By Priscilla Guajardo Cortez, J.D., M.Ed.
We all have one – that trusted someone you go to when you need honest, unfiltered advice and perspective. A best friend not only knows you well, but also makes it their mission to keep you out of trouble and headed in the right direction.
I met my best friend in the fifth grade. Throughout our 30 years of friendship, we have seen each other through many experiences – remember the embarrassment of braces in junior high? I can always count on her to listen, give it to me straight, and hold me accountable. Sometimes, she tells me things I don’t want to hear but ultimately her feedback proves helpful.
Capital campaign feasibility studies are like a nonprofit’s best friend. When making the decision to embark on a major fundraising initiative, it is important for an organization to have a source of reliable information and answers to questions that will ultimately shape what they do, how they do it and when. Like a best friend, a feasibility study should do the following:
1) Ask hard questions; give candid opinions
A feasibility study provides the best opportunity to talk with donors and other key stakeholders to gauge their perception of your organization, your project’s philanthropic viability, and who is most likely to support your efforts through leadership, time, and gifts. Asking the tough questions before starting a capital campaign allows you to hear the good, the bad, and the ugly and respond and prepare accordingly.
2) Strengthen the relationship
Relationship building begins or is further developed with the feasibility study. Soliciting the advice and perspective of those already close to your organization and those you want closer helps to build mutual trust and respect which can set the stage for a successful campaign.
3) Develop a plan of action
Every capital campaign is different and therefore a one-size-fits-all approach won’t work. Even best practices and proven strategies must be adapted to your organization. Any planning, including objectives, goals, and messaging, should be unique to your organization and project and based on the feedback of your donors and stakeholders and the specific challenges identified in the feasibility study.
4) Provide momentum and encouragement
The feasibility study process itself can begin to build momentum for any capital campaign. And, when an organization successfully moves into a capital campaign following the study, this momentum can be maintained. Not only do donors and campaign leaders perceive a sense of confidence and enthusiasm in your project, but also they believe they can help accelerate the momentum by providing personal financial support and attracting others to your campaign.
5) Protect from negative experiences
No one wants to fall short of their goal nor waste the incredible amount of time and dedication provided by staff and volunteers. A feasibility study provides an accurate assessment of your readiness and appropriate size of your campaign thus protecting the organization and its supporters from a negative or worse yet potentially embarrassing experience.
So, when your organization is considering a capital campaign, I recommend reaching out to your best friend – the feasibility study – for help and direction. My best friend continues to give me motivation and encouragement but instead of braces, now we talk about wrinkles! Good luck!