#FundFinding, it costs LESS than Fundraising

Charities have traditionally focused a lot of time, resource and money to fundraising activities.  With public scrutiny at an all-time high, confidence in the sector declining and grants reducing, charities must look at new innovative ways to fund critical projects and continue delivering front line services.

Whilst there is a real need for many charities to look further than fundraising to build sustainable revenue, there is still much that can be done to make them leaner, releasing funds which could be put to better use.   

Much like a fundraising programme, a #FundFinding exercise will help an organisation’s financial health by directly impacting the bottom- line. However, it will also expose the inefficiencies, highlighting savings opportunities, and can also give donors increased confidence.  With this increased confidence, donors are encouraged that their chosen charity can provide clarity and demonstrate control over their funding. Increased confidence means charities maintain and grow donor, supporter and corporate relationships.

At Novo-K we have coined the term #FundFinding the process of identifying and releasing funds through SMARTprocurement to fund specific projects. Internally, the process can be used to engage stakeholders, promote the value of procurement and deliver further savings

Stakeholders

#FundFinding is a powerful way to engage stakeholders throughout an organisation, taking them on the procurement journey and demonstrating the value of controlling budgets and reviewing supplier relationships. 

The first action is to identify a project that will be attractive to the whole organisation. This usually is a front-line resource, critical equipment, or an urgent requirement i.e. (leaky roof). By having an internal project, we have found that budget holders are more willing to sign up to a savings target and share and cascade this amongst their team.

Asking teams to bring forward suggestions to improve efficiencies, automate processes and in some cases stop activity as part of the #FundFinding programme can be very empowering. We have found other benefits from working to a common goal across a charity, from team building activities, healthy competition and most importantly we have experienced it encourages people to think more collaboratively. #CollaborateNow.

Selling the Value of Procurement

For those who work in Procurement, or those responsible for buying activities one of the biggest frustrations is trying to make others understand the huge value procurement brings to mitigating risk, supporting the organisation’s strategy along with delivering savings to the bottomline. #FundFinding is a powerful tool to “Sell the value of Procurement,” so that it’s not seen as a ‘back-office function,’ but as a business partner- working with stakeholders to support their objectives. We have developed some great tools that can capture the benefit of procurement (including our Hi-Lite Report, which you can download, print and share with your team today by clicking here). Information can be shared across your organisation through your communications team and externally through your website, social media and your annual report.

Delivering Savings

The key purpose to #FundFinding is to find and deliver savings. This can be done in a number of different ways: 

Tactical; quick win opportunities, which includes identifying expenditure that is no longer needed and switch off, a simple contract/cost renegotiation, consolidating services approaching your strategic partners/suppliers to help you deliver a saving -  this is a great place to start and get the organisation onboard.

Strategic; longer term opportunities that usually result in greater financial benefits, which involve building and delivering a procurement plan that covers large, critical expenditure and high risk projects or suppliers. With the support of the Senior Leadership Team, this will deliver bigger savings!

Consider using the principles of #FundFinding for your next project:

  • It costs LESS than Fundraising
  • It can be implemented with existing or limited resource
  • It can support existing processes
  • It will delivery confidence
  • It will bring in more money
  • It will build relationships

If you want to know more about how a #FundFinding Project could help your organisation, we’d love to talk to you. Contact us today, let's have coffee - 0800 002 9025

Kavita Cooper

Kavita Cooper

Director

 

Through Novo-K I am able to bring together my experience and knowledge to support Charities, Social Enterprises and SMBs. My aim is to help organisations gain Clarity, demonstrate Control and give Confidence that money is spent in the right way

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