Fundraising Strategies for Nonprofits During Times of Economic Uncertainty
Domestic and global market uncertainty makes fundraising strategies for nonprofits all the more important. The effects of a fluctuating economy can reverberate into the nonprofit sector if donors decide to delay making pledges, decline multi-year commitments, or postpone their pledge payments.
Philanthropy delays may be disappointing but should not necessarily cause alarm. If your organization observes market-induced trepidation from donors during the solicitation process, be patient and stay the course.
While Creative Fundraising Advisors (CFA) cannot offer advice on investing, we can help raise money toward a mission and vision. We have emerged from the pandemic with an expanded toolbox of diverse and practiced resources to help nonprofits navigate new challenges and opportunities. Many of our clients are stronger post-pandemic in mission delivery and fundraising. As economic trends evolve, we are here to serve as your partner through uncertainty with time-tested fundraising strategies.
Nonprofit problems and solutions
So, what should you do if you are ready to activate your vision, but now is not the right time to make an ask? Here are four steps you can implement immediately for long-term fundraising success:
1. Be flexible
While your intended timeline for implementing growth measures (think personnel hires or public campaign launches) may become unpredictable, a delay in plans is not a cancellation. Create alternative timelines and contingency plans to implement as circumstances arise.
2. Plan by following the Major Gift Cycle
Preparing for a significant campaign doesn’t happen overnight. Prudent planning takes at least six months. Take time to identify and thoroughly qualify your prospects through donor data strategies. The planning stage is the ideal time to research those who have an affinity for your cause and plan to cultivate their interests.
3. Develop your Case for Support
Your organization’s mission and vision do not disappear with market uncertainty. Revisit and reinforce how you are communicating your “big idea” to ensure it remains relevant. Keep the delivery methods for your case for evergreen by creating flexible printed documents, presentation decks, and web presentations.
4. Engage in Donor Stewardship
Organizations who bury their heads in the sand and go quiet in philanthropic communications will be disappointed when it is time to ask for support. Donors are your partners as well as your funders. Reach out to your key stakeholders to set up meetings that don’t involve an ask. Determine which services they are interested in learning more about and ask for feedback on your work. During times of uncertainty, connecting with others, especially those who share a passion for your mission, can be comforting.
Your fundraising results will improve by taking active steps to keep your organization’s vision alive consistently and top of mind for donors, with fundraising strategies for nonprofits and when the time is right. Your supporters will be there for you.
Looking for guidance with your nonprofit’s fundraising strategy? Contact us today!
Vice President of Client Services
At CFA, Joanne Curry provides counsel for campaign management, prospect development, and membership and annual giving programs. Joanne joined CFA with over ten years of non-profit experience in operations management, development, and accounting. Prior to joining CFA, Joanne served as Head of Revenue and Interim Head of Development at the McNay Art Museum in San Antonio, Texas. A native of Port Jefferson, NY, Joanne holds a BFA in Ballet Performance and Teaching from the University of Utah.