Developing and growing a portfolio-based approach to income generation
With a challenging financial environment and an increasing demand for their services, homeless sector organisations have needed to develop multiple income streams. This “portfolio” based approach presents challenges for organisations, in terms of taking a long-term strategic view and grappling with the question of where and how to start developing these new income streams. This is where Homeless Link’s consultants can help.
Our team of consultants at Homeless Link deliver a wide range of projects with homeless sector leaders and commissioners. The team holds extensive skills and expertise in developing effective income generation strategies, whilst supporting sector leaders to grapple with the challenging financial climate their organisations operate within.
Social Enterprise - undertaking trading-based activity while creating social good for your beneficiaries or your community - can be one option to boost your organisation’s income. Talk to the right people in your local area and find that unique opportunity that will provide both social outcomes and surplus for your organisation.
Take time to understand the different forms of fundraising, and more importantly their return on investment (in time and resources), to help build the right approach for you, over time. Community fundraising, for example, takes time to build and requires understanding and investment of resources. So it is important to understand your financial position and to take an investment approach to fundraising whilst understanding the potential return on investment.
Understand your impact, value and where your organisation excels, and share this far and wide. Local profile remains vital, especially profile that communicates the significant impact and difference your organisation makes. And consider social media not just as a tool to raise your profile, but as a huge opportunity to grow a new audience and raise income through well-conceived and structured campaigns, which invest resources into high-quality content. Ensure that you involve your beneficiaries with a co-produced approach.
Lastly, build the right team, hire in the right consultancy advice with the skills and expertise to work collaboratively alongside your team with a approach to growing your income portfolio.
Utilising a methodical and well thought out approach is essential for income generation to be effective. Homeless Link can support with its expert consultancy team, and can provide fundraising strategy advice alongside practical recommendations for achieving your longer-term income generation requirements. Each project is tailored to your needs and is as unique as each organisation Homeless Link works with.
If you would like to find out more, please contact Consultancy Manager Sophie Price firstname.lastname@example.org