As we enter February, we are aware of the many challenges that face NFPs. But on the plus side, there are also many opportunities, particularly regarding financing and funding. So what should your non-profit be doing to secure more of these funding opportunities?
Increase in Corporate Partnerships
With budget cuts happening at every turn, NFPs have no choice but to be more creative with the way they raise their money. Much of it will need to come from corporate partnerships to achieve financial sustainability. This move will be advantageous for many non-profits leading to more productive networks and a greater focus on social impact in more industries.
Show Value For Money
Donors and investors want more than to be only a name on a website when they give money to an NFP. They want to know where their money will be going and what impact their dollars are going to make. For this reason, non-profits are going to have to be more transparent than ever when it comes to their programs and offer real measurable statistics to demonstrate the value for their donors. It will be a valuable exercise for your NFP to come up with creative ways to show value and measure your charity’s impact.
More Funding Choices
NFPs don’t just rely on grants nor do they just rely on corporate partnerships. Modern NFPs need to diversify and raise the money from a number of sources. Crowdfunding, in addition to more traditional methods, is now being utilised by Australian non-profits with much success and the number of charities set to use this method will only increase as the year progresses. Limiting your NFP to one funding option without looking at all the alternatives can be catastrophic to your profit margin.
Progressive thinking is necessary when it comes to fundraising and donor retention. By opening your eyes to the variety of methods around you and the changing faces and needs of individual donors, then you will ensure that no opportunity is wasted.