How a Finance Savvy CEO® Increases Their Chances of Success at Fundraising
According to a Harvard Business Review survey, an average of 101 opportunities received, only ONE DEAL will eventually close. You will not only use your time and effort during the fundraising but you will also bleed ca$$$h during the process.
Having invested your time, effort, and cash to do fundraising, do you have what it takes to get funded?
In this blog, I’ll share with you how a Finance Savvy CEO® increases their chances of success at fundraising:
IMMEDIATE ACTION:
We are thrilled to announce that Finance Savvy CEO® is embarking on a 5-city tour throughout 2024 with the continuation of our valued partnership with Georgia Secretary of State Brad Raffensperger and the Georgia Securities Division’s Financially Fit (FIN FIT) initiative, spreading financial literacy for small businesses across the state!
The tour kicks off in Dalton on Thursday, April 4th, 2024 from 8:30 am to 12:30 pm at Dalton State College.
If you’re a small business owner or entrepreneur currently fundraising or contemplating fundraising in the future, secure your spot and join us in Dalton! Registration link below: https://www.eventbrite.com/e/fearless-fundraising-for-small-business-owners-tickets-861545755547
You will delve into crucial fundraising topics, guiding entrepreneurs through the intricacies of navigating the investor landscape and addressing pivotal questions like:
“How do I go about fundraising?”;
“How much should I raise”; and,
“I’ve raised, but now what?!”
We can promise you that interactive workshops will be a game-changer, packed with invaluable insights and actionable strategies.
SHORT-TERM ACTIONS:
Short-term actions are those that you can accomplish within a brief period (typically weeks to a few months) and can increase your chance of success at fundraising and enable your business to be attractive to investors:
✔️ Create a Strong Business Financial Plan
During the fundraising activity, increase your success by having a comprehensive Financial Plan. It showcases not only your revenue goal, but how you plan to achieve that revenue goal; where you need to spend to generate the expected revenue; how you will manage your cash, and it will showcase your overall anticipated financial performance over the next 12-60 months.
✔️ Create a strong Business Strategic Plan
A Strategic Plan is a requisite for your Financial Plan. It can help you increase your chance of success at fundraising by showing your goals, where you’ll focus to achieve those goals, and how you will allocate resources effectively to make your plan a reality.
LONG-TERM ACTIONS:
Long-term actions are those that require your ongoing effort and development, often spanning months to years. These actions should really be ones that you think of as standard business practices that promote strong business financial hygiene:
✔️ Keep Clean Historical Records
To increase your chance of success at fundraising, ensure your financial records are clean, accurate, and up-to-date. This includes your balance sheets, income statements, and cash flow statements. Any discrepancies or irregularities could raise red flags and will lessen your chance of getting funded – and of course, we don’t have time for that!
✔️ Track & Measure Your Financial Performance
Actively monitoring your financial performance. Investors appreciate businesses that can spot trends, adapt to changes, have good traction, and make informed financial decisions.
✔️ Consistently Practice Good Financial Habits
Having a comprehensive financial plan and strategic planning, clean financial records and on-track financial performance alone will not drive you to where you financially want to be without consistently practicing good financial habits. These habits will help you increase your chance of success at fundraising by helping you set priorities, pivot quickly, and avoid decisions that could be extremely costly, or worse, end your business.
BOTTOM LINE:
Fundraising for your business isn’t just about making connections and pitching your idea. It’s a journey that demands your time, effort, and hard-earned cash. With statistics showing that only a fraction of opportunities result in successful deals, it’s crucial to approach fundraising with a strategic mindset and a proactive approach.
So, as you navigate the ups and downs of the fundraising process, ask yourself: Do I have what it takes to get funded? With the right mix of preparation, perseverance, and passion, the answer just might be a resounding yes.
Here’s to your success, Finance Savvy CEO®!