I wrote this post for Arts Professional and thought it would be a good one to share with those of you that might not work in the arts. After all, if you’re fundraising, you should consider developing a fundraising strategy, regardless of which sector you’re in.
Developing your Fundraising Strategy
The recent cuts have meant that many organisations have either recognised they need to fundraise or to increase their reliance on fundraising in light and with this comes the need to develop a strategic approach to fundraising – rather than just a panic, scatter gun, ‘fill the gap left by public funding’ approach. However, if you’re already fundraising you may question the need for a strategy in the first place.
Obviously, I am an advocate for developing a fundraising strategy that complements your organisation’s vision and creates income sources that will allow you to achieve those objectives in your business plan, as a properly developed strategy will:
Every fundraising strategy has different aims. Some organisations want to continue to deliver the same services they always have but now need a strategy because the economy has changed or other funding sources have ceased to exist. Other organisations want to develop and expand their work and need to assess where additional funds may come from; how they fit with your current plans and, of course, how this expansion will impact on your organisational fundraising resources.
In the current climate, more organisations want to diversify income streams so they’re not overly reliant on one or two sources of income in the future, while others want to increase their long term income to get on a more secure footing and plan better in the future.
I recently wrote about the top 5 areas to take into account but there are more aspects to consider:
Developing a fundraising strategy takes time but without one, you’re setting your fundraising up to fail as you won’t have a clear idea of the fundraising landscape – both internally and externally. A strategy greatly improves your chances of success; enables you to plan long-term and gives you the tools to adapt to opportunities and challenges as they arise.