” among others being mentioned. While it can be easy to ignore these terms and what they mean, they are crucial for the future and direction that you take as an organization. Unlike for-profits, nonprofits and not-for-profits have different models, and their taxation, governance and functions are different under the law. Nonprofits and not-for-profits contrast with the for-profits in how they are run and taxed. Here are the things you need to know about for-profits, nonprofits and not-for-profit ventures so that you can find out which one is the right one for you.