At some point in your fundraising career you will be asked to raise money to fund a capital project. When this opportunity comes your way it’s important know that successful capital campaigns are built on three key elements:
- Strategy — If you expect to raise money for your capital project you must have a clearly defined project scope. This includes detailed budgets, design, and construction timelines.
- Funding — Most capital projects require funding beyond just how much money you raise for the project. This includes potentially using cash reserves or taking out a loan. It is important for your leadership to answer financial questions before you start raising money for the project.
- Communication — Capital campaigns typically fall short of their fundraising goal because they communicate the wrong things at the wrong time to the wrong people. Successful capital campaigns implement a communication plan that communicates the strategy and funding needs to the largest donors, in private, first.
Now that you know these three elements, you have the basic framework you need to help your next capital campaign succeed.