It *IS* possible to raise more money for your organization, even in an uncertain economy. I help organizations do it every day!
Over the last two years, I’ve watched fundraising professionals react to COVID-19 and express their concern about the economic fallout. And now, with runaway inflation and everyone tightening their belts, we have to admit that the economy remains uncertain.
Realities of Fundraising in ANY Economy
As I’ve listened to the concerns of fundraisers during the Great Recession in the late 2000s, as well as the recent pandemic, I’ve come to two incontrovertible truths.
Those Ahead Stay Ahead; Those Behind Lose Big
First, those who were running solid fundraising operations before uncertainty hit were generally still doing well, as long as they didn’t become hysterical and cut their fundraising budgets and programs.
Likewise, those running bare-bones fundraising operations before an economic crisis hit always suffer worse effects because they were struggling even when things were good.
Investing in Development Pays Off
Second, those who have the ability and foresight, and are investing in learning and development activities, see a return on their investment. I can say with confidence that the majority of my clients, including those at the Capital Campaign Toolkit, have seen significant increases in their fundraising results.
Why? Because they have not given into despair, and with my help and that of other experts, they’re putting into practice proven fundraising strategies that work!
When you boil it down to its simplest form, fundraising is easy. Success is about living the basics, day in and day out, and understanding that implementing successful fundraising campaigns takes some level of investment and commitment of time and effort.
6 Strategies to Raise Money in an Uncertain Economy
So what should you be doing to raise money more effectively in an uncertain economy? Here are six strategies that just plain work.
1. Continue Following a Sound Plan.
If you have a good plan, follow it. Don’t cut your development budget or fire your development staff (assuming they are doing a good job). Use your development budget on planned activities. An economic crisis is never the time to cut back on development efforts.
2. Ask More Often.
It’s a fact of life — if you don’t ask, you won’t get.
Nonprofit organizations often don’t raise as much as they could, because they aren’t asking as frequently as they should. Try to add ten new one-on-one “asks” to your annual plan. You can do these asks in-person or virtually over Zoom.
3. Ask Smarter.
Do you have any events that take up more staff and volunteer time than they’re worth? If a major effort generates less than several thousand dollars, it’s probably not worth it. Cut these activities and do something else with your time and talent to raise bigger bucks, such as asking for major gifts from individual donors.
4. Leverage Your Volunteers.
Remember to use volunteers as fundraisers at every step of the process. Board and non-board volunteers can be great advocates for your organization and are often better than staff in terms of their access to resources, their wide circle of contacts, and their ability to successfully advocate for your organization.
So use volunteers across the board — to identify, cultivate, solicit and steward prospective and current donors for your organization.
5. Keep in Touch with Loyal Supporters.
It’s more important than ever to keep in touch with your most loyal supporters. This was critical during the peak of COVID. Be sure to keep them informed about the great work you’re doing and how you’re using their donations.
Identify your ten most loyal supporters (not only your largest donors but also your longest) and meet with them one-on-one. Take them to lunch, take them on a tour of your facility, or visit them at their home or office. Alternatively, meet them virtually for coffee via Zoom. Update them on your program and ask them how they might like to get involved.
6. Think Positively.
Negative thinking becomes a self-fulfilling prophesy for development directors because they don’t work as hard as they could and their heart isn’t in it. By thinking positively, you keep yourself and those around you energized and motivated. It’s win-win!
Ask Yourself: What Am I Doing?
It’s been more than two years since the start of the pandemic. What is your organization doing to stay in the game, get ahead of the gang, and raise more money for your important cause?
- Are you investing in continuing fundraising education for staff members?
- Are you providing development training and retreats for board members and other volunteers?
- Have you invested in any new fundraising program or plan in the last two years?
- Have you hired any new fundraising staff members?
- Are you planning a capital campaign or special fundraising initiative?
If you answered, “no” to more than one of the above questions, let’s talk about how we can jump-start your development office and get you back on track to success. There could be solutions you haven’t considered.
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