Let’s not sugarcoat it. Economic turbulence is here—and it’s got teeth. The stock market’s sliding, anxiety’s rising, and if history is any guide, fundraisers are bracing for another punch in the gut.

I’ve been working in the fundraising trade for more than 60 years. That means I’ve lived and worked through every recession since 1960—and then some. Here’s a partial list, just to jog a few memories:

• 1960–61: Post-Eisenhower dip
• 1970: The Nixon recession
• 1973–75: OPEC oil shock, stagflation
• 1980: Energy crisis redux
• 1981–82: Interest rates skyrocket
• 1990–91: Gulf War + savings & loan fallout
• 2001: Dot-com bust and 9/11
• 2007–2009: The Great Recession
• 2020: COVID-19 crash
• 2022–2025: Inflation spike, market volatility, the tariff uncertainty and whatever gawdawful else we’re staring down right now.

In every single one of these downturns, too many fundraisers, CEOs and boards  made the same mistakes—again and again—despite the lessons we’ve all learned, written about, and preached over the decades.

• They slashed fundraising budgets to “save money.”
• They stopped acquiring new donors.
• They neglected retention.
• They tried to ride out the storm in silence and inaction.

Checklist for Today and Tomorrow

So what should you do? The same thing good farmers do when the rain won’t fall and the soil turns stubborn: don’t eat the seed corn. Now more than ever, organizations must resist the short-sighted urge to slash investments in donor acquisition and retention. Because the small donors you bring in and cultivate today? They’re the ones who’ll keep your mission alive tomorrow.

Here’s a checklist to help your organization prepare, persist, and plant for future harvests.

✅ 1. Do Not Cut Acquisition or Retention Spending

Think of your donor file as a field. Stop sowing, and you’ll stop growing. You’ll turn off the fountain of the future to save on today’s water bill.  Many major donors and legacy gifts start as $25 givers. Invest in them now—or go out of business later.

✅ 2. Patch the Leaky Bucket

Retention isn’t sexy, but it is essential. Pouring new donors into a leaky system is a waste. Focus on donor experience, timely thank-yous, and seek meaningful feedback. Make sure your stewardship strategy is personal, persistent, and planned.

✅ 3. Reevaluate and Reassert Your Case for Support

Tough times don’t change your mission—but they might sharpen its relevance. Recast your message to show how your work is even more vital now. Avoid pity parties about your struggles; donors care about their own values and identities and about the people you serve. They could care less about how many PhD’s you have on staff, and whatever organization-centric goodies you’re tempted to tout.

✅ 4. Cut Costs with a Scalpel, Not an Axe

Cutting acquisition or retention efforts to balance the budget is a prescription for bankruptcy.” Trim what doesn’t grow revenue. Preserve what does.

✅ 5. Mine Your Database

Don’t chase unicorns. Instead, go back to your core donors. Who’s lapsed? Who’s loyal? Who upgraded last year? Now is the time for one-to-one engagement and strategic cultivation.

✅ 6. Lead Your Board to Water—and Get Them to Drink

Boards often freeze in fear. Show them how investing now means surviving later. Educate them. Inspire them. Get them to understand the ROI of acquisition and retention. And yes, give them a job—fundraising is a team sport.

✅ 7. Stay Visible and Keep Asking

As Jeff Brooks puts it, “The worst thing you could do right now would be to decide for your donors that they are not going to give.” Keep communicating–chances are you may not be  communicating enough. (See comments by our pals Ahern and Sargent here. ) Keep inviting people into your mission. Silence leads to attrition.

✅ 8. Segment Smarter

Not every donor needs every message. Use the tools you have to tailor appeals, especially to mid-level and major donors. Prioritize relationships, not just transactions.

✅ 9. Try Something Different—But Not Everything New

Don’t throw your control packages into the compost pile. But do test. Tweak your storytelling. Explore online cultivation. And consider a more aggressive monthly giving effort as a hedge against the boom-and-bust cycle.

✅ 10. Farm for the Future

This isn’t just a storm to weather. It’s a season to plan. Think in terms of donor lifecycles, legacy pipelines, and long-term loyalty. The seeds you plant now will define the strength of your organization for years to come.

We fundraisers aren’t just revenue generators. We’re stewards of trust, growth, and mission. And like a committed farmer who rises early to plant in spring, even after a brutal winter, we do the work because we believe in the harvest.

Don’t eat the seed corn. Cultivate. Water. Wait. And grow.

Roger