Introduction
Each year a large number of small businesses apply for grants. While the funding received is very handy for the growth of your business, it is nonetheless a competitive process. Grant issuers come across a myriad of applications, and so it is vital that your grant proposal stands out from the crowd. Here are eight tips on how to write a convincing grant proposal.
Understand What the Grant Issuer Wants
Grants are a sum of money given to small businesses as financial assistance for a particular cause or project. One of the main perks is that you are not expected to pay the lump sum back. There are many avenues of obtaining a grant, whether that be from a government agency or an organisation. Therefore, before you get straight into it you need to spend time researching exactly what your grant issuer wants. Understand what it is that they are looking for and be sure to tailor your application to satisfy their agenda. It is also suggested that you create a checklist with these requirements to ensure that you do not miss anything.
Have a Table of Contents
You must always keep in mind that your grant issuer/s receive large volumes of proposals. It is therefore your role to ensure that your proposal is reader friendly. Create a table of contents page to detail what you will be talking about. Have sub-headings and page references so that the reader can navigate through the document with ease. Ideally, you want to have your table of contents mirror the checklist you previously created. Position this straight after your executive summary.
Clearly Outline Your Business Objectives
The grant issuer doesn’t just want to know what your objectives are for the project, but rather want to understand your business objectives as a whole and how this project fits into this equation. Be clear and concise in outlining your business vision, and make sure that they are realistic and measureable. Following the S-M-A-R-T principle will keep you on track. You may also like to have a legal health check prior to your application to understand where your business stands.
Have a Timeline
In this section you need to show the reader how you will be achieving your project objectives. Here you need to be outlining your plans, methods and the time-span you will be allocating towards each step of the process. Similar to your business objectives, your timeline needs to be realistic and measureable. This needs to be specific. Having a visual timeline is also recommended.
Avoid Flowery Language
Your text needs to be straight to the point and easy to read. The proposal must clearly portray how the business will be positively contributing to the surrounding community – nothing more and nothing less. While you may feel that flowery language makes your business seem more legitimate, it can be seen as confusing and difficult to understand. On these grounds your application can be rejected.
Do Not Submit Your Application Last Minute
The last thing you want to do is rush the application. You need to be thorough in how you word your proposal. Spend time editing, have other individuals check for grammatical errors. Make sure that you have fulfilled all of the requirements before submission. Remember, any mistake can be costly.
Do Not Send Unnecessary Attachments
Once again, adhere to the criteria. Do not provide documentation that is not requested. While you may see this as being thorough, your grant issuer will find it annoying.
Get a Third Party Reader
Have one or two individuals, who are not involved with the project, to read the proposal. Have them cross-check it with the criteria. Does it make sense? Do you meet all of the requirements?
Conclusion
As seen from above, the way that your proposal is written greatly impacts your likelihood of receiving a grant. Speak to one of our start-up lawyers for legal assistance throughout this journey.
