With over 3,000 funding programs making grants a multi-billion dollar industry in Australia, you’ve probably already arrived at the conclusion that it’s a great idea to implement a grants’ strategy into your organisation — and we agree!
But first, read on to find out the six sinful assumptions that are often made about grants, how they match up with reality, and what you can do to improve your chances of success.
1. Anyone can access free money through grants
Given their staggering numbers, grants certainly seem like a rather magical solution for organisations… but its not quite that simple!
Far from being fairy godmothers, funding bodies have their own interests which need to be met. In order to establish yourselves as a credible candidate, you must adhere to their eligibility criteria and guidelines; and to get your funding request over the line, you’ll also need to clearly demonstrate how your project has solid, measurable impact and matches a grant’s funding priorities.
TIP: Before you start preparing the application, be sure to thoroughly read the funding body’s guidelines, eligibility criteria and funding priorities.
2. A grant application is easily and quickly assembled
Even professional grant writers need plenty of time to prepare and submit a funding application. The reason? Applications are never as simple as answering some questions before hitting the submit button – in fact you can expect to spend plenty of time researching the need for your project and its projected impact, preparing a detailed project budget, sourcing the required support documentation, and finally; writing editing and proofreading.
But all that effort is worth it when you get a letter confirming that funds have been granted to your next cause-driven project!
TIP: You can still streamline the process by collecting resources commonly asked for – such as your certificate of incorporation, annual report and supporting collateral materials — and keeping them all in the same place.
3. All I need to do is use a ‘one size fits all’ application
We know that many charities have limited time resources and only wish it were that easy! But realistically, the nature of each application is interchangeable depending on the information asked for, the grant’s priorities, and the nature of the project.
In short, submitting five virtually identical applications for $50,000 to five different organisations puts your organisation’s credibility at serious risk – don’t do it!
TIP: Make sure your application clearly tells the story of how your project impacts upon the funding body’s priority groups.
4. A failed application is the end of the line with a funding body
Actually, all rejections should be viewed as an opportunity! There are many reasons why a rejection might have happened – perhaps there were just too many submissions, or the application didn’t match the funding body’s priorities to the same extent as others.
But by no means assume that you’ve missed out forever — this is your chance to significantly improve and resubmit your application based on feedback. Time to get back into the ring!
TIP: Where possible, call the funding body in the days following the rejection to request some feedback on how your application could have been improved.
5. The purpose of grants are to keep your organisation alive
This brings us back to the point made earlier – funding bodies are not fairy godmothers; instead, they view their funding programs as a way to make investments into areas of great importance to them, and highly value an organisation’s ability to contribute other funds alongside theirs.
TIP: Include other sources of confirmed funding (such as ticket sales and other grants you’ve received for your project) in your project budgets, demonstrating that your projects are not entirely dependent on the grant that you are applying for.
6. Those with the highest need receive the funding
This is definitely not the case, with funding bodies placing large emphasis upon how well your application matches their funding priorities. Winning applications clearly demonstrate the organisation’s credibility, strength, ability and commitment to deliver the project with measurable outcomes.
TIP: Take the time to shape an application that clearly shows your experience, strengths and capability to create impact.
Ready to tackle grants head on?
Here at Raised, we can help you identify your funding needs and develop a highly strategic grants’ program, bespoke to your organisational needs. We’ll also work with you to prepare high impact applications towards raising your organisation’s project capabilities to the next level.
Want to find out more or come on board?