Your board of directors can be an invaluable asset to your nonprofit’s fundraising efforts. By establishing clear expectations, identifying areas of strength, and providing necessary training, your board can become a formidable fundraising team. With their passion and dedication, they can help you unlock the financial resources needed to drive your mission forward. So, begin harnessing the power of your board for fundraising and witness your organization thrive and make a lasting impact. In today’s podcast, Wendy Steele from Impact100 Global and Steven Halasnik from Financing Solutions discuss “Unleashing the Power of Your Board For Fundraising.”
Summary
The Board As A Potent Resource For Fundraising
Fundraising represents the lifeblood that sustains nonprofit organizations and enables them to realize their mission. However, even the most commendable causes may have difficulties making a significant impact without adequate financial resources. Notably, the board of directors constitutes a potent and often underutilized resource in the fundraising process. You must understand that your board members are more than just advisors; they can be your organization’s most influential supporters and fundraisers. With their diverse skills, networks, and zeal for the organization’s cause, board members can offer a wealth of opportunities for the organization. In this article, we will explore how to unleash the board’s potential in fundraising to optimize the organization’s fundraising capabilities.
Define Expectations and Engage Your Board
The first step in leveraging your board for fundraising is ensuring everyone is on the same page. Therefore, you must clearly define the expectations and responsibilities of each board member regarding fundraising. It’s crucial to ensure that they understand the importance of their role in supporting the organization’s financial sustainability. Encourage open communication and foster a culture of philanthropy within your board.
Identify Individual Strengths
Identifying the strengths of each board member who brings unique skills, experiences, and networks to the table is essential. You can create a more dynamic and effective fundraising team by recognizing these strengths and finding ways to align them with your fundraising efforts. Some board members may excel in personal solicitation, while others may have connections with corporate sponsors or grant-making foundations. Therefore, it is crucial to identify these individual strengths and harness them to achieve your fundraising goals.
Educate and Train Your Board
Despite the passion your board members have for your organization, it is possible that they may not have much knowledge about fundraising techniques. Therefore, it is crucial to invest in their education and training. Workshops, seminars, and expert speakers can provide them with valuable insights and tools to enhance their fundraising capabilities. This knowledge will not only empower them but also boost their confidence in approaching potential donors.
Set Clear Fundraising Goals
In order to achieve successful fundraising, it is essential to work together with your board to establish clear goals that are specific, measurable, and time-bound. These goals should align with your organization’s strategic plan as well as its budgetary requirements. Tracking your progress regularly and providing feedback to board members is essential, as it allows them to adjust their strategies as needed to ensure that your fundraising goals are met.
To streamline your fundraising efforts, consider creating separate committees within your board focusing on specific fundraising activities. For instance, you can have committees dedicated to organizing events, securing major gifts, applying for grants, or forming partnerships with corporations. By dividing the tasks according to the strengths and interests of your board members, you can ensure that every aspect of your fundraising strategy gets the attention it deserves.
Encourage Peer-to-Peer Fundraising
Peer-to-peer fundraising is a superb strategy that lets your board members use their personal networks to help you out. They can reach out to their own contacts, friends, and family to ask for support. When people get asked by someone they know, they are more likely to donate, so it’s a win-win. Just make sure your board members have the right tools to do it right.
Foster Long-term Relationships
If you want to succeed in fundraising, you need to do more than just get one-time donations. It’s all about building solid relationships with your donors that will last a lifetime. Encourage your board to connect with your supporters, show them gratitude, and keep them engaged in your organization’s work. By developing a close bond with your donors, you can ensure that they will continue to support you and maybe even give larger gifts in the future.
Embrace Technology and Data
Using technology and data analytics can significantly simplify your fundraising efforts. Modern tools can help your board members manage donor information, track fundraising progress, and identify potential opportunities more effectively. So, you may consider implementing a customer relationship management (CRM) system to facilitate these tasks. Leverage technology and data analytics to streamline fundraising efforts. Modern tools can help your board members manage donor information, track fundraising progress, and identify potential opportunities more effectively. Consider implementing a customer relationship management (CRM) system to facilitate these tasks.
Recognize and Celebrate Successes
It is crucial to acknowledge and celebrate fundraising achievements in order to maintain the enthusiasm and motivation of the board. Take some time to recognize the hard work and dedication of your board members, both as individuals and as a team. Emphasize the impact of their efforts on the mission of your organization.
About The Guest, Wendy Steele
Wendy H. Steele is the founder and CEO of Impact100, a global nonprofit organization dedicated to uniting and empowering over 30,000 women to create a transformational impact in their communities has today collectively granted more than $123 million to worthy nonprofits across more than 65 local chapters and four countries. In recognition of her work with Impact100, Wendy was selected by Forbes for the July 2021 50 over 50 Impact list recognizing women changing communities through social entrepreneurship, law, advocacy, and education.
Learn About Stephen Halasnik
Stephen Halasnik co-founded Financing Solutions, the leading provider of lines of credit for nonprofits and church financing. The credit line program for nonprofits & churches is fast, easy, inexpensive, and costs nothing to set up, making it a great backup plan when cash flow is temporarily down. Mr. Halasnik is also the host of the popular, Nonprofit MBA Podcast. The podcast brings experts to discuss fundraising, nonprofit grants, executive director leadership, nonprofit boards, and other important topics. You can learn more about the nonprofit line of credit program here or call 862-207-4118.