The Future of Funding
I’ve been asked to deliver a session on this subject a few times now over the past couple of months on behalf of Cwmpas and Start Something Good, alongside various partners such as Givey, The National Lottery Community Fund, the WCVA’s Catalyst Cymru project, Coalfields Regeneration Trust, Bridgend County Borough Council, Social Business Wales, and a number of Shared Prosperity Funded projects.
Here are my top 5 key takeaways: -
1. Grant funding opportunities are reducing and are therefore more competitive. To be dependent on grants alone is extremely high risk.
2. Continuation/repeat funding is extremely rare. Therefore, groups need to think strategically about what funds they go for and when.
3. Third sector groups need to consider multiple income sources to better their chances of sustainability and survival. Other funding avenues could include corporate sponsorship, fundraising, and contract delivery (tendering)… or ideally, a combination of all the above.
4. Contract delivery is a very realistic and sustainable income stream for many groups. More on this subject can be found in one of my previous blogs.
5. Fundraising requires strategy! Over £10 BILLION is donated in the UK each year. Simply putting a “Donate here” button on a website will achieve nothing (there’s a lot more to it!). Understand which is the best digital platform for you, who your potential donors are, where you can reach them, and what your message will be.
Until next time!
Paul
