5 Strategies for Fundraising During a Recession

The economic outlook in most of the world right now, including the US, is bleak. This is mostly due to the impact that COVID-19 has had on both the national and world economies. Naturally, this means that many people have cut back on their charitable donations. However, economic recessions are a fact of life as are the needs of worthwhile causes and organizations. Here are a few back-to-basics ideas that can help your nonprofit raise money during tough economic times.

  • Don’t stop: Whatever you do during tough economic times you should not stop trying to raise funds. People might not be as giving as they would be in a more robust economy, but people will still give to your cause. Continue your fundraising activities and build your war chest just in case the downturn lasts longer than anticipated.
  • Be realistic: Although you should not end your fundraising efforts completely, you may at some point need to scale back your operations. You may even have to adjust the goal or increase the length of your “quiet phase.”  
  • Communicate with your current donors: Be upfront with your current donors and let them know that despite the recession the country is experiencing, your organization or cause still has needs. Also, remind them of the good work they have done in the past and let them know that you appreciate them still supporting you in a weakened economy. 
  • Focus on recurring giving: This is the most efficient way to solicit money for your cause. By focusing on people who are already giving to your cause, you save the time and money involved in making your case to new donors.
  • Collaborate to raise money: Form alliances that will help you achieve your goal. One way to do this is with our discount card for fundraisers. Here you can solicit merchants to help you raise money for your cause. This, along with other fundraising ideas for teams, can help worthy causes like yours and can help merchants bring in more business.

We hope that these five fundraising strategies help your organization during this difficult economic time. Remember to combine the strategies we have put forward here with dedicated staff and volunteers and your money raising efforts will continue to thrive.  

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