How to Build a Fundraising Plan - English

INDUSTRY.TRAVELMANITOBA.COM

DESTINATION EXCELLENCE:

A Strategic Guide to Crafting an Effective Fundraising Plan

THE IMPORTANCE OF AN EFFECTIVE FUNDRAISING PLAN Tourism is big business, and most organizations must secure sponsorship, investment and financing to be successful in the industry. This guide will provide you with the essential elements of developing a fundraising plan to support your community or organization in its tourism journey.

Before you fundraise, it’s important to understand the strong socio-economic returns tourism brings to Manitoba. Tourism generates federal, provincial, and municipal tax revenues that can be directed toward critical services like healthcare, education and infrastructure. Using statistics that show the impact of tourism can strengthen your case for fundraising support.

A successful fundraising plan should respond to evolving community needs and tourism trends, and be flexible and adaptable to changing circumstances. Regularly updating your fundraising plan is a key element for continued success.

DESTINATION EXCELLENCE: A STRATEGIC GUIDE TO CRAFTING AN EFFECTIVE FUNDRAISING PLAN

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I. Cover Page The cover page and introduction of your fundraising plan needs to include the year the plan was developed and the date by which you will revise or update your plan.

II. Executive Summary The executive summary should include details about your organization or community, including: › A brief overview of the organization or community’s tourism goals. › A summary outlining key objectives. › An overview of anticipated outcomes.

Consider including big picture facts that will impact fundraising efforts in both the short and long term. Short term impacts would include describing the current economic climate, recent successes and challenges, immediate needs, and the competitive landscape. Long term impacts would include changes in the community’s demographics, regulations, by-laws and policies and new partnerships.

III. Introduction Offer comprehensive background information about your organization or community, being sure to include details about planned projects that align with the strategy. › Provide details on current tourism initiatives and existing tourism assets. Highlight past successes including events, festivals, programs, or other tourism offerings, etc. › Highlight how tourism has a positive influence on the community’s social and economic growth: • Changes to infrastructure and asset development • New businesses and expanded offerings that create jobs • Community pride and advocacy for tourism • Cultural presentation, awareness and appreciation • Increased tax revenues that can be reinvested in the local community • New events that attract visitors from outside of the community › Where possible include data points around past initiatives so that potential investors can better understand what the economic benefits could be through future investment.

DESTINATION EXCELLENCE: A STRATEGIC GUIDE TO CRAFTING AN EFFECTIVE FUNDRAISING PLAN

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IV. SWOT Analysis Conduct a thorough analysis of your organization or community’s strengths, weaknesses, opportunities and threats (SWOT) as it relates to tourism. Using a SWOT analysis in your fundraising plan allows you to glean valuable insights, make informed decisions and tailor your approach to maximize success. › Identify Strengths: • Consider what makes it stand out. This could range from a solid reputation, location, engaged community, natural resources and assets or the number of existing programs.

• Assess your resources such as staffing, board, and committee and partnerships with the municipality or other stakeholders. › Analyze Weaknesses: • Identify areas that need improvement within your organization or community. This could be a lack of resources, limited finances, low community advocacy or a lack of stakeholder involvement.

• Evaluate any gaps in training, local expertise or community consultation that may affect your fundraising efforts. › Explore Opportunities: • Examine all factors that could positively impact your fundraising efforts. This should include emerging trends, creative partnerships, tourism strategies, timing, engaged government, stakeholders or neighbouring communities.

• Identify potential new donor segments, funding sources or fundraising channels that align with your mission. › Assess Threats: • Identify external factors that could pose challenges to your fundraising goals. This might include economic impacts, inflation, competition or public receptiveness.

• Consider potential risks, such as depending only on a few large donors.

Engage key stakeholders, including potential donors, volunteers, staff and key community members to obtain feedback on your analysis. Utilize the SWOT to create targeted fundraising strategies by leveraging strengths to maximize opportunities and addressing weaknesses to minimize threats.

Prioritize fundraising strategies by evaluating their potential impact and feasibility based on the findings of your SWOT analysis.

V. Vision Statement Craft a clearly defined vision statement to enhance your fundraising pitch and instill confidence in potential donors. › Clearly defines the vision of the tourism sector within your community. › Articulates the purpose and values guiding your fundraising efforts.

DESTINATION EXCELLENCE: A STRATEGIC GUIDE TO CRAFTING AN EFFECTIVE FUNDRAISING PLAN

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VI. Goals and Objectives Define specific, measurable, and achievable goals for your tourism-related initiatives. Detail the desired outcomes you hope to achieve through fundraising efforts, such as enhancing local attractions, hosting events, increasing visitation due to marketing efforts or improving tourism infrastructure. › What does your organization hope to achieve by fundraising?

