Expanding the Reach of our Client Programs with the help of NxtStep
How Compass Working Capital saved tens of thousands of dollars and brought products to market quickly to help scale the level of social impact they were able to provide to their clients.
Compass Working Capital
Industry: Nonprofit – Financial Services
Location: Boston, MA and Philadelphia, PA
Focus: Families with low incomes
Specialties: Saving and Asset Building
Company Bio:
Compass Working Capital provides savings and financial coaching programs that support families with low incomes to build assets, achieve their financial goals, and become more financially secure. Compass prioritizes and has a particular focus on serving Black and Latinx communities, guided by a commitment to contribute toward narrowing the racial wealth gap. Our broader vision is to build a leading, nonprofit financial services organization that promotes economic mobility and financial security for families with low incomes by influencing field-related practice and policy.
Overview
Compass Working Capital had helped support numerous families to reach their financial goals and build financial security, but they needed to reach a wider audience so they could help more people. They tried exploring software and technology solutions on their own, but struggled to gain real traction.
When Compass Working Capital decided they wanted their great programs to reach a wider audience they hired NxtStep to help.
Sean and NxtStep were the exact partners we needed so that we could start bringing value to more clients faster and more cost effectively than we had once thought possible
Markita Morris-Louis
Chief Executive Officer at Compass Working Capital
Quantifiable Results
$100K+
Budget Saved
3+ Months
Time Saved
3 Weeks
Product Time to Market
The Challenge
Compass Working Capital had a great program, but they lacked the product expertise to leverage software and technology to scale their program to reach a wider audience. Markita, their Chief Strategy Officer, knew software and technology could help solve their problem, but she also knew they needed the help to do it properly.
The Approach
Over the course of 12+ months working with Compass Working Capital, we’ve helped manage or build 3 different products to help the team improve their reach with clients and the company’s operational efficiency.
Each product has its own unique requirements that we’ve uncovered through a series of interviews with the Compass clients and team members to uncover the biggest challenges that need to be solved by the respective Compass products.
With our help, Compass was able to bring new products to market much faster and more cost effectively. We were able to save the Compass team months in delays and development efforts and tens of thousands of dollars in budget. All while bringing effective products to market for their clients and team members.
The Solution
NxtStep has provided Compass Working Capital with fractional product officer services, customer discovery, user research and product management, taking care of everything they might need to ensure their products achieve the goals necessary to further the incredible mission of their wonderful organization.
This enables the Compass team to focus on strengthening their team and programs to help their clients with their respective financial challenges.
Since working with NxtStep, we’ve been able to take products from idea to the hands of our customers in weeks, not months. We’re aiming to bring our program to over 200,000 households in the next decade, and these products are a key part of how we will be able to make that happen. We are now enrolling people into our program faster than ever and are much more prepared to scale. Besides the obvious results, it has been a pleasure to work with Sean and his team at NxtStep. They bring so much valuable knowledge and expertise to our team and always share it when necessary so we can not only advance our mission, but further our own education about the process.
George Reuter Director of Learning and Knowledge Management
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