Look Before You Leap
No one likes to fail, especially good volunteer leaders who are publicly linked to reaching a fundraising campaign goal. The cost is high - exhausted volunteer leaders, frustrated staff, loss of credibility, money down the drain, and a lost opportunity to take a big step forward.
Consider, too, the dilemma of what to tell the donors who did step up and make commitments. Do you return their money of cancel their pledge with an apology? Do you ask to keep their money and promise to do the best you can with it until more money comes in? Not a pleasant scenario to imagine.
If you’ve heard of a fundraising effort in your community that failed to its goal, it was probably due to a critical lapse that occurred well before the first solicitation call was made. The vital step before any fundraising takes place is called a "funding feasibility analysis." It may be called a goal assessment, a feasibility study or any number of creative names, but its purpose is the same: honest and objective due diligence.
But what if the board is already in full agreement and everyone is certain a campaign will succeed, is due diligence still required? The short answer is — yes. Objectivity and clarity are needed more than ever. A solid feasibility analysis reveals the strengths and weaknesses of your case, gives prospects a chance to weigh in with their view, and provides guidance on how to best position the appeal with prospects. Done properly, the feasibility analysis not only pinpoints a realistic and attainable goal, it reveals where funds are to be found and who will provide leadership of the campaign.
Many prospective volunteer leaders who are approached to become involved with a funding campaign will first want to know, "What did the feasibility study reveal?" Seasoned community leaders understand the value of looking before leaping.
Boldness and enthusiasm are worthwhile and important personal and organizational qualities. However, when the time comes to consider raising significant funds, it pays off to take a long hard look before taking a mighty leap into the unknown.