• Provide data and identify fundraising targets and milestones for the current year and upcoming years.

Be sure to include information on any in-kind support you require.

• State the overall objective, such as a significant renovation or upcoming exhibit.

• List each objective and provide details on how each will be achieved.

VII. Target Donors and Investors Conduct thorough research to pinpoint individuals, organizations, and investors that align with your tourism initiatives. Tailor your approach to resonate with their interests and priorities. Your audience could include local residents, potential visitors, industry peers, local businesses and community groups, major corporations or institutions, government agencies and grant programs, and foundations. › Identify primary donors and supporters within your community. › Analyze potential donors or supporters outside of your community who may have an interest in supporting the initiative.

• Consider common interests and similar missions or values between your community and other organizations. › Recognize and appreciate donors by offering incentives such as exclusive access, discounts or recognition in promotional materials or special displays.

VIII. Fundraising Tactics Implement a diverse range of fundraising approaches to appeal to different segments in your community.

Explore the potential for in-kind service agreements to bolster your initiatives through strategic partnerships with local businesses, tourism operators and other stakeholders. Collaborate with organizations that share a mutual interest in promoting tourism and enhancing the overall visitor experience.

Prioritize your fundraising strategies based on their potential impact and feasibility based on your SWOT analysis. › Provide an overview of the different fundraising approaches that will be used. This can include events, crowdfunding, grants, sponsorships, strategic partnerships, contests and merchandise sales. › Make a detailed plan for each chosen method. Include budget, roles and responsibilities. › Establish a realistic timeline and milestones for each strategy.

See Fundraising Case Studies for examples of successful fundraising methods.

DESTINATION EXCELLENCE: A STRATEGIC GUIDE TO CRAFTING AN EFFECTIVE FUNDRAISING PLAN

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IX. Budget and Financial Plan Create a comprehensive budget outlining the estimated costs for your major project(s). › Include details about how funds will be allocated. › Provide projections for future revenue (including different streams of revenue if applicable), forecasted return on investment and potential funding gaps.

X. Communications, Marketing and Promotion Develop a compelling story about your tourism project by creating clear messages that communicate the project’s benefits. Emphasize how contributions will make a meaningful impact on the ultimate success of the project. › Detail a plan for communicating progress updates to donors, the community and stakeholders.

Develop a targeted marketing plan to promote your fundraising campaign. Utilize various marketing channels, such as social media, press releases, and networking events to amplify your message and attract potential donors.

Develop a promotional brochure, slide deck or video as a sell piece to succinctly communicate your tourism project or program to potential donors. Include information on the benefit to the community and local economy.

XI. Community Engagement Identify how you will engage the local community in the fundraising process. Ensure there are opportunities for residents to contribute ideas, time or resources.

XII. Performance Measurement Identify key performance metrics that will help you track your fundraising outcomes. Track results monthly, quarterly or annually depending on your organizational goals to determine the effectiveness of your plan.

Below are some metrics to consider monitoring: › Total amount raised to-date › Number of donations or contributions › Average donation or contribution size › Number of in-kind contributions and list of services › Types of channels used that lead to successful fundraising › Successful grants and funding programs › Statistics on donors (demographics and amounts)

DESTINATION EXCELLENCE: A STRATEGIC GUIDE TO CRAFTING AN EFFECTIVE FUNDRAISING PLAN

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XII. Conclusion Summarize the key elements of the fundraising plan and reinforce the community’s commitment to tourism development. Make a commitment to cultivating strong relationships with donors and investors by maintaining open communication and providing regular updates. Updates should include information on use of funds, timelines and milestones. Building trust is essential to cultivating long-term support and potential future collaborations.

DESTINATION EXCELLENCE: A STRATEGIC GUIDE TO CRAFTING AN EFFECTIVE FUNDRAISING PLAN

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Reference Guide We have assembled a collection of examples and additional resources for your reference. Utilize the links below to explore community fundraising plans, ideas, and links to explore grant opportunities. › Manitoba Grants Online › Funding for business and not-for-profits in the Prairie provinces › Grants and funding from the Government of Canada › Building Capacity and Promoting Sustainability in Manitoba’s Non-Profit Sector › Guide to Special Events Fundraising › Fundraising Goals – Rural Municipality of Springfield › Fundraising and Donations Opportunities – Rural Municipality of St. Clements › Investing in Recreation – Rural Municipality of Boissevain-Morton

DESTINATION EXCELLENCE: A STRATEGIC GUIDE TO CRAFTING AN EFFECTIVE FUNDRAISING PLAN

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