We recently celebrated with a client who won $240K in federal funding.
While we recommend at least six weeks to complete such an application, we finished this one in three weeks (including compiling supporting letters of recommendations, creating a project budget and updating the applicant’s program evaluation strategy).
There is a secret to being ever-ready for these golden opportunities. Discover three crucial best practices below.
1. Review Your Strategic Plan Regularly
Creating, updating and reviewing your strategic plan regularly sets your nonprofit up for success. Strategic planning lets your board and executive teams have clarity on what opportunities exist (e.g., potential collaborations, ways to expand your programming, etc.) and what resources you have to take advantage of these opportunities. Planning allows you to identify any existing organizational or programming gaps and prepare for threats your organization may face (e.g., adapting to a “remote workforce” or events resulting in increased demands for your services).
Revising your strategic plan quarterly will 1) ensure you know what strategies tied to your top leveraged priorities for your organization and mission; 2) give you time to develop the steps to implement these strategies and to measure your progress towards reaching your goals; and 3) help your organization plan financially, identify gaps in your skill sets, and hammer down your project’s scope of work. Having these answers will help you develop a funding strategy, which can facilitate funding wins by showing the funding agency how you plan to leverage funding, and allow you to focus your funding efforts. Having and updating a strategic plan will also automatically set you apart from 50% of other applicants.
Planning will ensure you have a well-defined project ready so that you can take advantage of funding opportunities with a short application timeframe.
2. Build Your List of Connections and Partnerships
Now that you know what your goals, objectives and project scope are, you can begin making the connections you need for success.
Ask yourself: what skills, expertise or resources do we need to achieve our objectives?
Start connecting with the people and entities who can fill these gaps or for whom your program fills gaps.
Your networking should be continual and organic as well as project-focused. For example, you can build connections with your elected officials. These lawmakers can alert you to upcoming funding opportunities and provide impactful letters of support.
Networking with other professionals and community leaders also puts you in front of funding leads, including industry-specific grants that can be used for match, as well as mutually beneficial partnerships. For instance, when one of our clients wanted to launch a financial literacy initiative, through connections, they found a company that wanted to donate professional money-coaching services to their stakeholders.
Partnerships make your application stronger, and they are especially necessary for government funding.
Here are three ways you can develop your network:
Choose quality over quantity
Maximize virtual networking spaces
Add value to the relationship
3. Work with an Expert
While the first two strategies have to do with pre-planning, this one deals with preparing the application. Your team must have the knowledge and experience necessary to carry the project to completion on time and with accuracy.
It has been said that 90% of federal grant applications are rejected because applicants fail to follow directions to the letter.
While we can’t confirm the accuracy of that number, it is true that something as simple as having the wrong font will cost you precious points.
You also want to ensure your grant writer can speak to other aspects of the project, such as program evaluation and reporting, sustainability best practices, and the project budget, serving as a critical eye that can spot and plug any gaps in your project prior to submitting the application. An experienced grant writer can emphasize your organization's strengths and put your program’s weaknesses in the best light.
Finally, you want to ensure your grant writer has strong project management experience, setting and hitting milestones with enough time to review the proposal packet to ensure it is error-free.
Conclusion
Laying a strong foundation will help you find success both with government funds and in all aspects of your fundraising. Being strategic also ensures your time, talent and resources are focused on the right priorities at the right time, helping you be ready when opportunities arise.
Are You Federal Grant Ready?
There are several pitfalls that can hurt your federal proposal, costing you precious funding opportunities and countless hours wasted on the application.
Want to know if you are truly federal grant ready?
You can find out in just 10 minutes with our “Are You Ready to Win Federal Funds?” quiz linked here.