The financial support of donors is critical to your nonprofit’s continued success. While retaining current donors is less expensive than gaining new, you can’t rely on your current pool of donors to sustain your organization indefinitely. Finding new and loyal donors is a challenge for any nonprofit and is not only time-consuming but expensive.
One successful and cost-effective tactic used by nonprofits is utilizing the information they currently have to generate new donations. eOne’s SmartList Builder tool integrates directly with
By pulling a list of the current vendors from your payables accounts, you can easily view your complete list of vendors and how much money you have spent with each. From there, you can strategize on how to reach out to each for support for your organization.
While planning, keep in mind the following three things:
- Keep your vendors in the loop all year long.
Make sure each vendor receives your newsletters and annual reports. Detail exactly how your organization is impacting the community.
- Determine how your vendor will be recognized for their contributions.
The saying “I’ll scratch your back if you scratch mine” is definitely in play when it comes to business donations. Companies want to be recognized for their donation, whether monetary or in-kind. Recognition can be through sponsorship levels and logos recognized in your newsletter or a plaque for them to hang in their office.
- Tell your prospective donors exactly how the money will be used.
When soliciting the donation, make sure you showcase how donations are used, your past successes and what you’re hoping to achieve in the future.