Diversification Is this the Key to Sustainability that Needs Unlocking?
21 Jan 2021 by Libby Mahoney
As organisations start to think about how they can ‘bounce back’ from COVID-19 pandemic challenges and the effects it has had on their organisation. The question that rolls round everyone’s head is how can we diversify our income, to reduce the reliance on one source of income generation?
SCVO has seen over the years, good organisations falter as they fail to diversify their income streams and rely too heavily on one source, which when withdrawn has had a detrimental effect on that organisation. Now more than ever the need to diversify income streams has never been more important, as already oversubscribed grant programmes, competing demands on public donation and less philanthropic giving, is becoming even more competitive with finite funds available. A singular or limited income generation is no longer a viable option for sustainability as we all bounce back.
Whilst the future funding challenges and anxieties are slightly unclear with increasing demand and reducing financial resources. Organisations need to start to think about how they can diversify their income streams moving forward, as public donations, grants and corporate sponsorship and other more localised funding opportunities start to dry up. Real consideration needs to be given to online funding platforms such as easyfundraising (www.easyfundraising.org.uk/scvo) or LocalGiving Campaigns and other fundraising mechanisms to start to plug the longer-term funding gaps and to remove reliance to ensure sustainability moving forward.
Community Organisations are having to think more on their feet, become bolder, more innovative and increasingly savvier in order to survive, as they look to compete for a smaller pool of funds from funders amidst the COVID-19 outbreak and beyond. Diversifying income streams, especially by ramping up the search for grant-giving by other means could ensure the long-term future of those organisations reliant on the public donations and funding bodies. Can only be a step in the right direction for longer term sustainability and short term survival.
Want to find out more?
Then why not book a place on our Virtual Diversifying Your Income Webinar being held on 11th March 2021, 10am via a Zoom Conference Call. To find out more or to book your place go to www.scvo.info/free-diversifying-your-income-webinar/