Every nonprofit organization we are aware of, no matter how big or little, shares the same need for funding: to carry out their primary objectives. Unfortunately, this requirement of the nonprofit sector is frequently a source of friction for many groups. However, fundraising need not be painful with the correct preparation, resources, and strategies. In this post, we’ll show you how to organize a fundraising effort so you can meet your fundraising targets.
An effective fundraising campaign follows this link https://www.moneytaskforce.com/money/how-to-launch-your-first-fundraising-campaign-successfully/ and below these five steps:
1. Make a list of your goals
Identifying your end aim is the first step in any plan. Some interpret this as selecting a dollar number, which is a fine place to start. We want to encourage you to consider more than just that, to consider what exactly this money will be used for. A whopping 63% of contributors want to know how their money will be utilized, according to GuideStar’s Money for Good II research. Take use of this when making your plans. You’ll be in a better position to understand the amount of money you need to raise and persuade funders of the campaign’s value if you center your campaign around a quantifiable goal.
2. Staff resources available for inventory
Finding out what resources your company can offer to the campaign is the next stage. Any fundraising endeavor will demand a major time commitment, so consider what your organization’s stakeholders (board members, permanent employees, volunteers, etc.) will need to do to make the effort successful.
3. Decide on your fundraising strategy
Choose the strategies that make the most sense for your campaign once you have a solid understanding of your objectives and available resources. There are several excellent methods of fund raising, but each has unique prerequisites, benefits, and expenses. You may determine which technique makes the most sense in light of the particular circumstances surrounding your organization by allocating time up front to weigh the advantages and disadvantages of various fundraising strategies.
4. Consider ROI when creating a budget
The best use of available resources is required of organizations. Because of this, we advise developing a “budget” to compare expenditures to ROI (return on investment) before beginning a new fundraising campaign. Why do we say that? The value that your company obtains in exchange for the resources it invests is essentially what is meant by ROI.
Let’s use our example nonprofit to arrange a walk-a-thon to demonstrate this concept. The event requires 10 hours of staff effort and $100 worth of supplies to put on. Do you believe it was a wise use of the nonprofit’s resources if the example event only attracts a dozen participants and raises $10 in total? I doubt it. Because the walk-a-thon cost the organization more money than it brought in, the return on investment for the fundraising effort was negative.
The process of creating a budget with an itemized expense report for staff time, design/printing costs, travel, etc. is crucial since it gives you a clear view of the resources needed to carry out your campaign, which you can contrast with the amount you anticipate raising. After that, you can evaluate whether the campaign (as it is now) is a wise use of the funds available to your company or if another course of action would be more appropriate.
5. Identify a timeline
What is the schedule for your fundraising effort, last but not least? A strong timetable should include more than just a few significant dates; it should outline in detail each action that must be taken for your campaign to be successful. This will act as a starting point for everyone in your team to comprehend the tasks that must be accomplished and set deadlines to maintain accountability.