Last updated on Mar 21, 2024

What are the best practices for creating a comprehensive fundraising plan?

A comprehensive fundraising plan is a strategic document that outlines your goals, strategies, tactics, and metrics for raising funds for your organization. It helps you align your fundraising activities with your mission, vision, and values, and guides your decision-making and resource allocation. A well-crafted fundraising plan can also help you communicate your impact, engage your donors, and diversify your income streams. In this article, we will share some of the best practices for creating a comprehensive fundraising plan that works for your organization.

1 Assess your current situation

Before you start planning your future fundraising efforts, you need to understand your current situation. This means conducting a SWOT analysis of your strengths, weaknesses, opportunities, and threats, as well as a fundraising audit of your past and present performance. A SWOT analysis can help you identify your competitive advantages, areas for improvement, potential partnerships, and external challenges. A fundraising audit can help you evaluate your donor base, revenue sources, fundraising channels, costs, and return on investment. These assessments can help you set realistic and achievable goals for your fundraising plan.

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2 Define your goals and objectives

Based on your assessments, you can define your goals and objectives for your fundraising plan. Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART), and aligned with your organizational strategy and budget. Your objectives should be the actions and activities that will help you achieve your goals. For example, if your goal is to increase your individual donor retention rate by 10% in the next year, your objectives could be to implement a donor stewardship program, segment your donor database, and send personalized thank you letters.

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Lauren Elyse Tudor, CAP®
Diving into an assessment of your current situation is like opening a treasure chest; you need to know what jewels and what challenges you hold. I would start by analyzing your recent fundraising efforts, donor engagement levels, and financial health. Look at the data, but don’t forget to consider the qualitative aspects—donor feedback, team morale, and the alignment with your mission. This stage sets the stage for informed decision-making, enabling you to identify both your strengths to build upon and the gaps needing attention. You got this!
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3 Develop your strategies and tactics

Once you have your goals and objectives, you need to develop your strategies and tactics for your fundraising plan. Your strategies are the overarching approaches that will guide your fundraising efforts, such as building relationships, diversifying income sources, or expanding your reach. Your tactics are the specific methods and tools that will help you execute your strategies, such as hosting events, launching campaigns, or creating newsletters. Your strategies and tactics should be based on your donor research, best practices, and creativity.

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Lauren Elyse Tudor, CAP®
Defining your goals and objectives is akin to charting a course for an exciting voyage. It’s crucial to dream big but please be sure to anchor those dreams in reality with SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound). An approach like this ensures that your aspirations are tangible targets that guide your team’s efforts and sometimes limited resources. Reflect on your mission and the impact you wish to achieve, breaking down the journey into milestones that inspire and motivate.
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4 Assign roles and responsibilities

A fundraising plan is not a static document, but a dynamic and collaborative process that requires the involvement and commitment of various stakeholders. Therefore, you need to assign roles and responsibilities for your fundraising plan, and ensure that everyone understands their expectations and accountability. You can use a RACI matrix to clarify who is responsible, accountable, consulted, and informed for each task or activity in your fundraising plan. You can also create a timeline and a budget for your fundraising plan, and track your progress and expenses regularly.

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5 Monitor and evaluate your results

The final step in creating a comprehensive fundraising plan is to monitor and evaluate your results. This means collecting and analyzing data on your key performance indicators (KPIs), such as donor acquisition, retention, satisfaction, loyalty, and lifetime value. You can use various tools and methods to measure your KPIs, such as surveys, feedback forms, donor management systems, or analytics platforms. You can also compare your results with your goals and objectives, and identify what worked well, what didn't, and what can be improved.

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Lauren Elyse Tudor, CAP®
Monitoring and evaluating your results requires constant observation and adjustment to ensure you’re on the right path. I would set up a simple, yet effective system for tracking your activities against your objectives, using both quantitative and qualitative measures. Regular check-ins and reviews enable you to celebrate successes, learn from challenges, and identify trends. Remember, evaluation is just a tool for learning and growth.
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6 Adjust and update your plan

A comprehensive fundraising plan is not a one-time project, but a continuous cycle of learning and improvement. Therefore, you need to adjust and update your plan according to your results, feedback, and changing circumstances. You can use a PDCA cycle (plan, do, check, act) to review and revise your plan periodically, and ensure that it remains relevant, effective, and responsive to your needs and opportunities. You can also communicate your results and updates to your donors, staff, board, and partners, and celebrate your achievements and challenges.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Lauren Elyse Tudor, CAP®
In the journey of fundraising, there are always additional layers to peel back. I would make sure to consider the importance of storytelling in connecting with donors, the use of technology in enhancing your efforts, and the need for ethical considerations in every single action. The power of collaboration is paramount, both within your organization and with external partners. Lastly, remember to nurture your team’s well-being; LOOK AFTER YOUR PEOPLE! Their passion and commitment are the heartbeat of your fundraising success. Good luck!
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María Teresa Casas Sardiñas

🤝Helping people find their sense of purpose and belonging
I think it goes beyond all this! In order to develop a successful fundraising plan, you need a strong team-based ground, sustained by a culture of teamwork and collaboration within your fundraising team and across departments. I’m a believer that you when you involve a support team around a fundraising plan, you have a win-win experience, resulting in growth and learning for all. A team in where inclusion, diversity, open communications, shared decision-making, and collective problem-solving are present! By improving team dynamics, you will also enhance innovation, increase engagement and drive the overall fundraising results we all look for.
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What are the best practices for creating a comprehensive fundraising plan?

1

2

3

4

5

6

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1 Assess your current situation

2 Define your goals and objectives

3 Develop your strategies and tactics

4 Assign roles and responsibilities

5 Monitor and evaluate your results

6 Adjust and update your plan

7 Here’s what else to consider

Philanthropy

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What are the best practices for creating a comprehensive fundraising plan?

1

2

3

4

5

6

7

1 Assess your current situation

2 Define your goals and objectives

3 Develop your strategies and tactics

4 Assign roles and responsibilities

5 Monitor and evaluate your results

6 Adjust and update your plan

7 Here’s what else to consider

Philanthropy

Rate this article

Thanks for your feedback

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