Charity work, fundraising and giving back to the community can be very rewarding. There is no better feeling than making a difference against an issue you feel passionately about. Though the whole point of fundraising is to raise money for a worthy cause, it can be very expensive to set up the necessary initiatives. When you’re low on funds for fundraising, you can still make an impact on a budget.
Know your priorities
Before anything, sit down with your team and have an open conversation about budgeting. Make sure to discuss the organization’s sustainability, priorities and what is necessary to do the work you want to be done. There is more to fundraising than just raising awareness or money for a cause. When it comes to fundraising, you need to spend money to make money. The processes of prioritizing the flow of capital and overhead costs for an organization is important. All board members and staff need to understand and be aware of how the budget will be handled.
Understand cash flow
Having an annual budget is great, but not always realistic. Charitable giving can fluctuate and be completely unpredictable. The truth is that some months can yield higher volumes of donations than others. This is when your cash flow budget needs to be discussed. The cash flow budget projects monthly income and expense instead of dividing everything over twelve months. It also projects the budget at the beginning of each month. The cash flow budget is important to know the point when you need to pull back, schedule fundraising activities, and help get you through the cash-poor months.
Do the research
To be successful at fundraising, you must understand fundraising. Fundraising requires knowing about best practices, industry standards, and fundraising research. Having this knowledge will give you a proper design of your fundraiser and estimate income. Consider what will cost more—email campaigning or direct mail? Use your research to determine which methods of fundraising are more cost-effective, but also which bring in more funds for your organization. To properly budget and make a greater impact, an understanding of fundraising is imperative.
While the entire point of fundraising is to raise money for a worthy cause, it can sometimes be difficult on a small budget. Making less into more can only be done with proper strategic planning—. Even on a small budget, it’s still possible to make a difference.