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As a business owner, you probably already know how challenging it is to apply for grants.
Finding compatible grant programs is half of the battle. Now that you have a grant you qualify for, how can you win the war?
In this guide, we’ve broken down and compiled the best steps you can take to manage your grant applications while successfully running your business.
Key Takeaways
Grant management is the process of overseeing all aspects of a grant proposal. From finding compatible grants, to securing funding, and submitting reporting requirements, grant management is what ensures your entire process goes off without a hitch.
Before diving into what you can do to improve the process, you should understand what the process actually involves. Grant management involves several aspects that require different skills and responsibilities. Knowing what it entails will help you delegate and perform tasks more effectively.
The grant management lifecycle typically involves three stages: Pre-Award, Award, and Post-Award.
The pre-award stage represents the start of the grant management lifecycle.
Your efforts here will set the pace for the rest of the stages. Pre-award activities are often research-intensive. Here, you’ll need to know the funding provider to understand their objectives and goals before you write and submit your application.
At this stage, it is crucial that you are able to align your application with the funder’s intentions. Funding for grants are often limited so knowing how your project can meet their goals is a good way to stand out.
Thus, before you proceed with writing and submitting your application, you should have an initial answer to the following questions:
The award stage is the shortest stage of the grant management lifecycle. At this point, funding entities will select, notify, and award funding to successful applicants.
If you get a notification of a successful application, great! If not, don’t worry. Every grant application is an opportunity for you and your team to improve. You can keep building on that experience until you find a method that works best for you and your business.
It is also under this stage that you will be given a grant agreement outlining the terms and conditions of the award. The terms will usually cover reporting obligations, project times, deliverables, and more. Thus, it is recommended that you take the time to understand all your obligations to ensure proper compliance.
Your obligations don’t end when you get the funding. In fact, that’s usually when most of your obligation starts.
For funding entities to ensure that you’ve complied with the terms of the award, programs will often have reporting requirements. At this point of the grant management lifecycle, you should be able to keep track of all eligible project costs, reporting deadlines, and other deliverables.
After a successful execution of your project, you can now proceed with the grant closeout. Grant closeouts typically involve financial reporting, audits, and assessing the impact of the grant to your business.
Whether it’s your first time or your fiftieth time applying for funding, having a good system to manage your grants is always a great idea. A good grant management process will help you understand where and how you stand in the grant lifecycle. That way, you’re able to make sure that you can make the most out of every funding opportunity.
Here are the most effective ways businesses can boost their grant management efforts:
Cliché right? But hear us out —
Unless you’re the only one handling everything in your business, you’ll need the help of your team to complete grant applications. While required documents vary between programs, these can be delegated to a team member who is familiar with the ins and outs of that aspect of your business.
Establishing clear communication channels at the onset will help you and your team as you go through the grant management lifecycle. It is important that your team not only communicates but you should also communicate regularly. This way, you can ensure that everyone is on the same page and any problems that arise can be addressed immediately.
Depending on what grant you qualify and apply for, you’ll have to monitor when the application window closes, what periods you can submit requests for reimbursement, or when you should submit your reporting requirements. Doing all this without a set calendar is an unnecessary risk we always warn against.
Having a dedicated grant calendar can help you and your team track external and internal deadlines. By doing this, you’ll have full visibility into the entire grant timeline, ensuring that nothing slips through the cracks.
Not sure where to start? We recommend starting with any online calendar that works for you and your team. You can set up reminders a few days before any set deadline, schedule meetings, and have the option of adding new tasks or deadlines as they come up.
It’s so easy to lose documents. It could fly away from your desk and get stuck under a shelf, forever evading your grasp, or your cat could tip your mug over and spill coffee all over your laptop — frying it and all your files (don’t ask us how we know).
Here’s how document management comes in: you can securely store it all online.
Document management is a system that involves storing, tracking, and sharing electronic documents. With all your documents stored in the cloud, you don’t have to worry about losing them. Moreover, since it’s all online, you can give your entire team easy access to any document they might need.
Keep important copies of your pre-award, award, and post-award documents through a secure document management system like Google Drive, Microsoft SharePoint, Dropbox, or other tools that work for your team.
Some applications, especially with government grants, may require more technical expertise to complete. If you find yourself stuck, don’t hesitate to take on expert help.
These experts can help you navigate complex requirements and get your applications ready and submitted on time.
Guidance and grant assistance are commonly available through industry associations, business support programs, and even through the funding providers themselves.
Whether you’re just starting out or expanding your business, grants are meant to give your business a boost. Being a short-term solution, you should think about long-term sustainability as you go through the grant management lifecycle.
This means having a plan for how your business will continue to grow after you close out grants. This could also mean exploring other funding options. Multiple business grants are available to you at any time — you just have to know where to look.
GrantFundPro is a grant search platform that aims to provide businesses with better access to funding and other relevant opportunities. Sign up to get access to over 500 Canadian business grants, loans, wage subsidies, tax credits, and more. Learn more.
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