Searching for funding opportunities and writing applications are time consuming. As a result, this can be a major drain on businesses who are already flat out doing what they do best. Notably, grants are becoming more and more competitive and the timeframes can be super tight. This is why it’s critical that you have a well planned funding strategy in place.
From our experience, funding strategies are an area that businesses underinvest in. Sadly, this means ending up trapped in the urgency cycle which can lead to grant burnout. To avoid this, you need to re-consider your approach. A funding strategy is all about being proactive – not reactive. It provides a roadmap to get you to where you want to be. As such, this is a must-have tool that can put you on the front foot for securing the right funds at the right time.
So here are our top three reasons you need a funding strategy:
Reason 1: A grant strategy can save you valuable time
Let’s face it, if you’re not strategic and selective about which grants you put in for, you can end up wasting valuable time and resources. In contrast, a funding strategy identifies what fund you should apply for and when, with timelines set well in advance. Thankfully, many grants are offered on a yearly basis or more frequently. A funding strategy can leverage these opportunities by allowing you to plan ahead.
By identifying suitable funding opportunities early, you’ll have more time to prepare your funding submission or engage a grant writer. Additionally, this allows you time to make contact with the funding provider and build strategic relationships where possible.
Reason 2: A grant strategy ensures your efforts are targeted
Just because you can apply for a grant, does not mean that you should. A funding strategy only identifies grants that are a good fit with your project, and that you’ll be most competitive for. This will prevent you from chasing after money that you have minimal chance of winning. Never significantly adapt your project to suit a grant. If you need to do this, you’re applying for the wrong grant. Give it a miss and look for funding that aligns better with your goals.
Reason 3: A grant strategy supports sustainable business growth and success
Establishing a funding strategy will allow you to clearly define your goals, financial needs and target sources of funding that are a good fit. Once established, a funding strategy can also be a valuable tool to attract investors and lenders and evaluate other funding options.
Key take aways
Grants are highly competitive. While there are no guarantees when it comes to being successful, having a thoughtful funding strategy in place will give you the best possible chance. Bear in mind that this is also a living document. This means you’ll need to continuously monitor your funding strategy. Make sure you review and adjust it based on your business’s changing needs.
BlueSalt makes it easy by offering our clients a tailored Funding Advisory Service. Let us do the groundwork for you so you can invest your time into working on your business. Click here to book in for a chat with our team and start investing in your business’ long term success.