Feasibility Studies: Why do they cause apprehension?
By definition a feasibility study means "the assessment of the practicality of a proposed plan." I like to tell people that we want to make sure that what we'll set out to do will be successful. Then why does the idea of this process in an advancement office or at a nonprofit oftentimes evoke a visceral response? Board members are up in arms about spending this much money, and leadership is exhausted at the idea of going through this type of assessment yet-again.
Well, I get it. It carries a weight that doesn't always leave everyone feeling optimistic. You have to understand from the perspective of those who feel unsure that they have a mission to fulfill and they don't want to feel like they're wasting dollars on another process that could collect dust in a binder. They may even think they're taking a risk by engaging in such a process that could reveal how poorly equipped the organization is to raise the money they had in mind, or how limited the donor-base is. And last but not least: who wants to be handed a sheet of paper that says how much can be raised in an initiative with little to no plan of how to successfully get there?
Feasibility Studies have changed, and with it, we've started to change the name, too. Campaign Planning Process, Campaign Readiness Assessment, Major Gift Initiative Preparedness -- those are a few of the alternate terms that serve as a title to the process on which we embark. But regardless of what we call it, it no longer feels drawn-out, stuffy, and unsupported. Phil and I take tremendous pride in a comprehensive approach to planning for a campaign initiative. You, the organization, need to know:
>the community's perception of your organization
>if this is the right timing to launch an initiative
>who will support it and at what levels
>what the lead gift can look like
>a timeline and strategy for both silent-phase and public-phase success
>interviewees' capacity & inclination to give
Don't gloss over the last point too quickly. It's the most important one when deciding who will help you undergo a planning assessment. Put people in front of your prospects and donors who know how to close gifts. Why? Because, even though they're not making a solicitation there, they'll ask the right questions to assess wealth, philanthropic priorities, history with other institutions as well as your own, and understand the type of investor the donors are. When you've closed gifts, you know what the barriers and opportunities for philanthropic investments look like on the other side of the table.
Most organizations have a sense of what their campaign will focus on and about how much they can raise when they set out to hire help for campaign planning. Without the process being externally focused, you just do not know for sure. Making decisions on priorities and monetary goals without perspectives from supporters is a mistake -- it doesn't invite people to the table to be both engaged and cultivated simultaneously, and it doesn't give you honest reflection from a new point of view. The Case for Support document that you use to engage constituents in this feasibility process should be fluid and invite frank, exciting discussion. We're not just looking for a rubber stamp, but rather real engagement.
So if you find yourself assuming that you can never spend the money on this process, or wondering why people are so hesitant to engage in it, think about their perspectives. Once you do that, you can change what you call the process and explain how it's evolved. Studies should no longer leave you with a pie chart of what your campaign ought to look like with a quick pat on the back before exiting -- they provide you (when done right) with the findings gathered on the most critical topics to successfully raising money and recommendations in response to each of them; they leave you with a sense of what can be raised (considering what’s realistic and aspirational) and the priorities that should be funded first from your vision; they give you strategy on not just the overall campaign, but the lead gifts that will generate momentum for every other donor; and they tell you specifically how to make your development operation stronger to reach maximum philanthropic potential.
If the term Feasibility Study feels overwhelming and makes people worried, le'ts change it. After all, it's meant to assess what you can do, when you can do it, and how you can do it. Work with a partner who can become a part of your team to do it, and you'll feel like you have a detailed roadmap to success. Invest in the process now, and save time & money later.
