A few weeks ago we published “10 Action Steps to Help you Engage in 2016.” Over the next 10 weeks, we are going to use each action step as a week long theme to help you get it done!
This week’s theme is BUILD YOUR FUNDING RATIONALE.
Essentially there are three ways to create a funding rationale – the three P’s. You can ask someone to invest in:
It would be more accurate to refer to this final rationale as a ‘unit’ but then I would lose alliteration. You can do the math to figure out the cost to impact one student, one class, one session, one exhibit, one visitor, etc. This could be a total cost or a ‘gap cost.’
This could include seed funds to launch a program, sponsorship for a program or gap funding for a program. The cost of the program is set against the impact of the program – You’re selling the impact of the program.
Commonly used with the ‘campaign mindset.’ Cast your vision, attach a dollar amount, articulate a funding plan then ask someone to be a piece of the plan.
You can use one, two or all three – but you must HAVE a simple funding rationale:
“Could you sponsor a classroom? (or 5?)”
“Could you underwrite the program this year and next?”
“Could we ask you to take the lead on this plan?”