The average non-profit relies mainly on donations and grants from individuals and organizations.
In African countries where giving is inconsistent and still carried out more informally, non-profits typically have a hard time raising large scale funds to operate and execute programmes.
Here are 5 proven ways to boost your fundraising approach;
- Design your fundraising plan early on: Your fundraising plan should be included in your strategy. It should be a plan that incorporates your financial targets and how you will achieve them i.e. will you seek donations, will you apply for grants, will you have a revenue-generating service or product, or will you use a combination of these approaches? Designing a sustainable fundraising approach is critical to your overall success.
- Set a SMART fundraising goal: To run an efficient organization, it is important to have clearly defined fundraising goals that can later be evaluated against your organization’s performance. If your organization receives a grant, you have even greater responsibility in reporting against the goals that you set because grant-making organizations require stricter programme reporting. Remember, the best goals are SMART (specific, measurable, achievable, realistic and time-based).
- Know your donors: Most grant-making organizations have specific guidelines they follow in disbursing grants to organizations. Get familiar with these processes and their timelines so your organization can be at the top of the recepient list. This extra due-diligence can make a big difference in how you engage with potential donors.
- Incorporate technology and social media: A great way to publicize your fundraising efforts is by utilizing social media and technology. You can create infographics and hashtags for your fundraising campaigns and also engage in crowd funding. Another way to attract individual donors is through your website which should have all the relevant information about your programmes and donation information.
- Institutionalize your approach: If you have designed your fundraising plan and put it into motion, it is equally important to ensure that you have created a system to document and record your processes. Some non-profits set up a fundraising committee to ensure transparency and financial stewardship. This can potentially instill more confidence in donors and boost your chances of receiving regular funding for your programmes.
We hope these 5 tips can help you navigate the world of fundraising.