Increasingly, charities and voluntary groups are being told to move away from grant dependency, and to become more business-like, earn income and consider loan finance. Additionally opportunities for delivering public services are increasing. Organisations need to react accordingly to survive and prosper in this new environment. Thus to achieve sustainability in the current economic climate, an organisation’s funding needs to be:
Stable – it is extremely important to have a mixture of income streams, so that if one diminishes, it does not threaten your organisation’s viability overall. Furthermore an ability to predict with confidence your future resource levels enables you to undertake longer-term planning which can benefit your organisation.
Suitable – it is equally important that there is a good match between your organisation’s objectives and the funding or financing that you are seeking. You should not be distracted from your organisation’s core objectives in seeking funding.
Sufficient – there will always be competition for funding, so it is vital that you understand your group’s costs properly, as this will allow you to make informed decisions about accepting contracts and undertaking any project work. This is critical for effective planning.
Involving Communities has a qualified fundraiser on the team; get in touch and we can help you devise an appropriate funding strategy.