While it is not a legal requirement to have a fundraising strategy, it is extremely useful to formulate one. A well-written fundraising strategy enables an organisation to meet their goals, whilst ensuring that everyone – staff, fundraisers, board members and potential donors – are focused and on-track to hit their goals throughout the year.
Having a fundraising strategy in place provides staff with the opportunity to be on the same wavelength and avoid losing sight of priorities throughout the year. A well-written fundraising strategy should give your organisation and staff a clear idea of what is expected of them, as well as the anticipated results.
Without a clear strategy, your organisation’s fundraising is at risk of being both misguided and inefficient. The vast majority of organisations are aware of this in theory; however, many fail to map out their fundraising strategy in a proper manner. Nonprofits who incorporate fundraising strategies are the organisations that tend to be successful.
Here are some reasons why a fundraising strategy is important:
1. Clear goals and direction
A well-developed fundraising strategy can help define your goals, identify your target audience, and create a clear plan of action. This can help you stay focused and aligned towards achieving your fundraising objectives.
2. Efficient use of resources
With a fundraising strategy, you can prioritise your fundraising activities based on their potential return on investment. This can help use your resources more efficiently, avoid wasting time on ineffective strategies, and focus your efforts where they are most likely to yield results.
3. Better engagement with donors
A fundraising strategy can help build stronger relationships with your donors by identifying their needs and interests. This can enable you to tailor your messaging and fundraising appeals to their preferences and encourage them to become more engaged and invested in your cause.
4. Improved sustainability
A well-executed fundraising strategy can help you establish a more sustainable funding model for your organisation or project. By diversifying your sources of funding and building a strong donor base, you can reduce reliance on any one source of funding and ensure that your fundraising efforts are more resilient in the face of external challenges.
Overall, a fundraising strategy is an essential tool for any organisation or individual seeking to raise funds effectively and sustainably. It can help you set clear goals, prioritise your resources, engage your donors, and build a more resilient funding model over time.
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2into3’s Irish Giving Index provides subscribing organisations with peer benchmarking data to better inform and increase fundraising success. Are you interested in the 2into3 Irish Giving Index and the contribution it could to your organisations decisions around fundraising investment levels and fundraising methods? If so, contact Rob Foley on 021 2379882.