• Treat Your Donors Like Gold — When the economy sours, individual donors may feel that they have less resources to give, especially wealthier benefactors who have large sums of money invested in the stock market, which is negatively impacted. However, it is important to convey to current donors how much they are appreciated, reminding them that their philanthropic dollars go a long way. Loyal donors deserve personalized recognition at all times, but should be honored even more so during times that it may be hard to give. Altruism and stewardship drive charity, and donors who are respectfully praised are more willing to continue their tradition of giving.
• Be Innovative — In order to entice donors to give money to your charity, especially during a recession, you must be willing to be flexible in how you spend contributions and think of creative ways to utilize dollars. For example, naming a hospital wing after a potential donor may make someone more inclined to give, compared to putting the money toward new hospital equipment. During a recession people want to make sure their money is being used well and in a way that will be remembered— in other words, in order for people to reach into their pockets the return has to be worth their investment. Don’t be afraid to think of out-of-the-box ways to use gifts.
• Diversify the Overall Fundraising Program — It is not good business to put all of your financial hopes into one method of fundraising. The broader the range, and more creative your fundraising efforts, the more likely it is you will receive donations. Cathy Lanyard has successfully initiated a broad outreach program to educate and raise awareness of ALYN Hospital, as well as diversified the overall fund raising program—a key component to building a lasting and robust non-profit organization, especially during a recession.
• Attention to Detail — The customer is always right means one thing in a department store and something completely different in nonprofit work—it means much more. A misspelled name or incorrect salutation in the corporate world may be seen as just a slip or oversight, but in the nonprofit world it can cost you a gift.
So back to the question-- what makes a successful nonprofit? The recipe for success is easy: run it like a for-profit business, only better!
