Many organizations all over the world have been affected by the recent COVID19 epidemic. For businesses and nonprofits, the epidemic had a huge knock-on impact especially on how start-ups and nonprofits raise money. So many scheduled events and fundraisers have been canceled or deferred. People have been forced to work remotely to comply with social distancing measures set by the government.
If you are a startup business or non-profit organization, then you understand that fundraising can be difficult. This is especially true considering the impact of the disease in the events sector. The majority of non-profits rely on the events industry to organize their fundraising campaigns. Despite all this, a lot of donors have donated in different ways to various non-profit organizations.
This means that you should not give up on fundraising for your nonprofit or business. All is not lost. In this article, we will go through 3 top post COVID19 fundraising challenges that many nonprofits are experiencing and how to overcome them. https://petalbeautycosmetics.com
Challenge 1: Cut-backs on Traditional Sources of Funding
Most organizations such as hospitals, libraries, museums, and teaching institutions depend on government funding which makes up 66% to 73% of their revenues. In addition, grants from foundations and corporations also formed a crucial source of revenue for many non-profit organizations. One advantage is that these revenue streams come annually. They are also predictable, meaning that your organization can utilize these resources to plan your budget.
Unfortunately, both grant funding and government funding have reduced remarkably in the last few years. This has dealt a severe blow to many non-profit organizations that rely on this important source of revenue to finance their operations.
There is little that one can do when the government makes the policy and decision to reduce funding on particular projects in the year. However, you can watch for signs and try to predict when the government will resume support for the project area. Check whether they will be increased funding for the project in the next financial year.
Start by looking at the kind of budget planning that the government has done for the fiscal year. Look for the primary goals of funding and the current state of the economy. Another solution is to diversify your sources of income. You can also solicit individual donations or find corporations that can help with matched donations.