Topic: Investor legends: World Most Exclusive Investor Club - page 6. (Read 738 times)

With more than 1.5 million tax-exempt organizations in the U.S., according to a report by the National Center for Charitable Statistics, trying to gain your share of donations can be a challenge, especially for a new nonprofit. Without the established name base and recognition of a well-known organization behind your efforts, you may not see the donation base that you’d like to right out of the gate.

It might be difficult to use patience when waiting for donors to find your charity, feeling as though you need to act quickly to remedy your cause. This can lead to desperate measures, which can hurt your organization in the long term.

To avoid such an outcome, 13 members of Forbes Nonprofit Council share common fundraising errors they see made by younger organizations. Here is what they had to say:

1. LACKING PATIENCE
I see many organizations approach fundraising as ‘one and done.’ They will reach out to prospects and if they don’t get a donation (or the amount they requested), they write that person off. Even small donations are about relationships between the donor and the organization and the donor with staff. Relationships take time to build up, so don’t expect to hit a home run every time out. – Tom Van Winkle, Hinsdale Humane Society

2. INSUFFICIENT PLANNING
The fundraising mistake that I’ve seen is not thinking through and identifying all the needed components on the front end of an initiative and, thus, missing the opportunity to actually raise enough funds to cover all of the expenses (like the cost for a dedicated coordinator). And as a result, not identifying how to ‘pivot’ strategically to operate within the budget or funds they actually do have. – Errika Moore, Technology Association of Georgia Education Collaborative

3. WAITING UNTIL THE LAST MINUTE
Many nonprofits fail to raise enough funds for campaigns because they wait until the last minute to look for sponsors. The truth is, corporate sponsorships are not fast money. They can take months before they land in the charity’s bank account. Most importantly, they’re not open year-round! Many corporate donors now have strict enrollment periods for organizations looking to apply for a grant. – Eduardo Lopez, BIG Stop

4. COMMUNICATING POORLY
Younger organizations tend to not share as much as they really should about what they are doing and how the fundraising would help. They really need to do much more communicating and sharing. Also, it’s important that they respond to each message they get. I see too many look at a text or emails but then never reply. That’s a huge mistake. – Gloria Horsley, Open to Hope

5. PUTTING ALL THE GOLDEN EGGS INTO ONE BASKET
It’s easy to become complacent when you have an early ‘angel’ donor that funds your startup and program development, but it’s a mistake to build your budget around just one funder. Organizations that are just getting started need to begin building a diverse funding portfolio from day one, before overreliance on an early supporter leads to a funding cliff that places their programs in jeopardy. – Laura Deaton, Trust for Conservation Innovation

6. BEING THE ‘LONE RANGER’
Successful people know lots of people. Therefore, strong networks provide opportunity to capitalize and solve problems in the face of adversity. Don’t try to be the ‘lone ranger’ — build strong networks and let others help you share, strategize and conquer the tasks at hand. You will find that many have been down similar roads and have left rocks for you to step on so you don’t step into the same pitfalls. – Aaron Alejandro, Texas FFA Foundation

7. TRYING TO APPEAL TO EVERY FUNDER
Your mission and focus are not always going to mesh perfectly with those of a funder. If you can’t find alignment between your missions, don’t try to force it and waste time and resources pursuing an organization that is less likely to see its own stake in your cause. Instead, use these resources to more effectively and doggedly pursue the donors whose focus aligns more closely with yours. – George Tsiatis, The Resolution Project

8. NOT DOING YOUR DUE DILIGENCE
As grant recipients, we expect funders to perform due diligence, but rarely is it reciprocal. Take the time to understand your funder’s expectations and restrictions to assess how they align with your own organizational priorities and capacities. A little research can go a long way. – Ana Pantelic, Fundación Capital

9. SWITCHING UP THE GOAL POST ON YOUR DONOR
A common fundraising mistake I often see is younger organizations moving the goal posts for donors. Many newer organizations will say the price for a project is X and then come back to the donor and ask for more aid once they find out the price is actually more. Organizations lose donors over this. – John Lyon, World Hope International

10. TAKING THE FOOT OFF THE PEDAL
For the vast majority of nonprofits, your work isn’t over after the first year or the first funding cycle. Someone needs to think about year two, three, four and so on. It’s never too early to secure funding for those years or, at the very least, create consultative relationships with your founding donors to make sure they will be on board for the future. – Blake Pang, United Ways Serving Linn, Benton and Lincoln Counties

11. IGNORING THE IMPORTANCE OF EXPERIENCE
Many young charities were started by people dedicated to the mission, with little fundraising experience. Board members often see raising funds as a competing effort rather than one that will enable and enhance mission delivery. Investing the resources to have an experienced fundraiser leading their efforts will achieve greater results in the long run, yet many do not fully appreciate this. – Gina Parziale, Alport Syndrome Foundation

