In the last couple of years I’ve learned a lot about myself, as a consultant and a trainer. One thing I’ve come to realize is that I really like to talk about the fundamentals. In fact, just last year I wrote a blog post about the fundamentals key to development success.
As I reflect on 2015 and what I could write in my last blog post of year, I find myself coming back to the basics. I’ve said it before, real success isn’t about silver bullets and is rarely bright and flashy. In fact, success often lies in what we can read in black and white, in a strategic and thoughtful fund development plan.
So I was particularly excited by a recent study by Heather Yandow of Third Space Studio. In her report, posted by the Stanford Social Innovation Review, she shares that in the organizations she studied, the clearest predictor of success was the existence of a formal fundraising plan. Additionally, she found some interesting correlations between investments in staff, time spent on individual donors and the effect of face-to-face meetings. But these correlations could only be found in those organizations that had a formal plan in place.
The work we do is highly quantifiable with a number of ways to measure progress and effectiveness, and yet, many organizations look at one metric, revenue, to determine success. A solid plan to reach revenue goals, supported by action steps, timelines and progress metrics allows fundraisers to create a clear path that is as helpful in determining what they will do, as what they won’t.
How many of us have heard “you know what we should do, we should have a (insert event name here)” or the classic “that organization does a (insert event name here) and they raise a ton of money, we just need to do one of those.” Having a plan in place allows you to sort through these ideas from a strategic perspective. Maybe a new fundraising activity fits perfectly with existing strategies, or you find that your plan won’t allow for the extra staff time and resources a new event would require. Either way you can point to the development plan as the rationale for your decision.
An effective plan puts you in control of how you spend your time and allows you to prioritize strategies. It puts front and center those activities that you believe will provide the greatest return on investment and creates a system for measuring effectiveness and adjusting strategies when necessary. In fact, we explored this in more detail during a webinar earlier this year.
Yes, writing a development plan takes time, and yes, reviewing your progress toward that plan takes time, but the truth is, you’re already spending that time spinning your wheels on ineffective strategies and a lack of prioritization. The good news is that once you have a plan in place and make a few adjustments in your management systems, you can start to see immediate results.
For help in creating and implementing an effective fund development plan, join me on Thursday, January 28th at 2:00pm EST for a free webinar: Register Now