Diversification, diversification, diversification!
A charity can best diversify its income by implementing a multi-faceted fundraising strategy that includes a mix of different fundraising methods and sources of revenue. This can include major donor fundraising, annual giving, special events, grant writing, corporate partnerships, planned giving, and online fundraising. By diversifying its income, a charity can reduce its dependence on any one source of funding and create a more sustainable profile.
FJ recommend focussing on the these top ten areas:
Conduct a thorough analysis of your current revenue streams to identify areas for diversification.
Develop a comprehensive fundraising plan that includes a mix of different methods and sources of revenue.
Build relationships with major donors and engage them in your organization's work.
Utilise online and digital channels to reach a wider audience and diversify your donor base.
Explore grant writing and corporate partnerships as a source of funding.
Offer a variety of giving options, such as annual giving, planned giving, and monthly giving programs.
Host special events and campaigns that can engage supporters and generate new sources of revenue.
Utilise data and technology to track and analyze your fundraising efforts, and adjust your strategy accordingly.
Collaborate with other organizations and stakeholders in your community to leverage collective resources and reach new audiences.
Evaluate and adapt your diversification strategy to ensure its effectiveness and sustainability on an ongoing basis.
FJ have extensive experience of supporting charitable clients to significantly diversify their income streams, build resilience and increase financial sustainability and impact. If you would like to discuss how we can help you to achieve success, please get in touch by dropping an email to: hello@fjphilanthropy.com.