12. FOCUSING ON PITCHES INSTEAD OF RELATIONSHIPS
While it is alluring to build dazzling ‘pitches,’ the first meetings with a new prospective partner are critical. The most important goal is to learn, build understanding and develop trust. Do not start pitching right away. Slow down; focus on building a relationship. Ask open-ended questions. This will ultimately build a better proposal, and you’ll more likely be asked to the table again. – Kevin McAndrew, Save the Children

13. THINKING EVERYBODY LOVES YOUR CAUSE
Nonprofits often have an inability to think of their message outside their own walls. The thought is, ‘We love this cause, so everyone else must think so as well.’ This mentality drives a fundraiser that falls flat. Before launching an NPO, ask for external feedback, ensuring the mission resonates with a defined audience. Target that audience with a clear message on the value of their investment. – Glenn D. Banton, Sr., (OSD) Operation Supply Drop

Source: www.forbes.com

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Making an ask is the penultimate act of a development professional. It’s the final step of what is often a long process, complete with identifying and cultivating prospects, doing research, getting people involved, and planning the final approach.

Asks are the fundraiser’s stock in trade, yet they can also cause anxiety, because in many cases so much is riding on each ask. As development professionals, we know that our organization’s ability to carry out its mission is directly tied to our ability to ask for… and receive… financial support from donors.

Today, we present 7 tips for making the most out of your fundraising asks. Before you get started with the list, be sure to read our recent article: How to Ask Anyone for Anything.

1. KNOW YOUR PROSPECT
First and foremost, before making any ask (and particularly a major ask), know your prospect. What is his or her background? How were they introduced to your organization? What other organizations do they support? What is their general financial situation?

Research your prospects well, and elicit information as part of the cultivation process. The better you know your prospect, the better your chances are of moving them towards a gift.

2. CONNECT YOUR ASK WITH YOUR PROSPECT’S INTERESTS
As you research your prospect, try to figure out what his or her key interests are, and how you might align those interests with the needs of your organization. Donors generally have a couple of key charitable interests, and it is up to you to try to connect your donor’s interests with your non-profit’s mission and needs.

For example, if you are fundraising for a homeless shelter, and your prospect’s key interest is in helping lift children out of poverty, you may be able to craft a gift proposal that allows the donor to fund the nutritional and medical needs of the children at your shelter. Similarly, if you are working with a prospect who is interested in clean energy and you are fundraising for a church, the prospect may be interested in helping you lower your energy bills by funding solar panels on the roof.

Be creative, but as you seek ways to align donor’s interests, be sure you are filling your organization’s actual needs, and not just creating new work for your non-profit.

3. KNOW WHAT YOU ARE ASKING FOR
Before you make an ask, know what you are asking for. This may seem obvious, but I have seen many development pros go into asks not really sure of what they were hoping to accomplish, other than trying to score a major gift.

If you need for a $100,000 general operating gift, and the donor has that potential, then ask for it. If you want funding for your school’s drama program, and the donor seems interested in the arts, ask for $25,000 to fund your efforts. Know how much you are asking for, and how it will be used.

4. HAVE A FALL BACK PLAN
What if the donor says no? What if they say, “not right now, but maybe next year?” Is that a loss? Not necessarily. With a good fall back plan, you can turn that no into an “eventual yes.” Go into your ask knowing what you will say if the donor says no. Find a way to keep the donor engaged or get him or her even more involved (perhaps as a volunteer or advisor) so that the next time you ask… the answer will be “yes!”

5. PRACTICE
I’ve been doing fundraising asks for more than a decade, yet I still practice before going in to see a prospective donor. Practicing (not memorizing… practicing) helps you feel more confident in your approach… and as we all know, confidence matters. Because each donor is different, each ask is different. Spend 5 minutes rehearsing in the car before you go in. It will make a big difference.

6. KEEP IT HIGH ENERGY
When making an ask, keep your conversation high energy. Don’t be a downer, sitting meekly in your prospect’s office, fiddling your thumbs. Be excited about your mission. Talk passionately about what a difference this gift will make. Tell stories, elicit tears, be a forceful advocate for your non-profit organization.

7. CAST A BIG VISION
Donors like to get invested in causes bigger then themselves… we all do. Make sure you show your prospects the big picture of what your school, church, or charity is trying to do. Cast a big… huge… amazing vision about what you are trying to accomplish and why. Quantify your results, project what you can do with this gift, and make your prospect see what a life-changing experience it will be being involved with your organization.

Source: http://www.thefundraisingauthority.com

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