Advivo shares insights into the process of grant applications to help take your business to the next level
Every grant application is different, from funding to help you hit the ground running, to smaller grants designed to support your business development. There are federal or state grants that will suit your financial needs and enable you to take your business to where you want to go.
Just as with any application, preparation is the key to success. Here are 5 tips to help with your future business grant applications:
1. Ask yourself, are you ready to apply?
You should have a solid strategic business plan (which Advivo can help you with) that outlines your vision and objectives, where your business currently sits, where you want it to go and how you plan on getting it there. Once you have this figured out and transcribed to paper, you are ready to start thinking about your business grant application.
The Australian Government has a search option available on Business.gov.au which allows you to search by postcode, industry and your business goals. This provides you with a list of available grants and Government assistance services — complete with a handy overview of the grant program, eligibility criteria and application information.
2. Identify a project
Using the vision and objectives you establish in your business plan, identify a suitable project that will help you achieve and support your goals. Then ensure that there is a grant available that will be beneficial to your project and that you are able to meet all eligibility requirements for.
3. The 6 P’s
Prior Planning and Preparation Prevents Poor Performance. To ensure your business is one that rises to success make sure you prepare and plan; this exercise will mean you are a step ahead of the competition by already having the required supporting documentation for any grant application, making the entire process less onerous. As well as your business and strategic plan, grant applications often need documents such as financial projections (ask about our Future Fitness 3-Way-Forecast™), industry benchmarking and potential vendor quotes.
4. Increase your funding capabilities
Make sure you fully scope out all the requirements for your potential project and identify any supporting activities that could require funding. Do not just limit yourself to one grant, there maybe another one that would be suitable for your project; not only would this give you a backup plan in case one does not work out, you also have the possibility of gaining more funding from multiple sources.
5. Contact Advivo Accountants & Advisors today!
Putting together a business grant application is no easy task, there are a lot of I’s to dot and T’s to cross. Hiring a professional will allow you to go through each step of the application process and gain constructive feedback on what gets an application approved.
At Advivo, as well as providing assistance and advice on common grants, we also have a qualified Export Market Development Grant (EMDG) consultant who can lodge applications on behalf of your business and support you throughout the assessment process.
The EMDG scheme is a financial assistance program for small-to-medium sized businesses to develop export markets for aspiring and current exporters. Funding is provided to compensate eligible export businesses up to 50% of their promotional expenses above $5,000, up to a maximum of $150,000, provided total eligible expenses incurred amount to at least $15,000. Successful applicants may be entitled up to eight consecutive EMGD grants.
If you want to discuss your business grant application further then get in touch with us at Advivo. Our team of highly skilled accountants and business advisors will listen to you and take a hands-on approach to managing your business and individual financial needs.
Call us on 07 3226 1800 or send us a message. Located in Brisbane, we’ll take your business to the next level!