Developing a Cogent Fundraising Strategy
In NFPs capacity as sector consultants for the philanthropic, charity and not-for-profit sectors in Australia, we know the vital importance of devising a cogent fundraising strategy. In the absence of a coherent plan, it can be an arduous task for these organisations to gather the funds required to sustain their programs and endeavours. In this discourse, we will proffer guidance on how to formulate a fundraising plan for an Australian not-for-profit or charity.
Step 1: Delineate your fundraising objectives
The first step in crafting a fundraising plan is to define your fundraising objectives. What is the aim of your fundraising endeavours? Do you aspire to raise funds for a specific project or program, or do you require operational funds? Be as specific as possible about your objectives and ensure they are quantifiable. For example, if you are raising funds for a particular program, set a target sum and a deadline for attaining that objective.
Step 2: Scrutinize your present fundraising activities
The subsequent step is to scrutinize your present fundraising activities. What fundraising activities are you presently undertaking? Are they effective? What are the strong points and drawbacks of your current activities? Identify areas where you can enhance and where you may need to make modifications.
Step 3: Probe new fundraising opportunities
Once you have analysed your present fundraising activities, it's time to probe new fundraising opportunities. There are numerous fundraising strategies that charities and not-for-profits can use, including direct mail campaigns, online fundraising campaigns, major donor programs, corporate partnerships, grant applications, and events (e.g., galas, auctions, charity walks). Research each of these opportunities and determine which ones are the best match for your organisation and fundraising objectives.
Step 4: Prepare a fundraising calendar
Once you have identified the fundraising opportunities you want to pursue, it's time to set up a fundraising calendar. A fundraising calendar is a schedule of all your fundraising activities for the year. It should encompass:
The fundraising activity
The date of the activity
The target amount to be raised
The budget for the activity
The team responsible for the activity
Ensure that your fundraising calendar is realistic and achievable. Do not overburden your team with too many fundraising activities, or you risk burnout.
Step 5: Create a budget
Every fundraising activity necessitates a budget. When creating your budget, ensure that you consider all the costs involved, including staff time, marketing materials, venue rental, catering, printing and mailing costs, and online fundraising platform fees. Ensure that your budget is realistic, and you have enough funds to cover all your costs.
Step 6: Allocate responsibilities
Allocating responsibilities is a pivotal step in creating a successful fundraising plan. Ensure that everyone on your team knows their responsibilities and what is expected of them. For instance, you may have one person responsible for managing the direct mail campaign, another person responsible for managing the online fundraising campaign, and a third person responsible for managing the corporate partnership program.
Step 7: Quantify your success
Finally, it's crucial to quantify your success. Set up metrics to track your progress, such as the amount of funds raised, the number of donors, the cost per dollar raised, and the return on investment (ROI). Ensure that you track your progress regularly and adjust your fundraising plan as needed.
Fundraising is an ever-evolving field, and it's important for charities and not-for-profits to stay up-to-date with new strategies and technologies. By incorporating new ideas and innovative approaches into their fundraising plans, organisations can expand their reach and engage new donors.
At the same time, it's important not to lose sight of the basics. Fundraising success often comes down to the fundamentals, such as setting clear goals, analysing current activities, and creating a realistic budget. By focusing on these core principles and building from there, organisations can create a strong foundation for their fundraising efforts.
Creating a fundraising plan is a crucial step for any charity or not-for-profit in Australia. By following the steps outlined in this article, organisations can develop a comprehensive plan that includes clear goals, effective strategies, and a solid budget. With careful planning and consistent execution, they can successfully raise funds to support their programs and initiatives, ultimately making a positive impact in their community.
