Here are 12 funding strategy adjustments to help your nonprofit adapt, stay strong, and even to shine during these difficult changing times. The new Coronavirus is inviting us to be brave and to prepare for best and worst case scenarios. Implement any revenue builders that fit your organization. Make changes strategically and gradually. Please post your comments and followup questions below.
(1) Build your reserve. We don’t know how long this pandemic will last and can only guess at long term effects. Hopefully, your nonprofit already has reserve savings. (Most don’t. https://www.compasspoint.org/underdeveloped) Talk about what to adjust in your budget to build your reserve now.
(2) Find innovative ways to serve your clients remotely. To continue serving your community and to keep as many revenue streams as possible during the pandemic, brainstorm new ways to reach out by video, downloadable materials, and live stream. Read Andy Robinson’s article below.
(3) Switch to one annual “stay at home” fundraising event. I was once invited to a stay-at-home fundraiser. I bought event tickets and was invited to make a donation, but I didn’t attend anything. Host an online “auction” to complement your non-event-event or deliver a special video report prepared for your “event” audience only.
(4) Bolster corporate sponsorship via your stay at home event. Solicit business event sponsorships via phone and email. The more lead time you allow, the more time businesses will have to budget for and approve your requests. Start soliciting sponsorships as much as one year in advance of your “non-event-event” date.
(5) Continue campaign fundraising. As Gail Perry recommends in her recent article linked below, some donors will hold off on donating for now, others will keep giving steadily. Whatever changes you make, don’t reduce your campaign fundraising hours. If you stop or slow asking, you stop or slow donations. And as you may know, more than 80% of nonprofit funding in the U.S. currently comes from individuals. (GivingUSA.org)
(6) Increase grant writing. Even if some donors are unsettled, grant funding is currently available. Recruit volunteers, staff, or remote freelancers to help you. AmeriCorps provides administrative support to charity organizations. Search the Foundation Center Database online for grant opportunities. You won’t get every grant you apply for and the wait time can be several months after you submit an application. Apply often and start now.
(7) Add Direct mail fundraising. This is an excellent way to ask a broader range of targeted donors for support while respecting current recommendations for “social distancing.”
(8) Recruit a Referral Gathering Taskforce. Without any public announcement, form a team of board members and senior staff to call through your donor list asking for referrals to build your donor base. Ask each current donor for 3 or more contacts that may be interested in supporting your cause. Then ask your LinkedIn connections, employees and vendor contacts. Do this annually in the spring or fall. Phone calling gives you the opportunity to connect with folks and encourage them about the commitment of your organization to staying strong. Keep these calls brief, professional, and positive.
(9) Website merchandise, courses & services – Add an online store or bolster your current offerings. Be creative. Ask local artists and businesses to donate items for sale. Offer live or video courses online. Sell booklets and other curriculum.
(10) Strengthen the position of your Employees. Starting with your CEO, assess current salaries. If you are paying under or above your region’s salary averages, plan to make adjustments. Cross train employees. Update job descriptions.
(11) Read 7 Lessons for Leading in Crisis by Bill George. I found this book very helpful when I was ED at a small nonprofit. He covers these topics:
- Face Reality, Starting with Yourself
- Get the World off Your Shoulders
- Dig Deep for the Root Cause
- Get Ready for the Long Haul
- Never Waste a Good Crisis
- You’re in the Spotlight: Follow True North
- Go on Offense, Focus on Winning Now
(12) Shine – Let these times of uncertainty be your organization’s finest. How can your organization respond to the coronavirus pandemic in the most loving, helpful way? Can you fill new or unmet needs within the your mission? Be creative. Be proactive. Be hopeful.
If you want more information on any of these suggestions, will you contact me?
As always, I work for you and am hoping for your every success.
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