A fundraising strategy helps you to identify financial needs of your organization and accordingly outline the activities required to meet those needs. It typically helps you to plan the fundraising process for a period of 3-5 years by setting necessary deadlines and responsibilities.
The primary purpose of a fundraising strategy is to prioritize activities to ensure fund flows through varied sources to help the organization in sustaining its activities. The best way to start writing the fundraising strategy is to analyze the following:
- Current status of funding: You need to analyze the current financial health of the organization, before seeking additional funding. You will have to closely monitor the flow of funds to assess if they are being used effectively.
- Proposed and planned activities for coming years: Gather information from project staff about the status of projects and get an understanding of activities that are to be taken up in the coming years.
- What is the target of fund raising for a particular year? You need to fix upon a target as the entire strategy will depend on the target you set. Work with your project managers to work on the budget and financial resources that you require.
- What are the areas/causes for which your organization needs fund in a particular year? You have to identify the area which needs immediate funding. May be a particular year you are focusing on health projects, and may be the next year you need funds for setting up a school for dropouts. Your selection of donors will depend on the cause you select, because not all donors will donate for all causes.
- Staff responsibilities: You have to identify people who are good in relationship building and networking. Even if you have a small team, identify the person who has exceptionally good communication skills. Giving responsibility always yields better results.
- How many donors to contact? Depending upon the size of funding and the cause for fundraising, you will have to focus on a certain number of donors. If you think you can contact all donors at one time and engage them, let’s be honest it won’t be possible. Based on the financial requirement and the cause, identify prospects from your donor pool. Gather all relevant information about them so that you get an idea of the number of donors you will need.
- What activities will you undertake to raise funds? There are several activities that can be undertaken for raising funds. You should look into all aspects of fundraising and identify the ones that are most suitable for your organization.