Vying for a political seat is an expensive goal even for those who are only running for their respective locality. According to NGP VAN, a candidate may be captivating and strong; however the absence of a fundraising setup equates to having no campaign at all. While the option of raising a big amount in a rather short time may be daunting, a well-planned strategy to raise funds can be enjoyable and successful at the same time.
The finance team’s responsibility is to seek sources that would sustain the campaign’s necessities in order to win, by employing cost efficient means that adhere to the finance regulations of the campaign and to meet such demands in a short time. NGP VAN states that the strategy comprises of formulating a Finance Plan that has fundraising objectives to make sure that the campaign operations are well-covered financial wise throughout the entire duration of the election round; this also needs the implementation of proper accounting so that the expenditures are balanced with the incoming funds; and last but not the least is the proper monitoring, executing and reporting of the fundraising activities.
The finance plan is the fundraising team’s major strategic instrument, and this should be the first priority in any election campaigns’ agenda. It is essential to chart the course of the campaign properly so that the path to reach the goals will be clear and would help avoid oversights that can lead to costly errors.
The next step is to determine how much is needed to operate a winning operation, so, it is essential to know how much is the average amount most candidates spend particularly in your district or locality. NGP VAN suggests that a study of recent past elections must be done to evaluate them accordingly to observe trends, so a factual budget can be made.
After knowing how much is really needed for the campaign, decide the tools and methods to be utilized to generate funds. This step includes fundraising networks, finance committees, telemarketing, online fundraising, fund raiser events, direct mail, etc.
It is vital to detail each activity for the campaign on a calendar to raise funds so all the tools and methods mentioned above must be properly scheduled and should have a deadline to make the operation comprehensive, realistic and concrete.