Let’s face it: philanthropists or large contributors get asked for money virtually in every conversation. Successful development teams recognize this and, appropriately, back off.

I realize there are a lot of worthy causes, and to help anyone working to raise funds for something they care about, I want to share a few insights I’ve picked up over the years.

Do your homework.
Know your audience, their interests, positions, giving pattern if possible, etc. Connect with them. What are their attitudes about: giving – their why, organizational cost structures, their backgrounds, their personalities, etc. Google search everyone you are going to connect with and continue this after the fact for your follow-up. It’s your job to know the answers to the things I mentioned .

Think about who should make the contact from your organization.
If you’ve done your homework, you’ll have a better sense of who may fit best with the person you want to approach. Does anyone in your organization have a connection to who you’re targeting? Does their giving philosophy best fit with someone outside the development team?

Have a specific reason or purpose for connecting.
Connecting a specific purpose with the potential contributor can go a long way. It would be beneficial if the purpose is for direct program costs.

Have your three-minute (or less) elevator speech ready.
Be succinct and purposeful. Know your subject matter – not just a BS conversation. If they’re interested, be authentic, have a hook and call to action for them. If they say no or express no interest, leave them alone (at least for a while until something changes).

Be ready to describe how the money you’re asking for will be spent.
Have a breakdown or relevant data ready. Ideally, you include this in your elevator speech along with the purpose, mission, who’s going to do it, and exactly how the money will be spent.

Look at your organization’s 990 on your organizations website or GuideStar – see what contributors see.
Every organization’s 990 IRS tax form is available for free to the public and should be accessible on the organization’s website. Contributors and philanthropists look at this information and you should to. Know the top salaries of those leading your organization, the level of fund-raising expenses, and other budget items. Be ready to answer questions if someone has concern about high salary, for example, and how your organization decides those budget elements.

Know your organization’s indirect cost load/percentage..
This is essential for you to be successful. Contributors don’t want their money going to indirect or fundraising costs. Does your organizations have indirect expenses in the 40-50% range? That means 40-50 cents of every dollar a donor gives goes to overhead – and that’s tough for many philanthropists to take. If your organization has a high indirect load, then challenge leadership to reduce indirect costs aiming for below 15%. This will allow more money to go directly to programs and you’ll be able to solicit more contributions – double benefit.

Success comes to those who are smart about how they engage with potential contributors, putting themselves in the philanthropist’s shoes and understanding their perspective.