Many start-ups and SMEs apply for grants to help them develop a business idea or grow and expand their products and services.
Applying for a grant imposes a useful discipline. To be successful you need to comply with the grant guidelines and deliver products or services according to the schedule, budget and deliverables as specified in the contract.
Most applications require supporting documentation – usually a business or strategy plan, insurance, evidence of a track record, detailed financials, risk analyses and quotes to justify any proposed costs.
Large organisations often have in-house grant experts who know how to write successful applications. But this is not the case with start-ups and small businesses. So, what is the downside?
If successfully with your grant application you will need to provide evidence of how the funding was spent (audited accounts) and details of the deliverables, outcomes etc. So fudging it isn’t an option!
There are often long delays in finding out whether your grant application was successful and this can leave you in limbo. Use this time purposefully to ensure you are ready to go if the grant monies are received or have a back-up plan if you are not successful.
In summary, a grant isn’t simply a life-line to keep your general business ticking over. Grant monies can only be used for the contracted activities so ensure these align with your business strategy.
Need help? Contact INNOVIC on (03) 8060 3504 or www.innovic.com.au