Jonathan Craig Rich, formerly of National Securities in New York, is a professional who holds over three decades of experience in investment banking and capital markets, helping companies within healthcare, technology, and consumer spaces raise crucial operating and growth capital. Mr. Rich also has a diverse range of experiences with lending his operational and investment skills to non-profit organizations, and he recognizes that adhering to leadership best practices goes a long way towards sustainable success.
Here, Jonathan Craig Rich of New York explores a few of the most tried and true best practices for non-profit leaders, as well as how they can work to maintain the health of their institutions.
Focus on State and Federal Compliance
One of the most important considerations for any non-profit organization is maintaining state and federal legal compliance, given that failure to adhere to such legal precedents will quickly threaten its health (and even existence). Luckily for non-profit leaders, there are many resources out there that can help them ensure compliance in all of their processes. The Internal Revenue Service, for example, has a usable framework for state and federal compliance that can serve as a blueprint for other organizations moving forward. Jonathan Craig Rich mentions that there are also various online tools and resources for legal guidance, and that exploring pro-bono legal assistance through your state Bar Association can be a worthwhile endeavor.
Establish Governance
Jonathan Craig Rich has a vast amount of experience with non-profit boards and committees, and he speaks to how effective governance is a winning strategy for non-profits that want to remain in tune with their goals. For the best results, it is important to have committees for audit, finance, investment, etc. that can set the standard for the rest of an organization. Regularly scheduled board and committee meetings with attendance requirements can go a long way towards establishing a commitment to refining strategy and maintaining core processes. Alongside this, it is also valuable for non-profit boards to have a comprehensive member orientation. Orientations give members the ability to receive and review important bylaws, financial policies, and critical information on the non-profit’s goals.
Set Clear Goals and Expectations
It is almost impossible for a non-profit to effectively work towards its goals if they are not established in a way that makes them clear to every member of the organization. Expectations for deliverables, fundraising, etc. are vital for successful nonprofits and provide tangible metrics by which to monitor and evaluate their strength. In addition to setting these goals, it is just as important to ensure that each team member is motivated to reach them, has the tools available at their disposal to do so, and is held accountable along the way. Jonathan Craig Rich notes that all non-profits should evaluate their goals frequently, as they can be subject to change due to a wide variety of factors. Non-profits typically end up completely revamping their strategic plans every three to five years, but those that operate in more fast-paced industries may switch theirs even more frequently.
Partner with the Local Community
Regardless of the strength of your non-profit’s internal team, it is impossible to make lasting change all on your own. It is critical that non-profit organizations partner with others in the local community to maximize their impact. Jonathan Craig Rich, formerly of National Securities in New York, acknowledges that many of the most successful non-profits partner with organizations close to their niche to ensure more sustainable results. For example, a non-profit that primarily deals with providing shelter and food to homeless communities may find value in partnering with organizations that supply clothes, nurture diverse academic and learning needs, assist with mental health services, or provide healthcare to underserved individuals. Simply put, partnering with other groups on the front lines of the local community is certain to help expand your mission while allowing each organization to benefit from a more streamlined system of giving.
Keep Control of Finances
Jonathan Craig Rich’s experience in investment and capital raising has taught him the absolute nature of comprehensive finance for non-profits. Keeping complete and accurate financial records as well as maintaining strong financial controls will empower non-profit leaders to better protect the overall health of the organization. Non-profit boards should also continuously review financial activities to provide insights on how leadership should work to maintain the size and scale of operations. While non-profits have admirable goals in working to help communities address various challenges and issues, they should never dismiss the importance of high-level financial management. If the money goes, so does the ability to uphold operations and provide any important services.
Stay the Course Day by Day
As is the case with any organization within any industry, non-profits will have highs and lows as they work to make their goals and strategic visions a reality. With this in mind, Jonathan Craig Rich, formerly of National Securities in New York, speaks to how staying the course day by day is one of the most effective ways for leadership to show a commitment to effective, sustainable results. In the face of a challenge, people will be watching for leaders’ responses and counting on them to utilize effective strategies to refine processes, recalibrate, and continue to foster growth. Staying the course and remaining present in times of great triumph as well as moments that truly test organizational mettle is key for any non-profit that wants to adapt to the future of their industry.
Interested in More from Jonathan Craig Rich?
Jonathan Craig Rich knows that information on investment banking, capital raising, non-profit leadership, and related topics are often heavily safeguarded, making learning about the industry through accessible resources fairly difficult for those individuals that are interested. Through a diverse range of content that explores insights on his areas of expertise, Mr. Rich hopes to inspire others to seize opportunities, keep up with ongoing developments, and more.