Ops Insights #007 Prospect Management Limited Resources
May 19, 2023 | Read Time: 3 minutes | Written by Jenny Kleintop
Last week we talked about how prospect management provides the highest ROI but may be placed on the back-burner for various reasons.
Reasons such as limited time, limited staff, limited internal expertise, or limited budget to enlist external resources. We talked through the importance of finding a way to clear the path so you can elevate prospect management efforts.
Last week we unpacked limited time and this week we are unpacking limited resources.
Limited staff?
You likely will not be able to change this overnight as it’s a longer-term effort to bring in more staff. However, you can start to put the pieces in place for when the timing is right to make the case, which is typically around a milestone, such as a change in leadership, team budgeting conversations, expansion of fundraising efforts, or embarking on a large initiative (such as a campaign). We will talk about making the case next week.
Limited internal expertise?
Are you (or your team) eager to take on prospecting effort? Not sure where to start or where to go? Raise your hand and ask for help. There are a ton of ways you can do professional development, such as learning and acquiring the necessary skills to take on these efforts. These are skills that will definitely help you today as well as help you well into the future wherever the road takes you.
Professional organizations offer peer to peer support as well as webinars, education, and such. Apra is a good place to start. It started as prospect research (PR) and has grown to include prospect management (PM). On a side note, in the industry sometimes you will hear prospect development (PD), which includes both PR and PM. Aasp is another good place to go.
Of course, the budget will come up. You need professional development dollars to be able to join associations like this or find other resources to bring in to help train you and your team. This is where you make the case, which we will talk about next week.
Limited budget to enlist external resources?
External resources allow you to go three times faster as you ramp up, strengthen, or solidify efforts. It is also a way to learn, grow, and accelerate your own and your team’s expertise.
Think about all the resources you pay for in your personal life – doctor, dentist, grocery shopper, cleaner, accountant, etc. Some of these you don’t have nor want to develop the expertise to do it on your own. Other ones you just don’t want to or don’t have the time to do it on your own. Your work life should be the same.
You deserve to be invested in. Your team and your organization need you to be invested in. This is where you make the case, which we will talk about next week.
Why Bother?
Prospect management provides the highest ROI of all the areas in philanthropy operations, but it takes investing resources, energy, and effort. And you are more than important in this effort. You are vital.
You dig into the data.
You surface the prospects.
You set up the tracking systems.
You allow for a personalized approach.
You bring visualizations to show successes and opportunities.
You matter! Next week we’ll walk through how to make the case.
Take a peek at these two resources. They are well-known in the industry. I’ve been a part of them for years and it’s one avenue to get support.
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