As we leave 2023 behind, several notable events impacted social enterprises and non-profits over the past year. Government funding fell 10% across the sector. However, donations from corporate partnerships and everyday Australians rose 15% compared to 2022, showing growing support. With economic uncertainty on the horizon in 2024, proper planning and strategy will be key to stability and meaningful impact.
As social enterprises and non-profits look ahead, the team at One10 Group spotlights several trends poised to impact the sector - along with ways purpose-driven organisations can prepare to seize new opportunities.
Rising Public Awareness
Interest in social justice, sustainability, and community has risen steeply across Australia over the past few years. Savvy enterprises will tap into this momentum by refining messaging and visibility around their mission. Share the wider relevance of your work.
Young Talent Seeking Purpose
A recent report found that 70% of university students prioritise purpose and impact when job hunting. This appetite presents a chance for social enterprises to attract passionate, driven talent. Showcase your vision to compel rising professionals.
Digital Transformation Accelerating
More organisations are embracing digital to enhance operations, analyse data, provide services, and enable remote collaboration. Review where automation, virtual tools, and new tech could aid your work. Prioritise skilling up teams on digital fluency.
Retention and Burnout Concerns
Alongside the Great Resignation, activist burnout threatens progress. Maintaining staffers’ well-being, flexibility, and work-life balance reduces turnover risk while boosting productivity. Make caring for people a priority.
Heightened Calls for Evidence-Based Impact
Funders increasingly request robust metrics proving programs work. Build monitoring systems to consistently track outputs and outcomes. Demonstrating measurable change unlocks greater investment.
Evolving Funding Mixes
Government and philanthropic budgets tightened amidst economic volatility as corporate support expanded. Diversify income by blending grants, earned revenue streams, community fundraising, and strategic partnerships tailored to programs.
Embrace Innovation
Challenge assumptions. Test creative ideas for programs, partnerships, service delivery – anything.
Measure What Matters
Identify key impact metrics aligned with your 2024 strategic priorities. Track progress toward refined mission-focused goals.
SO YOU WANT TO CHANGE THE WORLD THROUGH BUSINESS?
Pitch to get support, request a proposal or enter one of our accelerator programs as the first step on your journey to building or scaling your social benefit supplier organisation or venture.
We are here to enable and support you to create transformative change and meaningful positive social and environmental impacts. Through expert consulting on strategy, operations, technology adoption, and more - One10 Group helps social enterprises capitalise on trends like these to maximise impact.
Contact our team at info@oneten.com.au to explore collaboration driving positive change.
Author
As a committed healthcare professional, Dr. Abhijeet Kashyap draws on over 2 years of experience as a General Practitioner (GP) and healthcare administration. Concurrently, he is advancing his business acumen by pursuing an MBA at Swinburne University of Technology.
Leveraging his refined analytical thinking from complex healthcare settings, he aims to develop innovative solutions across industries and cultivate a versatile skill set encompassing communication, writing, presentation delivery, research, and organisational understanding.
By integrating healthcare insights with management consulting best practices, Dr. Kashyap aspires to become a healthcare strategy consultant. His goal is to contribute to impactful international entities like the United Nations, driving improvements in global health outreach.