Nonprofit organizations are always looking for new and innovative ways to bring in revenue. One way to do this is by establishing corporate partnerships. But, what is a corporate partnership, and what benefits does it offer a nonprofit? This article will explore these questions so that you can better consider the process of establishing a corporate partnership for your nonprofit.
What Is a Corporate Partnership?
A corporate partnership is a formal agreement between a nonprofit and a for-profit organization. This partnership can take many different forms, but typically includes some kind of financial contribution from the company to the nonprofit organization. In exchange for this contribution, the nonprofit agrees to promote the company’s products or services.
Why Is a Corporate Partnership Beneficial?
There are many benefits that a nonprofit organization can gain from a corporate partnership.
Revenue: One of the most obvious benefits is that it can provide a much-needed source of revenue for the nonprofit organization. This is especially helpful for organizations that rely heavily on donations.
Volunteers: Companies oftentimes offer their employees paid time off to volunteer for nonprofit organizations. This is a great way to get more volunteers to help with your cause.
Increased Public Awareness: When a company partners with a nonprofit, it helps increase public awareness of the organization. This can lead to more donations and more volunteers.
What Companies Typically Partner with Nonprofits?
There are many different types of companies that typically partner with non-profits. Some of the most common include:
-Large corporations: These companies often have large budgets and can offer a lot of financial support to a nonprofit. They may also have employees who are willing to volunteer their time to help out.
-Small businesses: Small businesses may not be able to offer as much financial support as a large corporation, but they can still be a great partner. They may be willing to donate products or services, or even offer discounts to their customers who donate to the nonprofit.
-Local businesses: Local businesses are often very supportive of nonprofits in their community. They may be willing to donate products or services, or offer discounts to their customers who donate to the nonprofit.
Types of Corporate Partnerships
There are many different types of corporate partnerships that a non-profit can establish. Some of the most common include:
-Workplace-Giving Programs: Many companies offer their employees the opportunity to donate to nonprofits through a payroll deduction system. This is a great way for employees to support the causes they care about, and it can provide a steady stream of revenue for the nonprofit.
-Sponsorships: Companies often sponsor events or programs that are put on by nonprofits. This can be a great way to get the company’s name out there, and it can also provide some financial support for the nonprofit.
-Product Donations: Companies may be willing to donate products that the nonprofit can use or sell. This is a great way to get needed supplies, and it can also help to raise money for the nonprofit.
-Discounts: Many companies offer discounts to nonprofit organizations. This can be a great way to save money on needed supplies and it raises community awareness for both partners.
-Cause Marketing: This is a type of partnership where the company agrees to promote the nonprofit’s cause. This can be done through advertising, social media, or events. In exchange for promoting the nonprofit, the company may receive a percentage of the donations.
-Skills-Based Volunteerism: This is where a company donates the time and skills of its employees to help the nonprofit. This can be a great way for the nonprofit organization to get needed help, and it can also help to build relationships between the employees and the nonprofit.
How to Successfully Establish a Corporate Partnership
Now that you know all about corporate partnerships, let’s discuss some tips on how to find and establish them.
Research Companies with Aligned Values
The best way to find corporate partners is to start by reaching out to businesses with whom you already have a relationship. This could be a local business that you patronize or a company that you admire.
If you don’t have any connections, you can also research companies that have values that align with your own. This is a great way to find companies that are supportive of causes similar to yours.
Once you’ve identified some potential partners, reach out and introduce yourself. Let them know what your nonprofit does and why you think they would be a great partner.
Set a Reasonable Price
When you’re asking for a corporate donation, it’s important to set a price that is both fair and reasonable. You don’t want to ask for more than the company can afford, but you also don’t want to sell yourself short.
The best way to determine a fair price is to research how much money a typical partnership might involve. You can also reach out to the potential partner company and ask them what they are able to contribute.
Keep in mind that many companies are willing to negotiate, so don’t be afraid to ask for more than you initially expect.
Be Prepared to Negotiate
When you’re establishing a corporate partnership, it’s important to be prepared to negotiate. This means that you should have a clear idea of what you want from the partnership and what you’re willing to give in return.
Be sure to identify the needs of your nonprofit and be realistic about what you can offer in return. Remember that the company is also looking to get something out of the partnership, so be prepared to give them what they want.
Make Sure the Partnership is Beneficial for Your Potential Partner
It’s important to remember that the company is also looking to get something out of the partnership. This means that you need to make sure that the partnership is beneficial for them.
Some things that you may be able to offer include:
-Advertising space on your website or in your newsletter
-Social media call-outs
-Promotional materials
-Discounts on products or services
Be sure to identify what your potential partner company is looking for and make sure that you’re able to provide it. If not, the partnership is likely to fail.
Communicate Openly about Vision and Goals
Finally, it’s important to communicate openly about your vision and goals for the partnership. Be sure to set realistic expectations and be clear about what you’re hoping to achieve.
It’s also important that you’re able to listen to the company’s needs and expectations. In this way, you can make sure that the partnership is beneficial for both parties.
Conclusion
By following these tips, you can be sure to find and establish successful corporate partnerships. Remember that these partnerships are beneficial for both parties, so be sure to set realistic goals and expectations. With a little effort, you can create a mutually beneficial relationship that will help your nonprofit to succeed.