STRATEGIES FOR FUND RAISING

Have you ever wondered what fund-raising is all about? How do you go about raising some fund for that all-important project of your dream? These and many more shall be analyzed and explored in this episode.

What is Fund Raising?
It is the process by which an organization or institution, designs plans to generate money to undertake a particular project.
In an every institution, fund raising may take place when a project has been identified and there is the need to mobilize funds other than the normal source of income to undertake such project.

Fund Raising Planning
Fund raising is made up of the following steps and elements:

CONDUCT SITUATIONAL ANALYSIS OR FEASIBILITY STUDIES:

This will enable you to identify the most expedient project.

DEFINE AN OBJECTIVE:

This indicates the purpose for which the funds are being raised.

IDENTIFY THE TARGET GROUPS:
These consist of the stakeholders who directly or indirectly assist in raising the funds.

Fund raising should be targeted at people who are stakeholders of entities that have interest in the project.
Even where they do not show interest, the head or manager must design strategies to make them develop interest in the institution or organization’s development programmes by getting them involved.

Specific Target Groups:
Financial Institutions
Non-Governmental Organizations
Diplomatic Missions
Foreign Organizations
Companies and other Corporate Entities

THE MESSAGE TO THE TARGET GROUPS AND DONORS:
The message is made up of the details of the project that will justify the purpose for which the funds are being raised.
It is made up of the project proposal and the profile of the institution or organization.

CONSENSUS BUILDING
Consensus building is the pivot around which all the steps in fund raising revolve.

The various leaders in the organization or company and other stakeholders must arrive at a consensus to raise the money. Board of Directors / Trustees, Key Staff Members, Advisory Groups and other volunteers must agree with the fund raising goals and the plan of achieving the goals.

It is the duty of the organizational head to form committees among the leaders and stakeholders to develop the fund raising strategies, tactics and initiatives and to plan strategies campaigns.
This implies that the head must try as much as possible to involve a greater number of the internal and external target groups / stakeholders in planning the fund raising.

OTHER ELEMENTS IN FUND RAISING
USING THE MEDIA

The Organizational head may use the media to sensitize the general public on the intended project.

Apart from sensitizing the public, many stakeholders would not like to support a project that is being undertaken in the dark or in secret.

The head must create an environment that will enable various media to sensitize the public on the project or programme.

The media can be in two groups. These are: Internal Media and External Media.
INTERNAL MEDIA: - Any message delivery vehicle over which we can exercise direct control.

These include the following:
Letter by post
Message by e-mail. Also speeches delivered by appointed Staff
Announcement to be given on TV, Radio e.t.c.

EXTERNAL MEDIA: - The message delivery vehicles over which we do not have direct control.

The following are inclusive:

Daily Newspapers
Weekly Newspapers
Television Stations
Radio Stations
Magazines

You may also communicate with them, by holding Press Conferences.

Finally, after all of the above avenues have been explored in your quest to raise fund for your important projects, you should be able to follow up every stage of the strategies listed above, to get results.

Hope to celebrate with you soon, on your newly found fund for that all-important project.

Category:

Finance 

Oganisation:

Clevenard

Writer:

Charles Ollivant Akpome

Phone:

+233556055470

• 15 Apr, 2024
• Cakpos
• 108 views