business clique
are now highly competitive 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 7 STEP
process:
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!
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 to achieve this. Does your
project meet all the grant eligibility
requirements? If not, how could it?
If you wouldn’t proceed with your
idea or project without approval of
grant funding, chances are that you
probably aren’t quite ready for a
competitive grants process yet.
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?
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. Government
Grants are renowned for tight
turnaround times, sometimes as
little as a month. Could you really
pull all this together in a month?
5.
MAXIMISE YOUR
FUNDING POTENTIAL
How will you fund your co-
contribution? You need to get
to know your bank manager or
finance institution. What types
of funding arrangements would
they be prepared to offer you?
What evidence do you have to
support this? Will this type of
funding arrangement be consistent
with the grant guidelines? More
importantly, what would be the
best option for your business?
7.
WORK WITH YOUR
ADVISOR
There is more to
business grant applications than
meets the eye. Achieving your
business goal requires both a plan
and funding to implement that
plan. Grants remain a wonderful
opportunity to do just that.
However 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
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?
6.
UNDERSTAND
AND PREPARE
YOUR FINANCIAL
CONTRIBUTION
Most grant programs now require
you to commit to some sort of cash
co-contribution, usually around 50
percent of the total project costs.
AUTHOR
DIANNE BROWN
SRJ Walker Wayland
dianne.brown@sr jww.com.au
Women’s Network Magazine
31