Did you know that there are currently over 900 grants for business worth $46 Billion? Many Australian businesses know there’s money out there somewhere, but how can you really work towards grant success?
Many people tell us that it’s too hard, they don’t know where to look, and if they do find a relevant grant, they don’t know what steps to take next.
Here we share four steps that GrantGuru has used to coach many businesses to win grants.
Step 1: Think Right
Many people believe they should get a grant because they have a good business or a good idea, but that’s not correct. Grants are generally a method for a government to enact their policy in a particular area. Grants generally fund specific projects, not an entire business, so begin to think about your funding needs in terms of a project that can be clearly defined.
Step 2: Grant Strategy
Most organisations will have a business strategy or a marketing strategy. A Grant Strategy is just as important if external funds underpin your financial viability. A Grant Strategy helps you map relevant programs, build a grant calendar and create a systematic approach so you can assess and determine your likely success. Use free tools at http://business.grantguru.com.au to find what grants are available for you.
Step 3: Grant Writing
The majority of grants are fairly straightforward to write. Make sure you answer every question professionally and succinctly, show how your application provides value for money and address all the criteria. Don’t assume prior knowledge of your field of work, particularly if you have quite technical projects. If you want to engage a grant writer, ask about their experience, success rate and fee structure before you commit.
Step 4: Report Well
If you’ve been successful, make sure you understand the reporting requirements and complete them as needed. Depending on your funding body, this can be turned into a great relationship-building exercise. If you missed out on the grant, call the administrator and ask why. Perhaps it was simply that a government policy focus that didn’t match your business focus, or perhaps there were areas of your project or your application that you need to improve for next time. Either way, this advice can prove valuable for the future so don’t be afraid to pick up the phone and get talking.
These four steps might seem simple, but can be vital in determining your success when seeking grants.