
With so many new grant research databases, finding hundreds of grant opportunities is easier than ever. But with access to all of this information, we can easily adopt a shotgun approach to fundraising—a trap that costs organizations thousands in wasted dollars and time as you apply for as many opportunities as you can.
Winning grants is a step-by-step process; the first step is creating a funding strategy, a careful plan where you focus your energy only on the opportunities that are the best fit and that give you the best chance of winning.
What is a Funding Strategy?
A funding strategy is essentially a roadmap for securing funding for your initiatives. It details the steps, people and resources you’ll need and guides you to the best opportunities.
You can create a funding strategy in three steps.
Step 1. Set Your Goals
The first step to creating a funding strategy is setting your strategic goals. This includes how much funding you need and from which sources (e.g., from private or public funding).
Some things to think about when planning include:
“What initiatives are our priority this year?”
Try to pick two to three projects or initiatives you want to focus on for the next 12 months.
“What type of funding is best for our needs?”
Private and public funding have their own pros and cons. You’ll want to diversify your revenues while pursuing the grants that help you meet your strategic goals.
“What is the ballpark figure we need to complete our project(s)?”
Remember to plan for indirect costs.
Try setting goals for your funding strategy around the time you set your strategic goals for the year.
Step 2. Research Your Options
When researching, you want to cast a broad net, funneling the opportunities down to the top 20 (for federal grants) or the top 35 to 40 (for private grants) worth a deeper dive.
A good way to vet priorities is with a Decision Matrix that highlights which grants are the top priority for your organization and which are a no-go.
During this stage, remember to focus on grants where you can be the most competitive and for which you can handle the reporting requirements.
You may also want to keep these other aspects in mind as you research:
Funding Climate
You’ll want to consider the funding climate and how likely it is to change (for instance, during an election year).
Special Opportunities
Sometimes, opportunities will pop up that can make it easier to get funding, such as the new updates to the OMB guidance or the once-in-a-lifetime ARPA funding.
When you know which grants you’re going to pursue, you’ll want to plan out your grants calendar, detailing when you’re applying for what. As you plan for your team’s capacity, keep in mind “grant season,” i.e., the months when the heaviest load of grants will be due.
Step 3. Do the Pre-Work
This is where you can begin focusing on the grant you pinpointed earlier.
For instance, have you chosen to incorporate private funding into your plan? You’ll want to begin funder outreach immediately. Or you may need to reach out to program staff at government agencies to discuss your project.
Do you need to reach out to partners and get support for your project? You’ll want to do this early so you can gather strong letters of support or commitment.
Mapping out clear roles and responsibilities and due dates for key activities will help your team stay organized and on track as you put together winning proposals. It may be helpful to use a project management software to help your team stay organized.

Conclusion
These tips can help you prepare for success. They’re a sure way to increase your ROI and decrease some of the stress surrounding applying for grants.
Need help putting together a winning grant funding strategy? Reach out to us today for a free consultation.