Ten Reasons to Conduct a Feasibility Study
If you are considering launching a Capital Campaign, can you answer the following 10 key questions? A Feasibility Study by The Alford Group will help you answer these questions and address issues that are basic to conducting an effective fundraising campaign. Answered positively, they can indicate your organization’s capacity to raise funds and achieve financial stability.
1. Are short- and long-term goals defined?
Having programmatic goals that clearly reflect a well-defined mission is critical and will give drive to the entire organization. Principle: people want to fund where an organization is going, not where it has been.
2. Why is your organization the best one for the task?
We live in a world of specialization. Can potential supporters clearly perceive what sets you apart from others and why your impact is unique?
3. How is your organization viewed by the community?
Institutions can learn what their community expects of them and whether they are meeting its needs by assessing their community/constituency impact. This information can be used to develop a strong public relations strategy.
4. Does your organization have a 3-5 year plan?
Policy determination, a clear Board responsibility, is reflected in a commitment to program direction and financial goals. This is basic to the success of any organization.
5. Is your Board of Directors committed to the programmatic and campaign goals?
Service models, budget projections, staff needs, and income strategies should be clearly defined in order to help people understand how your organization will meet community needs. Principle: people who have emotional reasons to support you will look for rational reasons as well.
6. Are there 6 prospects with significant capacity, of which 1-3 will contribute approximately 20% of the campaign goal?
It is common in fundraising campaigns for the top 100 gifts to equal 90% of the goal, the top 10 gifts to account for 30% of the goal and the top gift to comprise 10% of the goal.
7. Is there a sustaining campaign plan?
The ability to develop future funding strategies and to ensure future funding stability is basic to gaining support today, especially in cases where donors contribute to help start or expand a program or institution.
8. Are your Board members willing to become involved in leadership recruitment and solicitation of potential donors?
Boards of Directors play a vital and very effective role in creating the future of an organization by sanctioning the organization’s activities, representing those whom the organization serves, and generally communicating their belief in the organization.
9. Are your Board members peers of potential donors?
It is helpful to have representatives of your financial support on your Board of Directors, or if not, within the campaign planning structure. Peers are best able to influence each other when it comes to developing and executing fundraising strategies.
10. Are your staff resources available to help execute the campaign or are funds available to hire appropriate professionals?
Clearly defined support systems are vital for staff members, who typically become the primary coordinators of all the campaign resources. The breadth of their planning will be reflected in overall campaign effectiveness.