7 Strategies to Developing Funding Resources

By Michelle Long and Victoria Anglin, NP Voice

Earlier this year, Michelle and Victoria presented a workshop on “Resource Development for ‘Doers of Good’.” One of the things they covered was how to develop strong funding resources. Here are the seven strategies they shared.

Strategy 1: Individual Giving

• Categorize, strategize, and incentivize to attract: 1. Major Gifts,   2. Mid-Level Donors, 3. Small Donors
• Understand what motivates donors to give to you
• Leverage internal resources: board and staff networks, existing associations and partnerships, mailing lists, etc.

Strategy 2: Corporate/Business Giving

• Align with businesses that have a stake in your work/support your cause
• Pursue organizations with headquarters in your community
• Consider businesses that would want to advertise to your audience (sponsorship opportunities – in-kind or $$$)
• Don’t forget about current and past vendors (bank, supply company, etc.), employers of board members, and board member networks
• Engage with volunteers and develop relationships with potential donors

Strategy 3: Grants

• Focus resources on highest percentage win opportunities
• Need alignment of your needs/goals with grantmaking entity
• Don’t mission creep or chase the money
• Determine programs that are most attractive to funders/in sync with grantmakers funding priorities

Strategy 4: Events

• Know your bandwidth and limitations
• Secure sponsors to cover event costs
• Consider the “optics”
• Leverage event to strengthen brand and increase community awareness
• Be honest about ALL costs – direct and indirect – to determine income
• Lastly, DON’T solely rely on events!

Strategy 5: Earned Income

• Revenue generated from sale of goods, services, or work performed
• Revenue not taxable as long as activity aligns with purpose
• Identify programs, products and services that organization already has in place that could appeal to consumers
• Establish “fee for service or goods” revenue source
• Leverage corporate and business relationships
• Remember to communicate and promote opportunities

Strategy 6: Online Fundraising

• Integrate into organization communications plan
• Encourage networks to set up fundraising page
• Execute a “flash fundraiser”
• Host a social media sharing event
• Have a donation match drive
• Execute an interactive video fundraiser
• Raise money through a Pinterest board

Strategy 7: Collaborative Fundraising

A joint effort of two or more groups to raise more money and resources than either group alone

• Funders love collaboration
• Do what you do best and partner for the rest
• Combines reach and ecosystems of influence
• Understand what each organization brings to the table
• Achieving results from collaborative efforts take time
• Establish MOU/MOA

Why is all this important? Because it helps you:

• Build stronger relationships and raise more money
• Be better fiscal stewards and improve accountability
• Bring more partners into the process
• Strengthen the organization, ensuring long-term sustainability