What is your Trusts fundraising plan for 2024?
Getting organised…
The end of the year is a time when many charities take a moment to audit how fundraising is going and adjust fundraising plans for the New Year. Trusts and foundations fundraising can be highly rewarding but it is a long-term approach, with weeks and months passing between applications and funding decisions, so having a long-term plan is critical. As we approach 2024, we wanted to share some simple actions you can take to get ahead.
Before you start
Set clear goals.
Clarifying how much your charity needs to raise from trusts and foundations, alongside other funding streams, makes it easier to create your plan, with a pipeline of applications spread over the 12 month period.
Get friendly with finance
In 2024, make it your resolution to build closer relationships between those who manage the finances of your charity and staff responsible for fundraising. Improved communication between these team members can be transformational in speeding up grant applications thanks to more effective sharing of financial data.
Stay on track
Once you start applying to multiple funders, keeping track of what you requested from whom can quickly become a minefield. Before you send in any more applications, set up or refresh your system for tracking grants. Keep it simple and use whatever works for you.
Options include:
Excel spreadsheets
Grant tracking calendar
Shared team workspaces similar to project management tools
Fundraising databases
Some fundraisers like to get creative and use post-it notes on a wall as a visual reminder of which stage each application is at - your notes can be easily moved along the pipeline stages: researching, writing, submitted, successful or declined.
Managing the pipeline
Invest time in researching new options.
Any good trust fundraising plan should allow time for researching new pots of money to ensure you are not relying too heavily on any one funder. The process of researching can be never-ending so it’s best to schedule some research time on a regular basis but set a time limit. Ways to research might include:
Networking events, both online and in person with organisations such as the Institute of Fundraising
Reading charity commission accounts of other similar charities working in your sector to see where their funding comes from
Subscribing to a funding database
Don’t be a stranger
Finding new funding can be exhausting, so an important part of your trusts fundraising plan for 2024 should be allocating time to keep in touch with your funders.
Every funder has different expectations, so when you are successful in securing a grant, don’t forget to read the small print and make a note of requirements.
Remembering to thank every funder for their grant and to submit your interim or end of grant report on time can make all the difference in leaving a positive impression.
Repeat success
In some cases, when you have secured and managed a small grant for one year, this can open up options for bigger pots of money with the same funders the following year. Make sure that your grant tracking system shows which funders you can reapply to, and when.
Aim big
Your trusts fundraising plan for next year should include identifying larger and longer-term funding, building on the grants you have been successful in winning in 2023. Whilst it takes longer to compile the information and complete the forms for large applications, managing fewer grants reduces admin in the future.
Request feedback
Having a grant application declined is always disheartening but requesting feedback and building this into future applications really does help. Not every funder gives feedback but for those who do, it is always worth planning in time to listen and learn.
Create your Plan B
Competition for grants is becoming even more fierce as the cost of living crisis pushes more charities to experiment with grants fundraising. What’s your Plan B for finding alternative funding?
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Trusts fundraising takes a lot of time and expertise! If it’s too much for your in-house team to manage, we are here to help with our dedicated Trusts and Foundations team. Please get in touch to find out more.
