2020 was not kind to any sector of the economy, nonprofit and for-profit alike. Many corporations, governments at various levels, small businesses, and families put their charitable giving on hold to contend with serious financial hardship.
Unfortunately, despite the squeezes in terms of funding, the problems that nonprofit organizations seek to remedy through their work have only increased in scope with recent developments.
Here are the best ways that nonprofits can boost revenue in the current climate.
If your nonprofit organization doesn’t have an active social media presence in 2021, you are behind the curve. Success in the modern era demands a commitment to social media above all else.
The world is full of nonprofit organizations doing laudable work that deserves support. As a nonprofit, the reality is that you are in competition for attention from donors (individuals, businesses, and government alike).
As such, you must show through engagement on social media that you have public support, that you are dedicated to the work of your organization, and that you are willing to meet donors where they are – on Facebook, Twitter, and YouTube.
Nonprofit sector experts recommend roughly 20% of a nonprofit group’s income should be sourced through grants. Many businesses regularly offer grants for every conceivable type of social welfare and educational work. Likewise, wealthy donors often set up foundations with a specific interest in funding nonprofit work in their communities.
Any successful fundraising strategy should include tapping these resources – especially less well-known local donors that could prove to be valuable long-term partners.
Tap Your Volunteer Network
Studies have shown that volunteers to an organization are more than twice as likely to financially give to the organization (in addition to giving their time and energy) as members of the community at large.
With that in mind, consider focusing with laser precision on your volunteers in times of financial need.
Another great way to engage your volunteers in the process – other than directly asking for money – is to organize a fundraising activity such as a bake sale or community event where they can put their talents to work generating revenue for the nonprofit that they support.
By relying on your base of support, exploring local and national-level untapped funding sources, and creating a strong social media presence, your organization will be in a prime position to achieve its financial goals.