How to Build a Great Fundraising Strategy
When you run a non-profit organization, planning an effective fundraising strategy is one task that requires careful thought and consideration.
With a plethora of fundraising advice, tools, and strategies available in today’s world, it’s not uncommon for a new or developing non-profit organization to feel more than confused.
Here are six simple yet sure-fire steps to building an effective fundraising plan.
1. Identify Your Fundraising Goals
Fundraising goals typically include the decision of the amount of money you want to raise and for what purpose.
Will you be using the collected money to fund a current or upcoming project or do you simply want to use it for overhead expenses or perhaps for building a new facility?
The idea is to achieve clarity of mind as to why you’re raising funds in the first place. That being said, non-profit organizations tend to have a list of goals when it comes to fundraising. If it holds true for you as well, you should consider developing a fundraising plan for each of your goals.
The ideal way to go about this is by getting your board of directors on board and having their sign off. This will further pave the way for their active help with raising funds.
2. Map Out Your Fundraising Plan
It is extremely crucial that you write down your fundraising strategy. Don’t make that mistake of keeping it all in your head. To run a successful campaign, you shouldn’t be jumping from one fundraising scheme to the next.
While mapping out your strategy, make sure you clearly state the amount of money you need to raise, the sources you deem ideal, and ways to do it. Nothing of this will be 100% definitive, so don’t worry. You may revise and modify your plan as you move forward. While not all of your ideas will work out exactly the way you plan, it’s important to have an outline to get a sense of direction.
A simple way to devise a great plan is by evaluating your ongoing programs and funding, looking for any gaps. Do you want to expand your scope of programs but are short on the funds? This step will help you determine the ideal monetary goal for your fundraising campaign.
3. Estimate the Cost of Your Fundraising Program
The total cost of a fundraising program usually includes the individual costs of designing a website, postage, arranging fundraising events, and personnel costs of volunteers who help you make the program a success.
When you’re calculating an estimated cost, be realistic and make sure the costs don’t eat up all your fundraising proceeds. Ideally, your fundraising program costs shouldn’t exceed three-quarters of your expenses.
4. Come Up with a Timeline
Once you have the ideas outlined for each fundraising goal or activity, fill them in the calendar and decide who’ll be leading which project.
In addition to this, develop a realistic timeline for each fundraising plan. Again, the timeline may be subject to a few changes during the year but starting with one will push you to get something accomplished.
5. Look for Funding Sources
Which funding sources is your non-profit organization currently using? Is there a way you can leverage those for more funds?
From government and foundation grants, civic groups, universities, and churches to employee matching gifts and online fundraising, there are so many funding options to choose from. Make sure you’re making the most of your chosen sources and tapping into all of the audience really well.
Moreover, you should consider evaluating your donor retention strategy as well. How do you make your donors come back again and become your loyal donors?
6. Review and Improve Your Fundraising Plan Throughout the Year
An invaluable tip for fundraising for non-profit organizations is to evaluate their strategy. With regular evaluations, you’ll likely see great improvements in the outcomes of your fundraising programs. It will also keep you on track and help you stay on top of what you’re doing.
For effective evaluations, develop a criterion against which you’ll be reviewing your performance every few months. This may include the amount of funds raised, the number of newly acquired donors, andthe expansion in your contacts with foundations.
During each evaluation session, find out answers to the following:
• What made the fundraising program successful?
• Which challenges did you have to face?
• What should you add, drop, and change?
When your non-profit organization is able todevise a kickass fundraising plan, you’ll face no challenges and obstacles in moving towards bigger goals and innovative strategies. Fundraising Auctions is a platform dedicated to making fundraising easy and enjoyable for non-profit organizations.
If you want to see your fundraising event ideas turning into reality, it has to be your one-stop place!