Nobody prepared us for what happened in 2020. The nonprofit sector has definitely taken a huge blow during the pandemic, but that was because we never planned for COVID to happen. Now that we have an idea of what could happen during a global pandemic, we’ll be more likely to be prepared for future emergencies. This is why a fundraising plan is very important.
In this article, we’ll tackle how to make a fundraising plan for your nonprofit.
Why is a fundraising plan important?
A fundraising plan is a long-term plan of action designed to achieve a specific fundraising goal.
Many nonprofits keep saying that they don’t have money because of COVID-19. While it’s true that the pandemic has definitely thwarted our programs and plans for raising money, this problem is older than COVID-19.
Money is NOT the root of your nonprofit’s problem. It is the fruit of your real problem, which is your lack of a fundraising plan. You didn’t have a fundraising plan set in place before, and you don’t have one now.
A fundraising plan is also important in articulating your nonprofit’s impact. Donors give because of impact, and if you can’t show them why your organization is worth their money, then you’re never going to be fully funded.
How to create a fundraising plan
1. Know what your fundraising goal is.
Begin creating your fundraising plan with your end goal in mind. What do you want to achieve financially? Do you want to raise 80% of next year’s operational expenses before December? Do you want to get 3 companies to commit to becoming major gift donors to your organization? Determine how much you need to cover your expenses so you’ll know what your goal will be.
2. Determine who is going to give.
Who are the potential donors that will help you reach your goal? They may be individuals, businesses, grant funders, the government, foundations, and many others. There are plenty of potential donors who can fund your goal; it’s important to know which of them can help you reach your fundraising goal quickly.
3. Figure out how to reach your donors.
Every donor requires a unique and personal donor cultivation strategy. You can’t just come up to your donors and say, “We need money for our program. Can you fund our organization?” Giving isn’t a business transaction; it’s a human connection. Figure out how you’re going to build a relationship with your donors by knowing what motivates them to give.
4. Appoint who is going to do the fundraising.
One of the best ways to determine who’s going to do the fundraising is to play up your team members’ strengths. Who’s the best at talking to people and conveying your organization’s message? Who’s good at creating marketing materials for your campaigns? Who can write thank you letters like no one can? It’s time to delegate tasks smartly!
5. Set a timeline for that goal.
You must create a schedule and figure out how long it will take you to reach your goal. Setting a timeline helps you structure your fundraising plan and organize the work that needs to be done. It also commits you to work towards your goal and finish it in a timely manner.
With these tips in mind, you should be able to create a fundraising plan for your organization. It’s not just the fundraising plan itself, but the act of planning. Simply taking time to reflect and put goals in writing is the leading indicator of how much you’ll bring in this year, be it donors or dollars.