Dear First name / friend
Entrepreneurship….is now a series. Fundraising Part II
Elizabeth here!
This past winter and spring I was able to hang out with a variety of friends in the arts community across the county. Inevitably we talk shop and discuss what we think is working but inevitably the conversation always veers towards what we think needs to change in our communities or programs or our companies. And of course, the topic of funding is always central - because without reliable funding/influx of cash, you are limited in your offerings.
A few times this year, friends got real and admitted that finances were so tight in their space that they weren’t sure they were going to make payroll.
This may seem like shocking news to some people, but as someone who has always worked on a contract basis and is married to a business owner, I know the real stress of looking at the bank account and not being sure how the next 24 hours were going to play out in said account. Cash flow is a real thing!
Payroll, rent, collections, insurance…are all part of the game of “money in and money out” and you hope that at midnight when each supplier submits their requests to your account, that you have right balance to service everyone. AND you don't incur the expense (and embarrassment) of returned payment fees.
After all these chats with my friends this year, it has become glaringly clear that our industry is NOT OK. Still.
Here is how I know.
Emily and I write grants as part of our consulting and a few have been denied recently (ugh). So we met with the granting officers of these programs and this is what we have heard just THIS WINTER:
“We are working with funding from 2019 but our applications have doubled in the past 2 years. Basically the pie and the slices get smaller as the years go by”.
“We have never had this level of excellent grant proposals - “93% of applicants were ranked fundable - good or very good - this was disproportionate in this program. People are getting really good at telling the story of their programs…”
"We had a 23% success rate which is comparable to normal but a little lower then the past due to increased demand - $2million+ was requested and we only had $350,000 to offer.”
“The Government is not renewing this line of funding and the funding renewal is going to those already receiving funding.”
So what does that all mean?
Do more with less.
AND
Find new opportunities, new donors, new communities, new foundations…start (continue?) to be creative in not only your fundraising but in your storytelling and your creative output.
AND
Collaborate with others that are already successful
AND
Work with the grant officers of each organization you are submitting to - they are often generous with their time and helpful in their advice.
AND
Hire experienced grant writers (this is a plug 🙂) or at least, pick the brain of your friends that have written successful grants.
AND
Remember to keep applying, keep going, keep creating. Sometimes it take a few submissions to the same funding body to get it right.
I know this is not all good news but we are here to be honest AND to help! Reach out and let us know your thoughts!
