You may have broken most of your new year resolutions already but, now you’re back at work, this is the perfect time to do something more practical – make fundraising a priority for the year ahead.
We’ve picked out five new year resolutions that will help your bottom line. They’re all proven solutions that drive success for many of Charities Aid Foundation’s clients.
Encourage donor-driven fundraising
Fundraising strategies work best when driven by donor insight. This is particularly obvious today where a change in the priorities of many donors has highlighted the importance of impact, scale and innovation.
As a fundraiser you need to demonstrate the compelling reasons that will drive donors to support your organisation (in the way some UK consumers seem compelled to buy smartphones).
Impact measurement could be that kind of paradigm shift. We know of situations where SROI (social return on investment) has been the deciding factor in funding decisions made by charitable foundations. You need the equivalent for your existing and prospective donors.
Develop a fundraising strategy
We work with charities looking to diversify income and grow on early stage funding and endowment building. In every case a structured fundraising strategy works.
Follow key steps – map out your proposition (your donor-friendly products), create your case for support, do prospect research and finally develop your approach strategy.
It might seem laborious but the time taken to work through these steps is needed for effective and efficient fundraising.
Do your research
To most people, fundraising research means prospect research. Everyone knows how important it is to reach the right people. The size and detail of a prospect list that a good researcher can put together is amazing. You don’t need to be an expert to begin. You need to know how interested donors are in you and your cause, and how much you should ask for.
The more you know the more effective your fundraising will be. There are some great, and free, resources out there to help you start.
Be realistic
Despite the information out there, many people pursue opportunities that will never be relevant for their organisation such as social impact bonds, corporate partnerships with a FTSE 100 company or million pound donations.
You can work towards these long-term goals, but start with something more manageable. Begin with, and prioritise, influential people in your existing network. Ask for introductions – if you want money, ask for advice, and vice versa.
Say thank you
Perhaps most importantly – say thank you to all your donors. Find new and better ways to say it and communicate regularly with supporters.
Be creative as well as responsive and combine these two qualities to make your message stand out from the rest. Tailor your messages to suit different donor groups.
Create development plans for the high net-worth individuals you’ve identified. Find out how you can engage corporate partners and nudge companies into action. Think of trusts and foundations as major donors.
Across all these resolutions there is one key theme – invest in fundraising. It is vital to your continued success as an organisation, and not an accidental addendum to your job description.
Whatever the size of your charity – make fundraising a priority this year!
For further information, contact: advisoryandconsulting@cafonline.org
If you are a charity and would like information on CAF Donate, an online donation processing platform which helps you to manage your multi-channel fundraising with simplicity and ease, please email: talkcafdonate@cafonline.org
Content on this page is paid for and provided by the Charities Aid Foundation sponsor of the Guardian Voluntary Sector Network’s Charity Money hub.
