If your nonprofit is looking at a flat or downward funding trend this year, what have you considered to reverse this trend? The negative impacts of inflation, high labor costs, and the COVID pandemic have impacted nonprofit funding like never before. However, in tough times, good ideas often emerge.
Read below for suggestions to increase your funding. And if you want to talk with nonprofit experts, we welcome the conversation. Use the form to contact us.
Diversify Your Funding Sources
If your major donor needed to pull back on donations, what would that do to the financial health of your nonprofit? Some organizations survive largely from one major donor. This practice is a dangerous one, though.
Being reliant upon one major source is easier in the short term but consider the long-term effects. Look for one more large donor, solicit many smaller donors, or employ a mixture of these strategies. Focus on decisions that best serve your nonprofit for a 2-year, 5-year, and 10-year plan.
Tell the Story of Your Nonprofit
Storytelling is one way to help gain funding. Trumpet the origins of your nonprofit, its mission, and the number of people it has helped. A good story makes your nonprofit’s mission more relatable to others because it evokes emotions.
There are so many nonprofits in existence, but you know yours is special. Why not relay that special sense to others through storytelling?
Consider Cause Marketing Strategies
Cause marketing has been around for a long time, but it has become more prevalent in recent years. This is where a nonprofit collaborates with a for-profit company to boost the nonprofit’s visibility.
An example of cause marketing, partner with a restaurant where it puts up signage for a nonprofit and then donates a portion of sales to the nonprofit. Another example, link up with another business that agrees to sell or market the product your nonprofit offers. When both organizations’ needs and strengths are considered, cause marketing is beneficial to the nonprofit and the for-profit.
Get Help Analyzing Nonprofit Funding at Morgan & Associates
If your nonprofit is struggling to fundraise or is unsure where you currently stand financially, Morgan & Associates can help. We have experience working with all types of nonprofits and would like to put that expertise to work for yours as well.