An influx of cash is always a great thing in business, as it enables you to grow and explore new options. Of course, this cash can be hard to come by – but not impossible. A government grant can help you go to the next level.
Every year, the Australian government provides millions of dollars in grant money to eligible businesses. Many business owners have been able to achieve their business vision because of these grants. However, government grants are extremely competitive – some funding rounds close soon after they open due to the high number of applicants. You need to do your research and have a strong business strategy to give yourself a chance. You should also consider getting professional help with government grants, not just to apply for them but also consider their potential income tax implications. Our Vault business advisors have spent decades helping businesses successfully apply for government grants. Our assistance can give you the edge that makes the difference between getting a cash influx and missing out. Here is some important advice on developing a successful grant application.
It’s great that so many grants are available, but you should find the one that’s right for your business. The grants portal provides key information on each grant so you can identify opportunities that suit your business goals. Read the grant guidelines provided to ensure you meet all the funding criteria. Also read up on the grant objectives – what the funding party wants to achieve. The more aligned you are with these objectives, the more likely you are to be chosen.
You don’t want spend hours applying for a grant only to find you don’t meet the criteria. If grant criteria requires documentation like business plans, get these ready before you start looking closely at grants. Sometimes you have to move fast to meet a strict deadline, so you’ll need to be organized.
Grant applications will usually ask for evidence of your claims, so make sure you can back up everything in your application. Such evidence could include annual reports, strategic plans and details of key personnel (experience, skills, etc.). Avoid vague responses and always provide hard facts.
A great government grant application sells the dream. So you need to be able to stand out from the many other applications – and that starts with an inspiring introduction. To do this, you must be clear on the key features and successes of your business, and why you deserve the funding more than anyone else. Don’t get highly technical, as your application assessors may not speak your industry language. Be friendly, informative and interesting.
There’s a fine art to writing a successful government grant and it’s not everyone’s key strength. It’s worth getting outside help to get your hands on money that could make a massive difference to your business. Our Vault business advisory experts have prepared successful grant applications for large and small businesses, not-for-profits and councils.