This is the last part of the 3-part series on Unlocking Your Charity’s Potential: Master the Art of Establishing Clear Fundraising Goals and Objectives.
In part 1 we covered how to Assess Your Organisation’s Needs, How To Quantify Your Goals, and How to Set a Timeframe.
In part 2, we looked at How to Break Down Your Goals, How to Develop Specific Objectives, and How to Prioritise Your Goals and Objectives.
In this part, we look at How to Communicate Your Goals and Objectives, and How to Monitor and Evaluate Progress.
7. Communicate Your Goals and Objectives
Share your fundraising goals and objectives with your team, board members, volunteers, and supporters. Clearly communicating your goals helps ensure everyone is on the same page and working towards the same targets. You should also set up rewards to achieve targets. A certificate of appreciation and commendation works far better than a simple pat on the back.
Here are some tips for effectively communicating your fundraising goals and objectives:
- Develop a Clear and Concise Message: Like we mentioned earlier, ensure that your goals and objectives follow the SMART framework. Clearly articulate the purpose of the efforts, the impact they will have, and how they align with your mission
- Create a Written Fundraising Plan: Develop a comprehensive written fundraising plan that outlines your goals, objectives, strategies and tactics. This plan should include key dates, assigned responsibilities, and progress tracking methods. Share this plan with your team, board members, volunteers, and supporters to ensure everyone has access to the same information
- Hold Regular Meetings: Conduct regular meetings with your team, board members and key volunteers to discuss progress towards your fundraising goals and objectives. Use these meetings to address any concerns, share updates, and make adjustments to your strategies as needed
- Utilise Multiple Communication Channels: Share your goals, objectives, roadmaps, etc. through various communication channels such as emails, newsletters, social media, blog posts and your charity website. This ensures that your message reaches a broader audience and keeps them informed of your fundraising efforts
- Encourage Feedback and Input: Create an open and collaborative environment where team members, board members, volunteers and supporters can provide feedback and share their ideas. This can help identify potential improvements, build a sense of ownership and increase motivation.
- Provide Progress Updates: Regularly update your stakeholders on the progress made towards achieving your fundraising goals and objectives. Share success stories, milestones reached and challenges faced. This helps maintain engagement, build trust and reinforce the importance of working together towards the same targets
- Offer Training and Resources: Provide training and resources to your team, volunteers and supporters to help them understand and communicate your fundraising goals and objectives effectively. This can include workshops, webinars or access to relevant materials and guidelines
- Recognise and Celebrate Achievements: Acknowledge the efforts and contributions of your team, volunteers and supporters towards achieving your fundraising goals and objectives. Celebrate milestones and accomplishments to boost morale and reinforce the importance of the fundraising efforts
8. Monitor and Evaluate Progress
Regularly review your progress towards your fundraising goals and objectives. Track key performance indicators (KPIs), such as the number of donors, average donation size, and donor retention rate. Use this data to identify areas for improvement and adjust your strategy as needed.
Here are some specific steps to track and evaluate your charity’s efforts in meeting fundraising goals and objectives:
- Establish Key Performance Indicators (KPIs): Identify specific, measurable indicators that align with your goals and objectives. Examples of KPIs include total amount raised, number of new donors, donor retention rate, and average donation amount. You should establish relevant KPIs and not focus on those that seem important but are not
- Set Up Tracking Systems: Implement systems and tools to track your KPIs, such as fundraising software, spreadsheets or customer relationship management (CRM) systems. Ensure that your tracking systems capture all relevant data and can generate reports to monitor your progress
- Regularly Monitor Progress: Regularly review your KPIs to assess your progress towards meeting your fundraising goals and objectives. Track both short-term and long-term metrics to gain a comprehensive understanding of your fundraising performance
- Analyse the Data: Analyse the data collected from your tracking systems to identify trends, patterns and areas for improvement. Compare your performance against your goals, past performance, and industry benchmarks to gain insights into your fundraising effectiveness
- Evaluate Fundraising Strategies and Tactics: Assess the success of your fundraising strategies and tactics by examining their impact on your KPIs. Identify which activities are generating the most revenue, attracting new donors, or retaining existing donors, and adjust your approach accordingly
- Conduct Regular Reviews: Schedule regular reviews with your team, board members, and key stakeholders to discuss your charity fundraising progress, challenges, and opportunities for improvement. Use these meetings to make data-driven decisions and adjustments to your fundraising plan
- Solicit Feedback: Gather feedback from donors, volunteers, and supporters to gain insights into their experience with your fundraising efforts. Use this feedback to identify areas for improvement and strengthen your fundraising strategies
- Measure Return on Investment (ROI): Calculate the ROI of your fundraising efforts by comparing the funds raised to the costs incurred, such as staff time, marketing expenses and event costs. This will help you ascertain the most cost-effective strategies and allocate resources accordingly
- Document Lessons Learned: This is important but often ignored as most of us don’t like paperwork. But you should record your findings, insights, and lessons learned from the evaluation process. Use this information to inform future fundraising efforts and continuously improve your charity fundraising performance
- Share Results and Celebrate Success: Despite the risk of repeating the point, do ensure that you communicate your progress and successes with your stakeholders. It is important to celebrate milestones and achievements to boost morale and maintain engagement among your people
By following these steps, you can establish clear fundraising goals and objectives that guide your efforts, motivate your team and supporters, and help your organisation achieve its mission.