Carry On: Inflation Opportunity Pt 2
In our previous post: "Keep Calm", we shared that economic uncertainty doesn't always make fundraising more difficult. Regardless of the economy, your organization always has an opportunity to connect with donors who want to join your mission.
Here are four additional ways you can take advantage of this moment:
Engage your board. Financial transparency with your board is more important than ever. One of your board’s main purposes is fiduciary responsibility - so, make sure they have all the information they need to do this well.
Prepare to pivot. It’s always a good idea to have a plan B (and maybe C and D). First of all, having a Plan B doesn’t mean that you are any less confident in your Plan A. The reality is that no one gets through life with all their careful “Plan As” intact. At the very least, most Plan As are revisited and revamped multiple times while being executed. Plus, most Plan Bs are usually a very decent choice if you have to enact them. Remind yourself that Plan B is not like wanting an ice cream and getting broccoli instead.
Scale back but don’t give up. The community you serve needs you. While inflation may be cause to scale back on big ambitious goals for the time being, it’s not a reason to give up. That housing you are developing, the food shelf you are stocking, the arts program you are saving…it’s needed now more than ever. Stick with your plan A and, if it looks like you might fall a bit short of your goal, check in with your plan B - which may simply involve adjusting your timeline or expenditures.
Finally, be honest about where you are investing your fundraising dollars. While some strategies are long-term investments, many are not. Is that direct mail piece generating enough revenue to validate keeping it? How much money does your gala actually net (not gross) and is there a more economical way to raise that amount? Do you need to print a booklet annual report or can you have the same impact with a postcard?
Remember, you aren't in this alone! Call on your team and resources to get creative in handling the challenges that inflation brings to your organization. And reach out to us if you need an outside cheerleader and guide to keep you motivated and on track!