Australia’s funding community disbursed an astounding $90 billion last year, a sum large enough to conjure visions of easy funding for every Aussie business. However, the reality is that grant applications are not only challenging to complete but are also met with rigorous requirements and high competition. This article aims to interpret the grant application process and provide actionable insights for success.
Applying for grants can be resource-intensive and require a nuanced blend of writing and storytelling skills. Many business owners find themselves stymied by intricate application forms and are unclear about what exactly is being evaluated.
Start by clearly identifying your business’s unique needs, resources, and strengths. Successful applicants often go into detail about why their business is deserving of the funding, even pointing out their weaknesses and how they plan to mitigate them. You know your business well, make a plan about how you will bring grant assessors up to speed.
Many business owners overlook the importance of their journey, including their beginnings and even the setbacks they’ve faced, in making their application unique and compelling. Where you were tomorrow makes you who are today – and can often demonstrate strength, resilience and strategy.
Funding bodies are not just investing in your business; they’re investing in your story. Therefore, highlighting your business journey, how you match the funder’s philanthropic goals, and how your business can be beneficial for them, could make your application stand out.
In a pile of applications, it’s easy for your proposal to get lost if it doesn’t effectively communicate its societal impact. Think bigger than just the project and its direct outcomes – think about it’s long term benefit to communities.
Make it clear how your business addresses societal issues and trends. Demonstrate that the funder’s money will contribute to something that has lasting societal relevance. This adds an extra layer of appeal to your application and shows a deep understanding and desire to make impact.
If your application requires the funder to constantly search for the reasons behind your funding request, chances are they will pass over it. You might feel like you are repeating yourself in your application, but that’s ok.
Ensure that your key points are easily accessible throughout your application. Reiterate why you need the funding and how it aligns with the funder’s objectives.
Remember that grant funding is not a quick fix but a long-term commitment. It’s crucial to paint a long-term picture, assuring the funding body that their investment will yield long-lasting impact.
Rejection is a part of the grant application process, and it can be disheartening for many business owners. Some might feel that a declined application is a sign to give up or that their business model isn’t suitable for grants.
Use rejection as a learning opportunity. Seek feedback from the funding body about why your application wasn’t successful. Refine your application with this feedback in mind and reapply. Persistence, coupled with adaptability, often leads to success.
Moreover, the grant landscape is constantly evolving. An application that isn’t successful today might be a perfect fit for another grant opportunity tomorrow. Stay updated, adapt, and persevere. Remember, securing a grant is as much about resilience and adaptation as it is about presenting a compelling story.
If all this seems overwhelming, professional assistance is available from FundFindrs. We are committed to helping you secure the funding your business needs to grow. Book you free appointment today.
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