Applying for small business grants can help ensure your organization has the funding to meet its short-term objectives. But many business owners don’t have a clear understanding on the application process. And so, to guide your organization forward and ensure you have the funding to achieve both your short-term and long-term business goals, we’re highlighting these tips to win small business grants in Ontario in our newest post.
1. Provide Complete and Accurate Information
One of the leading mistakes companies make within then application process is they don’t provide complete and accurate data on their firm for the grant organization to review. And this can often mean the application is rejected. Data on the number of employees, the company’s current revenue levels and its partnerships might be requested within the grant document. Make sure that this data is available and clearly highlighted to help minimize the potential for rejection.
2. Communicate with the Grant Officer Directly
In many cases, you should be able to communicate with the grant officer directly, learning more about their unique constraints within the grant process and what they expect of applicants. You should be able to speak with the officer and ensure they recognize your company and its potential value to the local small business marketplace.
3. Provide a Well-Prepared Business Plan
In any sort of funding application, your company business plan will be the most important document in determining the success of the application. Within the business plan, you should detail more on your company’s potential future revenue streams and its history of success in the industry. You should go over the opportunities as well as the risk to provide a holistic look at your firm in the context of the industry.
Within your business plan, you should also highlight how the grant will benefit your business, and show the grant committee what you will do with the revenue you receive from their organization. Give as much tangible information as possible to further improve the chances of a successful application.
4. Bring in Experts to Add Credibility
To add credibility to your application, you should seek the guidance of experts within the business market as well as within your industry. For example, you might integrate the guidance of a qualified accountant within your small business grant application. This will help prove that you’re committed to the process and that you’re able to prove the value of the data within your application.
Within the application, you could also mention how the person will work with the business moving forward, to show that you’ve built a strategy for success in the long-term.
5. Maintain Contact with the Grant Committee
While it might be appealing to simply send your application off to the committee and wait for a reply, you should ensure that you maintain contact with them even after the application is sent. By maintaining this level of contact you can be ready with any information the committee requires when they’re processing the application. Make sure the contact is non-intrusive and allows the committee members to respond at their convenience.
Provide them with your email address, for example, and ask for an email contact for their team. This can then ensure that they feel respected while you gain the important information you need on your application and its progress.
Keep these tips in mind when you’re applying for small business grants in the coming months and years. They can help you to avoid the mistakes of others and ensure the long-term success of your business in the marketplace.