Trends come and go, but some are worth watching because they point to a larger current in the nonprofit world. For example, the trend towards hybrid and remote work has been within motion for some years, but the pandemic brought it to a head and forced many organizations to make a rapid switch to virtual work.
As with any trend, many factors influence whether it fades or becomes part of the nonprofit workplace. The following five trends, however, are ones worth watching.
Five Trends Nonprofits Should Watch
- Remote work and collaboration
We began this article by using the historic transition to remote work as a trend to watch and for good reason: it is here to stay. Many nonprofits have embraced the hybrid and remote work arrangements begun during the pandemic as models they can continue to offer to workers. And workers rejoice at this news: more than half of all workers in a recent HubSpot survey state they’d rather quit than return to the office!
Even if your workplace does not currently have a remote work policy, it is best to be prepared in case an emergency does necessitate everyone working from home. Cloud computing technology, such as cloud-based accounting programs, enable users to share data from wherever they log on and foster collaboration and cooperation. Having the right technology in place to facilitate remote work is important in today’s world and a trend we expect to continue.
- Demand for speed (and availability)
Gone are the days when a slow response was chalked up to poor technology. Even the most resource-tapped nonprofit is expected to have basic technology in place and fast, reliable internet. Donors, colleagues, and constituents demand answers at the speed of light—and people available to help them. Be prepared to assist more people personally than ever before or put in place technology, such as smart chatbots, to help answer frequently asked questions.
- Blockchain, cryptocurrency, and NFTs (non-fungible tokens)
Although they may have seemed like a fad, blockchain, cryptocurrency, and NFTs are now part of the popular parlance. The IRS has set guidelines for how to account for cryptocurrencies, and nonprofits may have to wrestle with such unusual gifts and donations as cryptocurrency and NFTs. Consider the long view that these new digital items are here to stay and that your organization needs a policy for accepting and accounting for them.
- Cybercrime
It’s sad to have to put this on the list, but it’s fact: cybercrime isn’t just here to stay, it’s affecting more organizations, including nonprofits, than ever before.
As the economy struggles, criminals continue to prey on the vulnerable—and that includes nonprofits which often lack the IT resources to fight back against cybercrime.
Consider an annual cybersecurity check a must-have and take great care to shore up your defenses. Cloud software offers multiple layers of security that can help protect your nonprofit against the worst effects of a breach or hack. Looking into insurance that protects your organization from cybercrime’s worst financial effects may also be a prudent step.
- Multiple business services with one advisor or consultant
In the past, organizations thought nothing of going to multiple specialists for needed services: accountants, auditors, legal advice, marketing firms and so-on. Now, however, there’s a distinct trend of offering one company with multiple resources so that organizations can have all their business needs taken care of in one place.
Consider an accounting firm that offers basic accounting, tax preparation, and financial advice services. Such a firm may now offer software consulting and implementation, an in-house lawyer for legal advice, payroll processing, and benefits administration. It makes it much more convenient for organizations to deal with one company than multiple businesses. If your organization needs such services, Welter Consulting offers many business needs in one group: accounting, software consulting, and more.
Although trends come and go, in business, trends are often much slower to take hold of the general consciousness. Adapting to trends is part of the business mindset, and one which requires prudence to follow only those which benefit an organization.
About Welter Consulting
Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact Welter Consulting at 206-605-3113 for more information.
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