Four Tips For Making A Successful Business Grant Application
Would you like to secure a grant to grow your business? The Australian government distributes millions of dollars to eligible companies every year. However, the application process is highly competitive – requiring solid research and a strong business strategy to succeed. Here are five things to watch out for if you want to make a successful business grant application:
Find the right grant
With a variety of grant programs out there, you need to make sure you select the one that is best suited for your business. The grants portal is highly comprehensive and all programs are categorised making it easier for you to identify potential funding. Ensure you read the guidelines carefully to check that you meet all the funding criteria. Research the financing department to fully understand their motivations behind the grant. The more aligned your business is with their funding objectives, the greater are your chances of success.
Check the eligibility
You do not want to spend all that time and energy on a grant process only to discover that you failed to meet a critical requirement. For example, most grants require you to have a business plan. It is good to have such necessary resources in place before starting the application. Similarly, you must ensure that you can meet all application deadlines to improve your chances of success.
Collect your information
Demonstrating evidence-backed credibility will go a long way in making your application successful. Grant applications will generally require detailed information about annual reports, strategic plans, project management processes and other operational details. Information about key personnel, their experience and relevant expertise will also be expected. It is a good idea to support all your answers with hard data. Spend some time gathering and preparing all relevant data in easy-to-read formats.
Write an attractive introduction
With hundreds of applications out there, you need to find out what gives your business the edge. Remember that you have to sell your project in the introduction itself. Highlight key features of your business and bring out why you should get the funding over everyone else. Avoiding technical jargon and try to get your message across in a friendly, no-nonsense manner.