How Lack of Fundraising Strategy Harms Your Personal Finances

I held a candid conversation with a soon-to-retire sports personality (name withheld for ethical reasons but let's call her Jane) about her future after years of active professional sporting. She was concerned about how to sustain her charitable activities without blowing her savings.

Influential individuals, including celebrities and athletes, are very active in charitable activities. The strong influence that communities have in supporting 'one of their own' or backing their home team help fuel these relationships. Some of the successful athletes are also beneficiaries of community driven non-profit programs. Therefore, athletes are more likely inclined to returning the favor through engaging in community empowerment activities. But at what cost?

From my conversation with Jane, she told me that despite having registered a non-profit under her name, her donations to other charities were made using her personal account (nothing wrong). However, as someone who wants to engage more in charity work, the problem then becomes how does she solicit for funds using your personal account? And how does she manage her personal finances separate from the charity work?

Like Jane, there are other individuals passionate about charity work but lack strategies to raise funds from their networks and hence end up blowing their savings just to keep up with the spirit of giving back to the community.

Without following a solid plan, it is easy to veer off your goals. And without a strategy, lack of financial prudence creeps in and this becomes a liability to your personal and non-profit accounts.

Once concerns about financial management and accountability set in, the risk of harm to your brand and person escalates. The impact is devastating to both your non-profit activities and to your personal life, including financially. The negative publicity damages your reputation and credibility. It might also attract punitive action from government and professional enforcement agencies.

Some of the disciplinary actions from professional regulators and government (federal) include; deregistration, freezing of personal and the organization's assets, or imposition of fines to serve as a warning.

Luckily for Jane, her case was quite straight forward as so my input was technical. We set up the technical structures for her non-profit and developed a strategic, operational plan. The strategic operation plan will act as the policy guideline for the non-profit in the midterm.

I am also glad to have met Jane and worked with her to develop a prudent plan on how to solicit and manage funds from wealth in her network. Most importantly, I am glad to have worked with Jane in separating her personal financial activities from those to do with her organization.

There might be other people with similar concerns like the ones that Jane experienced. Others might have unclear strategic fundraising plans. I advise you seek professional assistance to straighten up these concerns. They not only stifle your organization's growth potential, but also exposes you to self-inflicted reputation or financial harm.

Source Article

Trade Finance As A Business Development Strategy

Without trade finance, there wouldn't be Indian spices, clothes, or jewelry in the United States. Or Apple's iPhones in China, much less any other international product at any respectable distance from its origin.

In fact, according to Investopedia, the World Trade Organization (WTO) estimates that international world trade has expanded 80% -90% thanks to trade finance.

For this to continue, companies need to include trade finance in their business development strategies.

How do you do that? Learn how you can incorporate trade finance into your business development strategy.

Incorporate Inland Trade Finance in Market Penetration and Market Development

Market penetration and market development are key parts of a business development strategy. Market development involves selling more of your service or product to repeat customers.

While market penetration is about expanding your product or service to other cities and provinces, it can involve inland trade finance. As you may have to renegotiate local and provincial trade deals.

For instance, let's say you sell jewelry. A business from a neighboring city may purchase your jewelry and sell it to its customers.

You have a long history with this client. And know that your product is selling quickly in your customers' shop. In which case, you could propose selling the client more jewelry for a bulk price.

After negotiating, the client agrees. However, despite the long, positive history you've had with the client, the client may not feel comfortable paying you before you export the jewelry.

This is where a trade financier or banking institution comes in, providing a letter of credit promising that you will export the jewelry upon payment.

Consider the Internet and Brick-and-Mortar Stores

If you're already selling more of your product or service to clients, perhaps it's time to branch out to another channel such as the Internet?

If you run a successful e-commerce store, maybe it's time to start a brick-and-mortar store as well?

That way, your customers have more options where to buy your products.

Especially when it comes to brick-and-mortar stores, trade finance can help you secure new import and export trade deals-especially when there are multiple currencies involved.

Creating a New Product or Service for Repeat and New Customers

With repeat customers, you're doubling the number of products the repeat client is importing.

And, with new clients, your new product or service will expand your client base. It's important that you first create new products for your repeat customers before jumping to new customers, as it involves more risk.

Again, trade finance can help cultivate more trust during this period of growth. Since trade financiers or banking institutions can create letters of credit, laying out the terms the importer and exporters must follow.

