The hunt for funding is a process every nonprofit organization must go through. Funding is what keeps the organization on its feet and enables them to make a difference. But how can nonprofits plan for more funding? The best way to prepare for funding is for organization leaders to know what resources they already have, what they will need, and how they plan to utilize the tools they’ve gathered. Essentially, they’ll need to outline a plan for their plan.
Utilize the resources you have
If it’s not broken, don’t fix it. Methods or strategies that have worked in the past are essential to planning for more funding. Draw from experiences and successes from past charitable events or fundraisers. Look back to successful strategies and explore methods that you know are feasible to the given staff capacity. These methods have a great chance of attracting new and former donors. Another helpful resource to consider is utilizing the funding your organization already has. Factoring in an initial budget will help to determine the gross revenue and overhead costs. By employing the resources you already have with an initial budget in mind, you will have a better idea of other tools you will need.
Gather the tools you will need
Even when you know what has worked for your organization in the past, a fresh strategy or method will likely bring in new donors. It is important to know if additional outside expertise is required and what other resources will be needed to get the word out. Make a list of media partners to demonstrate your expertise by contributing an op-ed piece, gather articles to share, or accept an invitation to speak on a relevant topic. These efforts will help build your presence among donors and help them gain familiarity with your organization. But you will need to learn more about them as well. To be successful in your organization’s next funding endeavor, examine current data for information on potential donors and their demographic.
Layout a feasible timeline
Once you know the resources you already have and the tools you will need, set a timeline for funding. This plan requires a little more budgeting and an understanding of how success will be measured. Your plan should factor in the fiscal year, business cycle, holidays, and blocked-in time constraints such as legislative sessions. Having a set timeline will determine the progress you have made and how to correct any hiccups or mishaps in your plans. The implementation and success of this timeline will mostly depend on who is doing what. Assign expectations for your staff and personnel of what they need to accomplish and when they need to have it done.
Jotting down what you need and what you have for funding can make all the difference. By creating a plan for your plan, you will have set goals in mind and will be prepared for any unforeseen setbacks. It will also open your organization up to opportunities for significant growth and donor recognition.