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When you begin a feasibility
study, be prepared to move immediately into the campaign or you risk
losing many important benefits
By Kristine Lutton
You’ve got a
great idea that requires capital funding and you’ve asked
members of your constituencies and community what they think about your
project. Once your organization has finished a Feasibility
and Planning Study that shows that a capital campaign would be
successful, you and your leadership team turn your attention to how and
when to proceed. This is the time to move forward confidently
and quickly. An immediate transition into a capital campaign
is critical because it sends a message to current and prospective
donors that you understand the study is the first step in launching a
successful campaign.
The Feasibility and Planning Study lays the foundation for a successful
campaign because it identifies prospective donors and campaign leaders,
refines the case, gathers critical information necessary to build an
appropriate campaign plan and begins building momentum for the
campaign. A study should convey to your community,
“We have carefully considered the future needs of our
organization. We are ready to build the future and we hope
you will join us, because your help is important to our
success.” Often, the study is the first experience
an individual has with your organization, so it has opened a door and
created the infamous “first impression.”
During a feasibility study, high-level fundraising professionals will
conduct confidential interviews. The interviews methodically
engage prospective donors in conversations regarding your organization
and proposed project. During the interview the study director
is gathering—as well as sharing with you and your leadership
team—information, which helps to correct misperceptions and
attracts a prospective donor or leader to your campaign. The
interview draws individuals in by asking them to share their opinions,
suggestions and comments.
This process helps a donor prospect take the first step toward feeling
a sense of ownership of the proposed project. Once that
connection is made, you don’t want to let it cool.
You want to be prepared to engage key volunteers and donor prospects
while your project is still fresh in their mind and they feel valued
and engaged through the study process.
When you move immediately into a capital campaign following your
feasibility study, you maintain momentum which conveys a
success-oriented posture of confidence, conviction and enthusiasm to
prospective donors and campaign leaders. Momentum gives donor
prospects confidence that an early significant donation to your
organization will help accelerate the momentum and lead to a successful
project. Momentum also attracts the visionary leadership that
will energize and attract others to your campaign.
The study process requires the systematic and concentrated scheduling
of interviews and gathering of information—and then
organizing the information for the next level of activity during the
campaign. This staffing and reporting
infrastructure transitions well into a broader structure
designed to conduct a campaign.
It is critical that your organization retain the base of knowledge
gained during the study. The study director will use this
knowledge while the interviews are fresh in his or her mind.
A study gathers many pieces of information that are sorted as you would
sort puzzle pieces. If you delay moving into the campaign,
inevitably some of those pieces will change or be lost
completely. For example:
- Your study director will move on to another
client, taking the details and nuances of 100 conversations with him or
her. The study
director cannot fully recapture 100
conversations in the study report; there is simply too much information
to
share. Also,
certain dynamics created during
the study interview and the rapport that was started are impossible to
pass on
to anyone else.
-
A lead gift donor most likely will be
approached by another organization
which strikes while their iron is hot. The donation that
could have been
yours goes to another organization.
-
Volunteers who are poised to invest
themselves in your
organization will commit themselves elsewhere. You
may lose out on involving dynamic leaders
who could help take your organization to new levels.
-
Information gathered in a feasibility
study, like most studies,
has a limited shelf life.
Donors know that feasibility studies are a significant expenditure for
any non-profit and that their shelf life is short. When you
proceed directly into your campaign you show that you are prudent with
your finances and that you planned the project wisely. You
send the message that you started the race prepared to go the distance
and win.
When you conduct a feasibility study and do not proceed to a campaign,
you lose money that donors intended to commit to your campaign, new
leadership that was prepared to serve on your campaign board, the
wealth of information gathered, the momentum created by the study and
valuable time that could have moved your organization forward.
By not being prepared to proceed you run the risk of being perceived by
a major donor as an organization that does not finish what it
starts, does not plan properly, does not understand the process or one
that “wasted my valuable time” for the
interview. Obviously, this would be a bad impression to leave
with important people. They might think twice before engaging
with you again.
We live in a fast-paced, competitive world. Many non-profits
are seeking major gift-level donors and strong community
leaders. Isn’t it best if they chose your
organization to join forces with? Isn’t it better
to realize the benefit of your investment in the study by receiving
six- and seven-figure donations to your
organization? Those articles announcing a major
gift to an organization with a photo of smiling faces look a lot better
when your organization is accepting the big check.
When you begin a study, be prepared to move forward immediately into a
campaign so you come out of the blocks strong. Capitalize on
your investment and realize the profits that will come in new donors,
new leadership and the vitality that a successful capital campaign
creates. Start the race to finish strong!
Kristine Lutton
is a Senior Campaign Director with Custom Development Solutions, Inc. (CDS).
CDS
has become one of North America's best and most sought after
fundraising consulting firms
specializing in the strategic planning and tactical execution of
capital campaigns for
non-profits throughout the United States and Canada. More information
on CDS can be
found on the web at www.cdsfunds.com.
If you have a fundraising question, please call
800-761-3833.
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