2. Identifying and recording revenue opportunities - c) Create a new opportunity record
All potential revenue opportunities for Tides Canada Foundation that have been identified should be recorded in Salesforce. Observe the following process for ensuring prospective funding opportunities are appropriately identified and recorded in Salesforce.
c) Create a new opportunity record
Follow the below steps to record a new opportunity record:
- For revenue opportunities associated with an organization, open the organization’s Account record. For those related to individuals, open the person’s contact record. If the appropriate account or contact record do not already exist, then they must first be created.
- Click the New Account Donation or New Contact Donation button above the Opportunities related list.
- Choose the appropriate Record Type. See Determining the opportunity record type for guidelines to determine the appropriate record type.
- Enter opportunity information, ensuring that the following fields are completed appropriately:
| Field | Definition / guidelines |
|---|---|
| a. Opportunity Name |
Set automatically by formula. This should be filled automatically, if not use placeholder text. |
| b. Account Name |
Lookup to the donor's household account (for donations from individuals) or organization account (for donations from organizations) |
| c. Primary Contact |
For donations from individuals, lookup to donor's contact record. For donations from organizations, always leave black (organizational contacts can be associated with opportunity via contact roles - step 7 below)
|
| d. Amount | The maximum amount that you reasonably expect to ask for.
|
| e. Probability | Represents the estimated likelihood that the revenue will be realized. This is used to calculate expected revenue for each donation and to create revenue forecasts for the overall pipeline. Probability defaults to the default percentage for any given donation stage. However, the Opportunity Lead may also assign a custom probability to a donation based on individual factors. |
| f. Close Date | The earliest date the revenue may reasonably expected to be received. In the absence of better information (e.g. specific proposal deadlines, giving history), set the Close Date according to these rules:
|
| g. Stage | The status of this revenue opportunity
|
| h. Opportunity Lead |
The staff member who is accountable for the revenue associated with the opportunity and for overseeing key relationships and related activities. Usually the same as the Account Lead. (See Roles for description of Opportunity Lead role) |
| i. Primary Fund | Set to the fund to which we expect the gift will most likely be designated. Observe the following guidelines in selecting Primary Fund:
▷ If one potentially aligned program/project has been identified or the gift is expected to be allocated to only one fund, choose the corresponding fund ▷ If several potentially aligned programs/projects have been identified or if the gift is expected to be allocated to multiple funds, choose the fund that has the best alignment or that is expected to receive the largest share of the gift. ▷ If no potential alignment has been suggested, choose “R000 – Restricted TBC” ▷ If the opportunity would result in the creation of a new strategic programs fund if won, choose “R000 –New Bus Dev”
|
| j. Funder Program or Stream |
For funders with multiple funding streams or programs, specify the specific funding program or stream that this opportunity relates to, if known. |
| k. Project Funding Description |
For gifts into the TCI Fund, copy and paste the exact Salesforce name of the ultimate destination Fund. For other restricted gifts, any additional information about the specific project being supported, where appropriate. |
| l. Do Not Automatically Create Payment |
Select this if you are planning to make a multi-year ask, expected to be realized through multiple installments paid over time. |
| m. Volunteer Lead |
Set to the contact record of a Board member, donor, or other third party who has agreed to take some kind of action on our behalf to help us develop the relationship. Background information on the volunteer’s relationship to the prospect and the action they have agreed to take should be recorded as a prospect note. |
- Press the Save button.
- Open the household or organization Account record associated with the opportunity. Ensure that the Development Lead field is set to the correct development team member. (See Roles for description of Development Lead role)
- If you wish to allocate the opportunity to other funds in addition to the Primary Fund, select the Manage Allocations button above the Allocations related list. Select any additional funds that:
- were identified as potentially aligned with the opportunity; or,
- may also be expected to receive a portion of the revenue from the opportunity Note: See Allocations & Primary Fund to learn more about allocations and how to manage them.
- For organizational gifts, associate relevant contact(s) to the opportunity by assigning Opportunity Contact Roles. See Opportunity contact roles for more instructions.
- If you checked off Do Not Automatically Create Payments, as you are expecting to receive the gift in multiple installments, create the appropriate payment schedule.
- Record a prospect note for the opportunity. This used to provide context for the opportunity and to capture any information provided when the prospect was identified.