Top Tips on How to Survive the Recession

By Nathalie Richards

The turbulent global economy and the UK’s fiscal woes have had a dramatic impact on Britain’s charities. There are fewer funds available and funders are more selective about the causes that they will support. But there are good opportunities out there too and if you act quickly you can survive and even thrive despite the economic climate. Here are some top tips to help you:

Know your USP

Your charity must have a unique selling point (USP). A USP explains why you are different and sets you apart from other worthy causes. It must be compelling and able to reach the hearts and minds of potential supporters. Once defined, your USP needs to be reflected consistently in all of your PR and marketing.

Don’t try to do it all

Know your business inside out, including what you can and can’t tackle on your own. If outside assistance is available, accept proactively – time donated by volunteers can be just as valuable to a charity’s continued existence as cash can. And don’t be penny-wise and pound-foolish. If you need to pay for expert help to get a job done quickly to a high standard, then do so.

Ensure your social media presence is tip-top

Social media is indispensible for charities. Not only is it a way to ensure that your charity is reaching out to as many potential supporters as possible but it can also help raise funds and increase awareness of your cause and the work that you do. Make sure that you have a great social media strategy in place and try to post daily on Facebook and Twitter.

Don’t put all your eggs in one basket

It is a dangerous to rely entirely on one source of funding, whether from a local authority, grant or major donor. A mix of income streams is essential, as the loss of a sole income stream often means that a charity is forced to close. You should also ensure that your charity takes advantage of all available options. Don’t just rely on traditional fundraising methods because they are what you know, but make a point of researching every funding method that’s out there. As an example crowd-funding, venture capital and legacy funding are becoming increasingly popular.

Have the right board

Having the right mix of skills and experience on your charity’s board is essential, particularly during a recession. With a well-developed and well-connected board, your charity will find it much easier to strategically navigate rough economic seas. Remember too that having the right board doesn’t end with trustee appointments. Board self-assessment, training events and team building occasions can all help ensure that your charity’s board remains at the top of the league.

Don’t be afraid of technology

The right technology can make your charity more efficient, saving staff time and costs, so ensure you keep up to date with developments. However, the range and variety of free online tools and digital devices is increasing rapidly. Make sure that your charity has exhausted all free options before committing to purchasing technology. And if you need to make software purchases, try to get a charity discount. For example, most registered charities are entitled to Microsoft software at a massively reduced rate through Microsoft’s charitable work. And Google also offers free apps for Charities.

Review your contracts

Review your utilities, printing and stationery contracts regularly. In a crowded marketplace, new more cost effective deals are always arising, so make sure you keep up to date with your options. Changing suppliers can substantially reduce your costs in these

Innovate, innovate, innovate

Keep innovation at the forefront of your mind. Charities that are constantly asking themselves how they can do things better tend to be the ones that are ahead of the game in terms of service delivery, donor satisfaction and income stream mixing. For example, why use the post to contact supporters when you can reach them more cheaply and more efficiently using email, text or via social networks? Why run an expensive fundraising event when you can gain exposure and donations via an online crowd-funding campaign? Why hire an office-based marketing or admin assistant when there are so many high-quality virtual assistants available?

But, in closing, make sure you think outside the box for every decision and never accept that the way you are doing things is the only or best way – there is always room for improvement. The charities that understand this and embrace the spirit of innovation will be amongst those still standing at the end of the economic downturn.