Annotated Bibliography

Finances in Business Management

Joshua Rodgers

Instructor Baskette

Ashford University

SRV 425 Event, Meeting, & Conference Management

09/24/2018

Finances in Business Management

Each business activity requires money from the entrepreneurs or investors. The sources of finances can be from the credit institutions, family members, auctioning of business assets, grants and fundraising. In business, one can use fundraising to raise some capitals for business management. The processes of fundraising can very be challenging for business. However, proper organization and planning will lead to the successful experience in fundraising. The fundraising process requires different activities such as setting of goals, brainstorming ideas, developing the plan, seeking publicity and searching for sponsors.

Firstly, the setting of goals in preparation for fundraising. The configuration of goals will be necessary for determining the amount of money that is required to be raised. Also, in setting for the time needed for fundraising. The goal also assists in knowing the costs incurred in the process of fundraising. The goal should be realistic and achievable. In addition, the goal will help in developing the timetable for the fundraisers. Secondly, the brainstorming ideas that will lead to successful fundraising activity. The process of brainstorming involves noting down innovative and creative ideas that will be helpful for fundraising purposes. The designs should be written in the book for future reference. Thirdly, the plan development for the fundraising process for business. This involves analyzing activities according to the ideas has after brainstorming. In the process of developing the plan identifying the number of individuals, the time required, and the sacrifice needed to accomplish the process of raising money. Then, time is required in order to create a good plan.

Fourthly, seeking publicity for awareness purpose in the society. After the arrangement of the event activities then next step is informing people. This will be done by the use of business fliers on bulletin boards, press release, featuring stories and use of social media platforms. The lastly, searching for potential sponsors for the business event. This involves of writing the names of the potential donors who might have interests in supporting the fundraising event. Then, the next step is writing of personal letters in the bid to persuade them to offer monetary support to the business. Personalized messages increase the opportunity of winning the hearts of the sponsors.

There are several risks associated with the fundraising event. Firstly, lack of clarity in writing fundraising proposals, In the process of writing personalized letters one can omit essential points that can persuade the donors. The points can be the dates of the event, the quotation of the amount of money required, and unclear strategies. Secondly, unknowingly disrespecting donors you need to attend the event of fundraising. This can be caused by texting the donors late in the nights or alerting them repeatedly. Therefore, contacting them during working hours is encouraged to avoid disrespecting them. Thirdly, poor developing events activities for fundraising. The plans well poorly develop they are likely to affect the process of fundraising negatively. The activities

The event of fundraising can be successful when the risk management plan is factored in the activities. The risk management includes understanding the risks, selecting the type of the event, and getting insured. Firstly, select the form of the event by determining. This is done by knowing whether to use the existing or your own in raising funds. Besides, the can not hinder the process of interacting with the potential donors. In the case the event is planned by individuals therefor all the necessary strategies must be clear. Secondly, understanding the risks associated with the fundraising event. This involves identifying the risks associated with the event. The business has to trust his or her team in the process of planning for activities. Thirdly, getting insured, the business should have an insurance policy for both the employer’s liability and public liability insurance. The insurance policy will cater for the expenses related to accidents or illness of the individuals during the events day.

References

Fundraising. (2015), The Financing of Small Business. doi:10.4324/9780203269602_chapter_10

Grassby, R. (n.d.). Funding and risk. The Business Community of Seventeenth-century England, 82-107. doi:10.1017/cbo9780511605581.006