There are many ways to impress a potential funder. Here are three tips to help you get started:
Submit a Flawless Letter of Inquiry (LOI)
A typical LOI is just 2-3 pages long and in that limited space an organization needs to clearly describe their funding request. An LOI must be easily understood by anyone who picks it up, so remove any industry-specific jargon. It also needs to include what problem you are addressing, why it is important and how you will measure your success.
Collaborate with Community Partners
Organizations are stronger when they work together, especially when it comes to securing funding. Remember that less than 1% of funding from America’s largest foundations goes to aging related causes. Community organizations working on a similar problem should collaborate on an application because a funder will look favorably on a request that includes a strong partnership plan that allows for more people to be reached.
Demonstrate Impact
If you receive the funding you are requesting, can you quantify the impact it will have in the community? Show the potential funder that you have an evaluation plan in place to measure the Outputs (direct results) and Outcomes (longer-term results) of your program or project.
Sometimes the best way to find out what a funder wants is to call them directly. This saves everyone time!