February 2024 - Panel Recap
Here are some valuable takeways from our panel of experts:
As we move into 2024, corporate charitable budgets are extremely tight. This requires funders to be more strategic with their support and it is oftentimes resulting in less organizations being funded. Nonprofits would be wise to strengthen their relationships, tailor their requests, and demonstrate both alignment and impact.
Regular, meaningful engagement with corporate donors is needed to build a strong relationship. A phone call to say, "I saw your new project and wanted to congratulate your company" or, "I saw your company had a presence at this particular event." Show interest in what they're doing when you're not asking for funds.
Do your research on a company before asking for funding. Learn what areas of giving they focus on and how your ask will support the community they are passionate about reaching. Don't send the same cookie-cutter solicitation to every company. Corporations need to see that you've taken the time to discover what's important to them and what programs they have supported in the past.
Be prepared with a plan to show how your request for funding will benefit their company. What's in it for them? What's the return on their investment? Businesses are looking for two-way partnerships.
Timing is key. A "no" now, does not mean a "no" forever. Your request may not fit into their giving budget for this year but introducing yourself and your organization now can get you on their radar when they're planning future giving.
Leverage your relationships! Does one of your staff, board members or volunteers have a current relationship with the company you're seeking funding from? You can often use that contact to help you get an introductory conversation that might have otherwise been harder to secure.
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