The Majurity Trust : TMT talk on Financial Sustainability
BapaHebatSG, we would like to extend our deepest gratitude to The Majurity Trust for graciously hosting the TMT Learning Session #3: Financial Sustainability workshop on Friday, 14th July 2023. The event was truly enlightening and immensely beneficial for us.
We are sincerely appreciative of the efforts made by Majurity Trust in organizing such an informative and engaging session (thanks Angela and Carisa). The workshop provided a valuable platform for us to delve into the different aspect of financial sustainability as an NPO and gain a deeper understanding of various strategies (earned income, govt. grants, fundraising, partnership revenue, grants) and best practices necessary for long-term success.
Here are some key takeaways:
· Diversify your donor base: Cultivate relationships with multiple donors who believe in your work. This ensures your organisation remains resilient even if one donor steps away.
· Go beyond a single fundraising event: Explore different initiatives that communicate your value and generate multiple income streams. Think of possibilities that tap into your strengths and appeal to your audiences (eg: quality merchandise or a curated series of smaller-scale donor engagement etc)
· Be strategic and think long-term: Manage your charity like a business. Develop strategic plans to future-proof your organisation’s development and growth. Invest in the right people to help you get there.
· Stay true to your purpose: Never lose sight of your vision and the “why.” Diversifying income matters (yes, every bit counts) but more does not always mean good. Pursue impactful income streams that align with your values and the team’s capacity.
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