Fundraising can be used for many causes. Regardless the cause, if you want to get the most out of your fundraising efforts, then embrace to respect the word “profit”.
You can maximize your profit by cutting down expenditure, planning in detail and finding unique ways to maximize fundraising revenues.
Start with, Minimizing Costs!
To increase fundraising profits, the first and simplest step is to work to reduce costs. If you cut your expenditure by one percent, it goes straight to your profits. Make a carefully planned budget; give deep thought to each and every cost element. Use cost-effective methods to help with your fundraiser, use volunteers and participants to do the work that you would normally outsource, etc.
There can be many ways to cut the flab, and do the fundraising with a lean budget. Here’s one fundraising idea that will give your group a 90% profit.
Plan for maximizing revenues!
Once you have determined ways to minimize the costs, the next big step is to create ways to maximize fundraising revenues. Start with writing a carefully detailed fundraising plan.
Ask yourself the following questions:
- Why are we raising the money?
- How much do we need to raise?
- How much time do we have to raise the money?
- What are we going to do to raise the money?
- Do we have a budget to help raise the money?
- If we have a target of $10,000, how can we get 5% more?
- How many volunteers/participants do we have that can help with the fundraiser?
- How can we get one more donation?
And so on…
The list can be endless, and the result adds to your fundraising profits in the end.
Do it! Do it now! Do it well!
Thinking big is one thing, actually doing the work is altogether different. The difference between the success and failure of two people following the same strategy is determination and execution.
Once you have taken the above steps and are confident to make a run, give some thought to the effort it will take to see results. Compare it with the value of time, efforts and money that you are putting in to get it. If the gains look substantial, make a start and don’t give up; else think more for a while; there may still be better ways.
The above steps may seem simple at first glance, nonetheless they are essential to maximize your fundraising profits. The rules are applicable to all, be it a sports team or a nonprofit fundraising effort.
After all, money has only one color even if it gets used for different purposes!