The spread of COVID-19 has shaken financial markets and led to layoffs across the United States. Collectively, donors have lost billions of dollars in wealth. This economic crisis is already the root cause of canceled pledges, lost gifts, and donation revenues in decline.
What is your strategy for making up for this lost revenue?
Typically, advancement leadership would find major donors who might be willing to offset the difference, grow or augment the fundraising team in some way, or put emphasis on an event or giving day before they ever considered adjusting fundraising goals or accepting the loss.
But we do not live in typical times. We can’t ask more of major donors – they’re taking a bath on Wall Street and many have already stepped up during this crisis. Growing the fundraising team isn’t an option – more than one-third of organizations already report they’re in a hiring freeze. And, while we’ve all circled May 5 as #GivingTuesdayNow – it will be a fierce competition for donor dollars with every nonprofit organization reaching out to supporters on a single day.
The only sustainable option to make up for today’s revenue gaps is for fundraisers to get to more potential donors with personal appeals. These are the efforts that will ensure your organization can continue to serve its communities, protect its assets, prevent layoffs, and keep the lights on.