Through years of collaboration with the private sector, development nonprofits have learned business best practices that they can adopt to create and improve efficiencies in their organizations, be it in the way they handle staffing concerns or deliver projects.
The private sector is constantly innovating and finding ways to increase efficiencies, however. And while nongovernmental organizations themselves are finding innovative ways to do business better and more efficiently, they continue to look at the private sector as well to see which best practices they have yet to emulate.
After all, according to the global programs director of international development management consultancy Accenture Development Partnerships, emulating business best practices could not only make global development NGOs more effective, but it could also eventually enable the private and nonprofit sectors to create new business models together.
Speaking to Devex on the sidelines of the Bond annual conference in London last week, Louise James gave her top six tips for global development organizations to take from business, and painted a vision of a future where a fourth sector will emerge that will be inhabited by hybrid business models.