pexels-photo-1036623No matter how much support your nonprofit has the community, both internal and external events can occur that can significantly affect your NFP’s finances and jeopardise your ability to continue offering all your valuable programs and services. Your NFP could unexpectedly experience a loss due to fire or theft, for example, or a key donor may no longer be able to continue contributing to your cause.

It’s times like these when you will need to retool your fundraising strategy to help you meet the shortfall,  but other forces, such as the overall economy, could make the task even more difficult. The following ideas will help you refresh your NFP’s fundraising approach.

Be Prepared to Illustrate Impact and Justify Your Expenditures

As part of your fundraising efforts, you should be aware that whether a donor is an individual, government grant-making entity or a corporate sponsor, they are going to want to know that their contribution is being spent wisely, especially during tough economic times. Before you host your next fundraiser, invest the time in being able to quantify and explain the impact made by your work, and what specific activities are covered at particular donation levels.

Focus on Your Core Mission

Donors are also more likely to contribute to organisations that they deem to be efficient and effective. If you’re facing a significant reduction in funding, now is the perfect time to take a good look at all the services that you provide and programs that you host. Is each one truly integral to your core mission?  If they aren’t considering removing services and programs that don’t really advance your mission forward. You could also charge fees to help you raise the funds that you need to cover the costs so that you can continue offering them.

In addition to fees and service charges, consider selling access to your staff’s expertise, or sell assets that your NFP doesn’t routinely use to help you meet a funding shortfall. While some NFPs reduce the services that they offer during a challenging time, others find that this can be the perfect time to start a new business or expand an existing one to help them raise the funds that they need via sales.

Invest in Your Relationships

When most of us are undergoing a hardship or trial, it’s only natural to start to disconnect somewhat from others socially. While a funding crunch is tough to deal with, now is not the time to withdraw. Continue to invest the time and effort to communicate with your supporters, especially your key contributors. Continuing building your relationships and trust with sponsors and key stakeholders in your community to increase support for your work and inspire others to continue to donate. Suggest other ways that your supporters can contribute to your organisation’s work even if they can’t give a financial contribution now.

Host New Events to Energise Your Fundraising Strategy

One of the easiest ways to raise more funds for your NFP is to simply change up some of the fundraising activities that you host. Look at your existing fundraising strategy – are you still running the same types of events and campaigns that you always have? Shake things up and offer new fundraisers that you’ve never tried before. Check out our list, Fundraising Ideas from A to Z, for fundraising themes and events to add to your existing mix and boost your results!

As you and your NFP weather this financial storm, take heart in the fact that you are being proactive and taking the steps that you need to in order to survive and improve your stability and sustainability. While tough times are indeed challenging, it’s important to keep things in perspective and maintain a positive outlook and good attitude.

Rather than focusing on what you can no longer do, focus on what you can still do and look at all the ways your organisation can still provide value and create an impact in your community. Take the time to practice good self-care and encourage your staff, volunteers and other stakeholders to do the same. Working together, you will survive your current financial troubles and any future setbacks!