Looming large on many minds is the question of a coming recession. Inflation is high, the economy is stagnant, and markets are returning uninspiring results. I’m not an economist, but I turn to those who are to answer these big questions. According to Bloomberg, we’re headed for a recession by 2024, and Politico says a recession is “inevitable” and that it could happen in 2023. And many other reputable sources are saying something similar.

For advancement leaders, what does that mean for our schools and our campaigns? Whether you’re in a strategic planning phase, a quiet phase, or a public phase, you’re likely concerned about what raising big money in a recession looks like.  And if you aren’t concerned about raising big money in a recession, perhaps you should be.

While there’s no silver bullet in philanthropy, there are ways to stay the course and meet your goals and objectives in recession fundraising mode. Here are five things to consider ahead of and during a recession.

1. Don’t cut your costs.

In a recession, it's tempting to consider cutting costs, even at otherwise wealthy schools. Your CBO and Head of School will likely ask you to do so. If you must, then shave very carefully, but do not eliminate positions or resources from the philanthropy office. You must remind your CBO and Head that it takes money to make money. They know this intuitively, but when faced with whether to remove a section of chemistry or lay off a kindergarten aide, the memory of even the most adept administrator becomes hazy.

It’s your job as the advancement team to make the case for resources to increase the school’s overall bottom line. Come prepared with data to help them see that. Perhaps this summer, before things become dire, create some clear and compelling dashboards about your ROI for various advancement positions and initiatives. Not only are those a helpful exercise in general, they’ll be helpful to you when you need them down the line to make a case.

2. Stay top-down.

While this is a best practice in any economy and should go without saying, it’s imperative to stay focused on the top of your giving pyramid during an economic downturn. These are your most engaged and supportive individuals and you need them to weather the storm. Focus the time and attention of the Head, Board Chair, and CAO on that very top 5-10% and assign other staff to steward and nurture those below them. Ask for their advice. Engage them in meaningful conversation about the school. Be open and transparent about the impact their investment is making.

Ensure you use volunteers to connect with anyone who gives less than $2500 (or whatever constitutes a significant or material gift at your school). If you aren’t in the practice of engaging volunteers in this way, begin now so the efforts feel more organic and genuine down the line.

3. Stay engaged.

We hope this is also obvious, but stay in touch with your donors. Use technology to your advantage and provide regular updates that reinforce the case for giving. All the technology in the world, however, can’t replace meaningful connections with your donors. Pick up the phone (or even send texts!) to let donors know you’re thinking about them or to update them on something relevant to their areas of interest at the school.

4. Stay grateful.

Reinforce the gratitude you have for each of your donors and tell them often. Engage students to write thank you notes (hopefully you do so already). Ask faculty to tell stories of gratitude about the things philanthropic dollars pay for. Ensure that your donors know that it’s not just the advancement team who are grateful, but the entire community. Again, employ volunteers to thank donors of all levels on a regular basis.

Pro tip: if you’re raising significant financial aid dollars and have an enthusiastic parent willing to be transparent about the aid their family receives, those parents often make the best advancement volunteers. Their powerful and personal stories encourage donors to continue to give big.

5. Break down walls

If we’ve said it once, we’ve said it 1000 times: integrate your advancement functions to limit waste, especially during a recession. Share information across the board among all external offices. Share your travel calendars. Offer to help with admission events and ask them to help with advancement events.

Especially in a time with lean teams and limited resources, we must work together to be responsible stewards of philanthropic and tuition dollars. If you need tips, see either of these two CASE resources: Schools Toolkit: Integrating Your School’s Advancement Office or The Golden Triangle of School Revenue Management.

Fore more information about fundraising in a recession or a crisis, please see Subject Guide: Fundraising in a Crisis.