Final Thoughts About Your Business Development Strategy

Know that growth doesn't happen in a day; It's harder for businesses to jump from market penetration to supplying new products to new clients.

This is why we recommend that you approach growth slowly. However, know that trade finance may help increase the number of …

How To Create An Effective Business Development Strategy

The Business Development Strategy is used to underpin your main Business Plan and essentially it sets out a standard approach for developing new opportunities, either from within existing accounts or by proactively targeting brand new potential accounts and then working to close them.

This document highlights the key issues you should consider prior to compiling your own plan and will hopefully guide you logically through a proven framework.

The key word is 'Strategy', because you are creating a workable and achievable set of objectives in order to exceed your annual target.

Your Starting Point:

The key words are Who? What? Where? When? Which? Why? How?

For example:

Who – are you going to target?

What – do you want to sell them?

Where – are they located?

When – will you approach them?

Which – are the appropriate target personnel?

Why – would they want to meet with you?

How – will you reach them?

If you have conducted regular account reviews with your key accounts during the previous twelve months, you should be aware of any new opportunities that will surface during the next twelve months. You will also, when assessing what percentage of your annual target usually comes from existing accounts, need to review data over the last two or three years. (It is likely that you can apply Pareto ie 80% of your business will probably come from existing accounts and in fact 80% of your total revenue will come from just 20% of your customers / clients)

You will be left with a balance – ie "20% of my business next year will come from new opportunities" – therefore you can then begin to allocate your selling time accordingly.

Ideal Customer Profiling:

Pro-active business development demands that we create an ideal target at the front end – ie an "Ideal Customer Profile." The essential characteristics you will need to consider are:

– Industrial Sector

– Geographical Location (Demographics)

– Size of organizations (Turnover, number of employees etc)

– Financial Trends

– Psychographics – ie Philosophical compatibility

Many strategic sales professionals merely profile their best existing clients and try to replicate them – there's nothing wrong with doing this but we should always remember that we are seeking an IDEAL and we can always improve on what we already have.

'New' Opportunities From Within 'Old' Accounts:

Because it costs approximately ten times as much, to first locate and then sell to a new customer as it does an existing one (although these costs are rarely reflected in the cost of sales), it is essential that we fully develop our existing accounts working upwards, downwards and sideways, thus making the most of the (hopefully) excellent reputation we have developed already.

Most corporate accounts have several divisions, departments, sites, even country offices and you must satisfy yourself that you have exhausted every possible avenue. Don't be afraid to ask the question " Who else should I be talking to in your organization"?

This is an extract from my FREE

Emergency Cash Strategy How To Make Income 1K In 24 Hours

Foreign portfolio investments swung to a net outflow of $563.42 million in October mainly due to profit-taking, widening the year-to-date hot money” outflows, the Bangko Sentral ng Pilipinas said Thursday. When combined with ‘auto’ – self – it offers autonomy, the concept that people can govern themselves and out of it, the idea of the individual emerges. Ultimately, I decided to give it a shot upon realizing I would react late to various alerts pretty consistently such as the Citron Resesarch brief at alerts at the time, which have been a pretty profitable plays.

There is massive cash sloshing about – if you failed to touch your Oyster out you can typically claim back the excess (some have got £70 on this). Laura avait travaillé pour que ce qui n’était rien de plus que de l’argent de poche. Grippe-sou nmnom masculin: s’utilise avec les articles “le”, “l'” (devant une voyelle ou un h muet), “un”.

From loo roll tubes to empty perfume bottles, your recycling or rubbish bin is full of items you can sell to those carrying out arts and crafts. It really is commission-based, so what you earn depends on your promoting ability and the merchandise you sell (and, as above, you will need to have to element in sign-up and other charges too).

Universal Credit began to be rolled out from October 2013 to replace six indicates-tested advantages and tax credits. A way to keep away from players acquiring your essence from the basic retailer is to speak with Aisles , who will un-note something for five coins a piece.

He seems to determine with the supermen and denigrates most scholars as ‘imbeciles’. Connect directly with more than 15,000 economic institutions in 46 countries to have your accounts updated automatically. The impact in economics is most clearly observed in Friedman’s argument, in the Methodology of Positive Economics, that the validity of an economic theorem ought to not rest on the realism of its assumptions.…