The COVID-19 crisis is continuing to impact people and organisations globally and one sector that has felt the biggest impact is the Not for Profit sector.
Many traditional fundraising and income channels have disappeared overnight – charities have had to cancel in-person fundraising events and charity shops are closed indefinitely with lockdown and social distancing measures in place. As a result, it is estimated by NCVO that charities could lose £4.3 billion during a 12 week period and their voluntary income will nearly halve.
On top of this, whilst there has been a huge reduction in income, there has been a significant 43% increase in demand for charity services. To sustain themselves and to continue delivering critical services, charities are having to rapidly innovate to be able to connect with their supporters, find new fundraising avenues and deliver services digitally.
Whilst a major challenge, this presents an opportunity for charities and nonprofits to digitise their services, modernise operations and evolve to meet modern supporter expectations. Rather than implementing stopgap solutions for a short-term fix, charities need sustainable long-term solutions that will help them survive and thrive in the long-term. The ironic challenge, however, is that at the time when technological innovation is most needed, charities are facing their biggest financial struggle and pressure to reduce costs.
