Hi all,
This week I was in a mentoring session with a small business owner as part of my role in the Queensland Government Mentoring for Growth (M4G) program.
For those of you out of the loop, M4G is a fantastic program, offering free mentoring for Queensland businesses of all shapes and sizes. If you ever want a second opinion from experienced mentors and business professionals, this is a great resource for you.
Anyway, I digress…
As the mentoring session went on, the topic of grants arose as the mentee was keen to look at government incentives to help boost their business. I explained, grants are a little like Aldi Special Buys… whilst they happen all the time, there are only a few you really want and you need to be like lightning to take advantage of them.
And that’s only the half battle.
Once you’ve found the grant, you need to then be successful in your application. This, my fellow entrepreneurs, is an artform.
Let’s have a closer look at how you can put your best foot forward and win those all-elusive grants to help grow your business.
How to Write a Successful Grant Application
How do you plan to use the grant money?
Do you want an automated sales system so you can pursue your lifelong dream of becoming a yoga teacher? Or a fancy AI chat feature to your website so you never have to speak to another human again?
Go to the back of the line.
When government officials evaluate grant applications from small businesses they looking for one thing… Return on Investment (ROI).
The government is giving you cold-hard cash and they want to see bang for their buck. The grants team wants to ensure that the funding will lead to tangible benefits for the community and the economy.
Let’s explore some of those elements they are looking for:
Job Creation
I can’t highlight this one enough. Job creation is one of the main goals of any government and a key ROI of almost every grant initiative. Officials want to see how your business expansion will lead to new job opportunities for local residents. Providing details on the number of jobs expected to be created, the types of positions, and how these jobs will benefit the community is essential.
Bonus Point: If you can offer job creation opportunities to people from diverse backgrounds, you’ll also likely get extra brownie points.
Economic Growth
Officials look for projects that contribute to broader economic growth. This could include:
- Increased sales revenue
- Growth in customer base
- Expansion into new markets or regions
Note on this… if you mention increased sales revenue, DON’T link this back to that new gold watch you’ve always wanted. This isn’t about you…
Community Impact
Government grants are often designed to benefit the community. Officials will assess how your project will improve the local quality of life, such as:
- Enhancing local services
- Supporting local suppliers and businesses
- Addressing community needs (eg, health, education, accessibility)
- Providing sustainability (eg, is there an environmental benefit to the community?)
Innovation and Competitiveness
Government officials often favor projects that demonstrate innovation. This could involve new technologies, processes, or business models that not only advance your company but also enhance the competitiveness of the local industry.
Have Measurable Outcomes
Having clear, measurable outcomes helps officials assess the potential ROI. Be prepared to outline specific metrics for success.
For example, we will use this funding to create a strategic marketing plan that we will roll out over the next 3-6 months. We anticipate this would lead to an increase of 30% of new leads into our sales funnel. Successful implementation of this plan will enable us to employ an additional 3 full time employees by the end of the next final year.
Try to Align with Government Objectives
Finally, ensure your proposal aligns with the government’s strategic objectives. What are they trying to achieve with the grant? Is there an overarching policy that underpins the initiative?
These potentially could be:
- Supporting economic recovery post-pandemic
- Advancing local development goals
- Promoting social equity or environmental sustainability
When applying for government grants, make sure to articulate how your business expansion will deliver a strong ROI not just for your business, but also for the broader community. Tailor your proposal to highlight these factors, demonstrating a clear vision for growth, impact, and sustainability that aligns with government priorities. This will enhance your chances of securing funding and making a positive contribution to your local area!
Happy granting,
Jonathan Edwards
PS… if you’ve recently applied for a grant and are looking for help with the application, get in touch with us to see if we can assist you.Â