An entrepreneurial approach to financial adversity

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Charities should work more closely with the private sector to overcome adversity

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27th February 2017 by Susan Smith 0 Comments

Charities struggling with financial uncertainty should be more business-like and collaborate more with the private sector.

Jane Wood, managing director of Business in the Community (BITC) Scotland, said charities should look to entrepreneurial solutions to boost resilience.

The research carried out by SCVO paints a worrying picture of the situation for charities in Scotland and as a sector we need to look at entrepreneurial solutions to boost resilience

Wood was responding to the publication of the latest Scottish Council for Voluntary Organisation’s Third Sector Forecast research.

It painted a bleak picture of a third sector that is failing to grow financially and where charities are operating in “survival mode” unable to plan for the future because of short-term funding.

She said: “There are many charitable organisations out there, working tirelessly to support those most in need in our communities – but these organisations have faced significant challenges in recent years, including coping with a changing funding environment whilst responding to increasing need.

“The research carried out by SCVO paints a worrying picture of the situation for charities in Scotland and as a sector we need to look at entrepreneurial solutions to boost resilience.”

BITC Scotland is one of the Prince of Wales’ charities and is a member of the Prince’s Responsible Business Network.

It works with businesses of all sizes and sectors to tackle social issues and drive change in workplaces and communities.  

Wood pointed to recent legislation introduced at Westminster that has made it easier for charities to invest allowing them to operate more entrepreneurially. Having more control over investments will deliver a positive social impact as well as a financial return for the charity. 

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