I’ve talked earlier about the importance of one person (or department) to be in total control of your monthly giving program.
That’s important because there are so many moving parts associated with monthly giving. As a fundraiser, you literally touch every other department or individual in your organization.
What this means is that you MUST work with other departments to get their buy in.
Note, this is not the same as giving them control of what happens!
Today, I’d like to address the Finance department in particular.
Granted, some finance (or accounting) folks are absolutely wonderful. They’re very willing to work with us fundraisers on making sure that the funds come in, are reported appropriately and that we get the tools we need to raise more money. I’m fortunate to have known very flexible, great people. If I asked them a question, they’d research it for me and sometimes came back with even better solutions than I’d ever imagined.
Sadly, I’ve also come across a number of major organizations who are struggling with their monthly donor program, because finance is in control.
These organizations are literally sitting on a GOLD MINE!
They have hundreds of thousands of donors. In one case even millions. They have thousands of email names that could be ‘milked’ with a few terrific monthly giving email campaigns.
But the fundraisers’ hands are tied.
The finance folks are throwing monkey wrenches into the mix. They’re not working with the donors. They’re not working with the day to day data-entry of your donations.
The latest story I heard was that one organization did not allow credit card donations in the mail because the “committee” did not think it was a wise thing to do.
Huh?
Which century are we living in? This country breathes credit card gifts and even older donors have become much more comfortable paying that way. We would not be able to function without them.
Of course, the last thing you can do as a fundraiser is fight them. That’s not going to get you anywhere.
But I’d “play along” curiously and find out if any of the people on the “committee” ever pay by credit card. How are they making donations now? Are they really telling you that they never send anything in the mail with a credit card number on it? Are they only giving or paying online? Do they only send checks? Are they giving at all?
Look at your ‘competition’. What do their appeals look like? How are their forms designed and how are they asking for credit card information?
The good news is that finance people love numbers (typically).
So, start there. Find out which percentage of donations come in via credit card for other organizations. (note, this may be different for organizations depending upon the typical age of the donors, but it can range from 5% to 50% of donations these days.)
See how many more older donors are now going online. What does it mean for your organization if you do not receive that revenue from credit cards?
What I have found is really simple. TALK to your finance people BEFORE you do anything.
Ask them to be on your monthly giving committee. Show them how important it is to your organization and retention rates to start and grow a monthly giving program.
Show them projections. Show them the bottom line of the importance of converting small donors into monthly donors. And ask them to help you figure out a way to prepare the program.
Or better yet, let them “come up with the idea”!
Is it always going to be easy to do that? No.
Some finance folks may be very ‘stuck’ in their ways. Try to find that ally within the department or come up with a strategy to help get them in your court. Because if you don’t, it’s going to be an uphill battle and a struggle every step of the way.
So, are you ready to take on the Finance Buy-in Challenge?
The earlier you do, the more successful you’ll be.
And please, please, don’t shy away from it. It’s essential, so that you’ll really be able to generate the funds so your organization can fulfill its mission. They’ve hired you to do make that happen and monthly giving is a major way to get there!
Isn’t that what counts?
Sign up for my blog so you’ll receive future posts on monthly giving and tools as they’re developed. And if you’re interested in finding out how to start or grow your monthly giving program, just contact me!
And be sure to check out the new Monthly Giving Help Line where we can address any specific questions you may have.
