If you didn’t catch part 3 of our series, we covered a critical part of your giving plan—ensuring you have outcome-oriented goals. In this issue, let’s turn our attention to another essential component: ensuring that your philanthropic strategy is based on research and reality. Read on to see how you can put this principle into practice.
Context is Key
Before plunging your philanthropy headfirst into a funding area, ask yourself if you understand the context by which your giving will really help make an impact. For example, if your goal is to beautify a park, it first makes sense to know the types of plants that will grow and thrive there—along with those that are invasive.
Another way to bring this tenet of impactful giving to life is if you are focused on a particular issue, such as minimizing high school dropout rates. In order to achieve your goal, you first need to know the reasons, which are typically different for boys versus girls. Thinking through these details at a granular level before you start granting can help your giving be more impactful in the long run.
Know the Players
No matter the cause or issue area you’d like to support, there are always other players both at the organization you are funding and also like-minded funders in the space you are targeting with your strategy. This means the chances are good that some other foundation or individual philanthropist is looking to achieve the same outcomes.
By coming together and joining forces, perhaps you can fill a gap that someone else hasn’t been able to address. Remember that you don’t have to go it alone—there is power in the collective, so strive to convene experts and learn from each other. You should maximize the benefits of your grant and its chances of success by doing your due diligence much the way you would for a business investment.
So, if you want your giving to yield the greatest results, remember that your philanthropic strategy should always be research and reality based.
Looking for More Tips on Impactful Giving?
Stay tuned for part five of our Tenets of Impactful Giving Series on defined roles and checkout the rest of our series.