Seven-step Fundraising Strategy for Local Home Church

Seven-step Fundraising Strategy for Local Home Church

Introduction

Today’s financial climate is volatile. Therefore, charities, organizations and individuals must continually reassess their ability and skills to generate funding. For several organizations, particularly those reliant on donor funding and government grants, fundraising remains a significant component of getting income. Dillon (1993) and Reid, Ferrara and Karrett (2019) agree that whatever the economy is doing, the key to the successful generation of income through fundraising is a reliable and effective strategy. Fundraising pertains to creative and practice methods to raise funds for a worthy cause. The process and work involved can be rigorous and closely resemble event planning, marketing and sales.

Seven-step Fundraising Strategy for Local Home Church

The first step of the fundraising strategy is identifying the people to be involved in the fundraising drive. The purpose of the stage is to build a prospect list of the right individuals who are capable of providing the necessary level of funding for the work to be done (Reid, Ferrara & Karrett, 2019). The individual conducting the fundraising must determine whom to go for funds. For this fundraising strategy, the identified individuals must match these three criteria; capacity, propensity and connection. Capacity describes prospects who have the financial muscle and resources to give at the required standards. Propensity describes people who have an interest in supporting the local church at the level necessary (Dillon, 1993). And lastly, a connection is about individuals who have a personal relationship with someone connected to the church. Examples include church trustees or chairman.

Since the fundraising is for a local home church, the prospects will be identified from internal and external sources. The strategy will be to start from individuals already known to myself and the people close to me. Not all these people will be donors, but their connection to the fundraising strategy will work for the organization. Members of the organization, trustees, board or the committee of the organization and its members, and supporters of the initiative being pursued by the organization form the most significant chunk of the pool of individuals to be engaged in the fundraising (Reid, Ferrara & Karrett, 2019). Members of the organization (church) play a role in providing the names of prospects from their networks which can be involved in the fundraising.

The second component of the plan is researching to assess each potential donor against the three criteria described above (Reid, Ferrara & Karrett, 2019). The study is to be conducted on an outcome basis. The purpose of conducting research is to understand the amount each contributor or individual will be able to give and the reasons for contributing. For example, the city mayor may provide a significant chunk of money for building the church because such initiatives boost their political images (Reid, Ferrara & Karrett, 2019). External research will be conducted by analyzing online directories and registers, corporate annual reports, and annual reports and publications of churches and other charitable organizations operating in the same space. Such external research will be valuable in providing the details of family connections, family behavior and interests of potential donors..

The third aspect of the plan is creating records, catalogue, and prioritize prospects. This is the stage where the entire procedure of the strategy is laid out for inspection and interrogation (Love, 2018). Here, the strategy details how the prospects identified in the previous stages will be engaged with a view and goal to gain their commitment to fund the church’s work. Here, the plan outlines how much the prospect will give and the right time to engage them (Reid, Ferrara & Karrett, 2019). All the available information is put together. Commitment can be secured for those likely to be involved in the fundraising process. For example, suppose a local businessman is willing to be part of the plan, a commitment must be secured from him, on when he is likely to make his contribution.

The fourth stage of this strategy is cultivating donors. The purpose of cultivation is to bring people closer to the cause so that their commitment can be assured (Love, 2018). At the end of the cultivation process, the donors should have moved beyond having a general interest in the cause being pursued to a real enthusiasm about its work, based on a detailed understanding of why and how their financial input will have the most significant impact. The relationship between the fundraiser and the donors must be cultivated. In the process of developing such a relationship, lessons are likely to be learned about the specific interests of the prospects (Bray, 2016). To cultivate donors, opportunities must be created where they meet and discuss the benefits and goals of the project being pursued.

The fifth step is to ask for funds. The purpose of asking is to make an explicit request for support from the people concerned. Expressing an explicit request is vital because it defines the success of the fundraiser. It has to be at the right time and the right place. The person asking must understand the prospect deeply (Bray, 2016). When donors expressly say yes when asked for a specific amount, then it implies the donor has not been asked enough. Responses such as no can still be considered positive because they may eventually yield the gift. A great environment to ask for funds is a fundraising dinner because it sets the perfect message and tone for the event.

The next stage is closing out. Here, the donation is secured and tracked. If the donor has been asked at the appropriate level and time, they are likely to take time considering the request. Therefore, the closing stage is about getting a written document. The written agreement contains the amount proposed in the donation, the time at which the gift will be made and how it will be made. Closely related to the closeout stage is tracking the funds (Bray, 2016). A system has to be put in place to track the funds that have been secured through written agreements.

The last stage of the strategy is thanking the donors and stewarding the resources. The first objective of thanking and stewarding is acknowledging in ways that are vital and meaningful to the donor, the significant contribution that they have made towards the cause (Bray, 2016). The second purpose of saying thank you is laying the foundation for future donations since the donor may become a long-term supporter of the cause being advanced. To make the thanking and stewarding stage more impactful, a personal thank you note from the volunteer who first made contact with the donor can accompany the official communication written by the pastor of the church or the CEO of the organization (Bray, 2016). Thanking is also supported in the bible.