Dear Friends and Colleagues,
Congratulations on Successfully Finishing Another Year!
As we close the chapter on another fiscal year, congratulations on your achievements and the impact you’ve made! The final push to close the fiscal year often includes sending out last-minute receipts, making thank-you calls, updating donors on your accomplishments, sharing heartfelt messages from beneficiaries, and celebrating staff achievements. Now, it’s time to begin a new chapter in your organization’s fundraising history.
The Signature Event Question
Board members and stakeholders may have raised the idea of hosting your organization’s flagship event. In the nonprofit fundraising world, opinions on special events vary widely. Some are enthusiastic about diving in, while others prefer focusing on major donors. Both perspectives have merit, and it’s essential to weigh them carefully.
Strategic Considerations for Your Signature Event
When I consult with nonprofit leaders, I emphasize the importance of thorough preparation before committing to a special event. Special events can generate significant revenue and visibility, but not at the expense of other vital revenue streams.
What Happens Next?
After thorough discussions with your board and colleagues, you’ve decided to proceed with your signature event. What should you prioritize next?
Prioritizing Key Elements
- Look Beyond the Applause and Do a Resource Assessment: More importantly, enlist your team’s help with this task. Always gather feedback from those closest to the project and its potential challenges.
- Examine the Toll on Your Staff: Events are rewarding, and everyone is rightly proud of successful outcomes. However, it’s important to recognize the hidden toll this work can take on your team. Make sure their workload is manageable and that their well-being is prioritized.
- Analyze Your Organization’s Visibility: Assess how (or if) your organization’s visibility has grown since your last event. Have you kept pace with social media posting, newsletters, and thought leadership articles? Ensure your message continues to resonate with those you’ve worked hard to engage.
- Ensure Financial Viability and Strategic Value: While there are numerous benefits to hosting an event beyond fundraising, it is crucial to manage expenses transparently and practice excellent fiscal management. Confirm that the event is financially viable and strategically beneficial for your organization.
What If You’re Not Ready?
If you find you’re not ready to host the event as planned, it’s vital to take strategic steps to prepare for future opportunities.
Steps to Take if You Need to Delay
- Communicate Transparently: Inform stakeholders about the decision to delay. Emphasize your commitment to hosting a successful and impactful event in the future.
- Reassess Resources and Capacity: Identify and address any gaps in resources, staff capacity, and potential ROI. Use this time to strengthen your foundation.
- Engage Through Alternatives: Maintain momentum and interest through virtual events, newsletters, and social media engagement. Keep your audience connected and engaged.
- Strengthen Partnerships: Keep partners and sponsors informed and involved. Maintain strong relationships to ensure their continued support.
- Invest in Staff Development: Enhance your team’s skills and readiness through training and development. Prepare them for when the time is right to execute a seamless event.
By following these steps, you can ensure that when the time comes, your organization is fully prepared to execute a seamless and effective event.
Encouragement for the Journey Ahead
As you embark on this new fiscal year, remember that careful planning and strategic thinking are your allies. Your flagship event has the potential to significantly elevate your organization’s visibility and support. Stay encouraged, communicate transparently, and invest in your team’s development to achieve your fundraising goals.
Here’s to your success.
Monique
