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A feasibility study is an important first step when considering whether or not to launch a campaign or substantially increase your fundraising. Chances are you’re familiar with them and have perhaps even been involved in the feasibility study process. I’ve worked on many such studies, sometimes in the form of a marketplace analysis, and have found the following three tips for making the process go more smoothly.
#1 – Engage your consultant EARLY (earlier than you’re thinking). The sooner client and consultant can collaborate, the more effective your project will be.
#2 – Allow sufficient time for the study to be conducted. Your interviewees are not under the same time pressure you and your organization are. If you want to get their input, you have to adjust to their schedules.
#3 – Perhaps the most important aspect of your feasibility study is not who your consultant is, who they interview, nor what the final report contains. Rather, the most important aspect of your feasibility study is what you do with it. In simple terms, you can either do nothing, do little, or do a lot. Choose wisely.
Give serious consideration to every recommendation your consultant makes upon completion of the study. Do something with each of the points. As a board, accept it, reject it, or modify it…but do not ignore it! You’ve invested time and money in this resource and have received candid feedback from stakeholders. Don’t shortchange your process out of neglect.
Feasibility studies are one of the best ways to engage potential donors early in the campaign process. Building relationships is always important, but it is crucial during a major campaign. When used properly, feasibility studies can lay the groundwork for a wildly successful campaign!
Your friend,
Kent Stroman,
America’s ASKing Coach