In the wise words of management gaon Peter Drucker, "If you can't measure it, you can't improve it."
This philosophy holds true not just in business but also for mosdos Torah.
Just like successful businesses have their metrics—sales, cash balance, closed deals, and profits, Mosdos Torah - engaged in avodas haKodesh, kal vachomer - need their own set of measurables to ensure they are on the right track.
When it comes to tracking fundraising, there’s a clear path that I can share with you. I call it the Fundraising Scorecard™.
It's like a compass for nonprofit leaders, steering them toward their fundraising goals. No more decisions based on gut feelings or guesswork.
Picture it as your trusty guide. Ensuring you stay on course. Giving you a morale boost when you see progress toward those fundraising targets.
How does it work?
Imagine you could entrust your fundraising responsibilities to an equally competent counterpart.
As the 'CEO' of your organization, what key metrics would you want them to track, to allow you to keep your finger on the pulse of their fundraising efforts?
Quick brainstorm! Speak out or jot down three metrics you’d like to measure…
1.
2.
3.
Here are some examples:
- $ amount of donations received
- $ amount of pledges collected
- # of new qualified $10k+ prospects added to your CRM
- # of new prospects engaged with (calls/emails/meetings)
- # of current donors interacted with
- # of fundraising events completed
- # of new foundations engaged with
- # of new prospect meetings
- # of monthly donors acquired
- # of hours of fundraising effort put in
- $ amount of gala tickets sold
- # of gala tickets sold
In my experience, the sweet spot for keeping track of fundraising performance lies in three key measurables—Time invested, Number of moves or actions taken, Outcomes achieved.
For example:
- Time: 3 hours per week dedicated to donor relationship efforts
- Number: 10 donor moves (calls, emails, texts, meetings) each day
- Outcomes: $10k raised per week or 3 new donors acquired
Here's how to create your own 'Fundraising Scorecard':
Step 1: Decide which three measurables you’ll track on a weekly basis.
Step 2: Set weekly goal amounts for each of these measurables.
This number should propel you toward a specific quarterly or annual goal. For example, $10k a week toward an annual goal of $500k.
Step 3: Set up your own scorecard that runs for a quarter of a year, measuring three data points like our example below.
Now it’s your turn. Create your own Fundraising Scorecard™ - using this template.
As you use the scorecard, you'll skillfully navigate the world of fundraising, make smart choices, adjust your approach, and celebrate achievements.
And by incorporating this into your work, you'll IY’H more effectively lead your organization to achieve greater impact for Klal Yisroel.
Have a great fundraising week,
Avraham
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