Crowdfunding has given the financial industry and even the economy of some countries a boost with the way it has encouraged startups to pursue their business dreams. Giving a way out of their initial struggles of initial capital, it has also taken a good number of risk away from traditional lenders and be able to service consumers that are out of their reach.
Project initiators have been swearing by the effectivity of social funding in helping them secure the funds they need but this is without any hard work. People might think that those managing these projects are just standing by their computers sipping coffee and waiting for the money to come in. But it takes a lot more than that.
Planning a crowdfunding launch takes a lot of preparatory work and managing an existing and live one is just as hard as well. But there are some small things that you can do along the way to make project management easier to accomplish. These small tips and hacks can vastly improve your Relationship with your investors and help you increase the chances of their giving.
Here are a few things you can look at to see if these small steps can help you manage your project. These are not assurances but they can definitely help improve your image and relationship with the stakeholders around you.
- Follow through on small things. You might be tempted to focus on the big things when managing a project but you need to remember that small things count as well. If you promised an update to a particular group of backers on a specific date, make sure you deliver and do not wait for them to be the ones to follow up on it. Be proactive and manage your time accordingly so you can deliver updates or even simple answers to questions they might have. This makes people understand that you value your word.
- Keep tabs on small details about your investors. It can be any detail that they have shared with you like a birthday. A simple greeting can mean a lot to them and make you come out as a person who listens. A daughter’s graduation or recital and just asking how it went can be great rapport building opportunities for you. Do not let these small details slip by you and use them to build a relationship with the people around you.
- Be proactive with problem solution. If you sense that there are potential problems that are coming your way, be proactive with it and if possible, diffuse it right away. Immediate action is needed to manage these types of scenarios and prevent them from getting any bigger. You do not want it to do any damage to your relationship with your investors. This is the typical wisdom you hear when people start talking about how prevention is a lot better than curing the sick.
There are a lot of small things that you can do to help manage your relationship with your stakeholders better. You do not have to put in drastic measures just to manage your project when there are small things that can go a long way.
This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]