Tip #5 Is your fundraising diversified enough?Happy New Year to all! In 2017 I advised a number of charities on their fundraising strategies, and one of the most common problems I came across was “putting your eggs in one basket” i.e over-relying on one or two sources of income. When thinking about diversifying your income streams, think about the fundraising mix (grants from individuals, trusts and foundations, corporates, regular giving and events) but also think about non-philanthropic income, for example by developing and testing commercial opportunities. At the moment trading income makes up only 11% of voluntary sector income, but this is bound to change as pressures on the fundraising environment increases. Check out more on this blog by Tom Barratt, director and founder of Frodas – an independent consultancy that works with charities to grow their earned income and become more financially sustainable: https://www.institute-of-fundraising.org.uk/blog/why-arent-we-trading-more/
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