Looking to fund growth? 7 steps to prepare for business grant applications
Are you experiencing growth in your business or expecting significant growth in the near future?
Perhaps you have an innovative new product ready for commercialisation and need assistance getting it to market? Or you’re a manufacturer with a cutting-edge project in mind that requires advanced equipment or innovative technologies?
Or perhaps you simply need help with bringing your business into the digital age?
The right business grant applications for both state and federal government funding can secure the help you need to hit your business goals… but preparation is key.
Accessing government funding to assist you is possible but neither the Queensland government nor Canberra throw their money away.
The time period available to access these initiatives is usually incredibly tight – in many cases less than a month – and the application process is becoming more onerous. Add to this the fact that most grants are now highly competitive offerings and you begin to see how important it is to prepare before submitting your business grant application.
To ensure you are best placed to take advantage of these grant opportunities, follow this seven-step process:
Step 1: Consider your readiness for a business grant application
Is your business really ready to apply for a competitive government grant? Do you have a business and strategic plan that clearly articulates your goals and vision? Does this show where your organisation is, where it plans to be in the future, and how it will get there?
If not, there’s no point in submitting an application this time around – get your business ready first!
Step 2: Identify a suitable project
Identify a project that supports your business vision and that you need funding for.
Then check whether there is a government initiative that could help you achieve this. Does your project meet all the grant eligibility requirements? If not, how could it?
Step 3: Understand the detail to stand out in the application process
The application processes and documentation requirements are becoming more onerous and the funding available is allocated in a competitive process.
How can your application address all the required grant outcomes so that it stands out from the others?
Step 4: Prepare and plan for success
Preparation is key. A successful business is one that plans for success.
The planning process will ensure your business already has much of the supporting documentation required for grant applications.
In addition to business and strategic plans, larger grant programs may require financial projections, industry benchmarking and potential vendor quotes. Could you really pull all this together in a month?
Step 5: Maximise your funding potential
Have you scoped out all the project requirements? Are there any supporting activities that could also be funded? Is there more than one grant that you could apply for?
Step 6: Understand and prepare your financial contribution
Most grant programs now require you to commit to some sort of co-contribution, usually around 50 percent of the total project costs.
How will you fund your co-contribution? What evidence do you have to support this?
Step 7: Work with your advisor
As you’ve seen, there is more to business grant applications than meets the eye.
Achieving your business goals requires both a plan and funding to implement that plan. Grants remain a wonderful opportunity to do just that but seeking professional advice will help your application hit all the right notes when a decision is made.
At SRJ Walker Wayland, our advisors ensure you maximise your potential for funding success as you work towards your business goals.
For further information on business and strategic planning to access government funding, please contact Dianne Brown on 07 3490 9988.
