The UK’s cost of living crisis is continuing to impact households and businesses across the country. According to a recent government report, UK consumer prices were 3.4% higher in February 2024 than a year prior.
But for charities who give so much, this is more than a cost of living crisis – it’s a cost of giving crisis.
We break down how this might impact your charity and recommend ways to save money below.
What is the cost of giving crisis?
A cost of living crisis arises from higher inflation, which pushes prices of all goods and services up. As costs increase, funding for charities falls, even whilst demand for the vital work of charities rises.
It’s this that leads to a cost of giving crisis – a term coined by the National Council for Voluntary Organisations. Charities around the UK are having to be more financially sensible than ever before, so that they can continue to provide critical work for the people and communities they support.
How can charities save money during the cost of giving crisis?
Strategic partnerships and collaborations
Sharing resources via strategic partnerships and/or collaborations with other charities, governmental organisations, or willing businesses is a great way to reduce costs.
You’ll be optimising operations without incurring additional expenditure – plus, you may even increase your charity’s reach and reputation in the process.
Volunteer initiatives
Volunteers can fill the gaps where paid personnel don’t have capacity. Recruit, train and upskill volunteers as a cost-saving strategy – you’ll also be fostering a greater sense of community in the process.
Innovative fundraising strategies
Events and direct mail campaigns have their advantages, but if your charity can explore alternative fundraising or revenue strategies, you’ll see the benefits.
Peer-to-peer fundraising and social media campaigns are all ways to fundraise – and you can also explore funding options via grants, corporate partnerships or even merchandise sales.
Streamline your communications strategy
A cost of giving crisis doesn’t mean your charity has to sacrifice essential telecoms or connectivity services. A streamlined technology and communications practice can improve your efficiency without straining your budget.
VS Group has been working with charities to do exactly that, helping our wide portfolio to save an average 30% compared to their current technology spend. That allows you to divert funds towards the people and communities you serve, so your charity can deliver its vital work through the cost of giving crisis.
We’re a one-stop shop that will ensure your charity benefits from all the telephony services you need – and none you don’t.
Steer your charity through the cost of giving crisis with VS Group
From VoIP for charities through to ensuring you’ve got the most affordable broadband service, VS Group can help your charity save money during the cost of giving crisis, without undercutting your services.
Use our online contact form today to get in touch, or email us at customerservice@vsgcomms.com to find out more.
