Aiming for funding diversity
As you will see from the bfunded website, there are many different sources of funding that your group can explore. Each type of funding places different demands on your group, and not all will be suitable for you.
Increasing your group’s sustainability means reducing the risk of it running out of money or resources. There is often no simple way to do this, and many organisations aim for a mix of different sources of funding so that they are not too reliant on any one of them.
Here are some other ways to improve your sustainability:
- Plan your fundraising
- Explore and secure different types of funding – trading, grants, contracts, donations (as appropriate)
- Exploit your assets – if you have assets (e.g. buildings, vehicles, skills or even a good reputation) are you making the most of them?
- If you are grant dependent, spread the risk among several grant funders instead of just one
- Develop your skills – avoid paying consultants and specialists to fundraise for you and develop your organisation’s own skills through training, accessing support and learning from each other
- Improve your networking and explore partnership opportunities
- Develop your marketing, and consider different marketing strategies for different sources of income.
- Use your money wisely, get in kind support and build up reserves when possible. Always look to the future when spending money now.
Remember, even if your group had all the money in the world...
In order to become “sustainable” you still need:
- Enough service users
- A good volunteer/ staff team
- Knowledgeable and committed management committee members
- The support of the local community