An informal, ad hoc approach to fundraising can waste time, resources and opportunities. To ensure that doesn’t happen, your not-for-profit needs to form a committee to create and execute a strategic fundraising plan.
Your fundraising committee should include board members, your executive director, key staff members and possibly other stakeholders such as major donors. Its work begins with identifying past funding sources and approaches, and the advantages and disadvantages of each. Then, the group can move on to new ideas. It should consider how your organization, its clients, donor base, community and even fundraising tools, such as new technologies, are changing.
Once the committee has made a plan that pinpoints potential funding sources and how to raise them, it’s time to create a functional budget that includes operating expenses, staff costs and volunteer projections. Resources are always limited, so the committee will need to prioritize fundraising projects with the greatest potential.
The plan should also outline roles board members are expected to play. For example, in addition to providing their own donations, they may be responsible for corporate and individual donor outreach. After the plan and budget have board approval, your nonprofit needs to decide how it will achieve each objective and assign responsibilities for getting them done.
Once your plan is up and running, keep it in motion. Continually evaluate your organization’s progress toward its fundraising goals and be willing to revise your plan as needs change and unexpected opportunities and obstacles arise. For more ideas on strategic fundraising, please contact us.