• Government grants – are you ready?

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    May 02, 2019
    Are you experiencing growth in your business, or expecting significant growth in the near future?
     
    Perhaps you have an innovative new product ready for commercialisation and need assistance getting it to market?

    Are you a manufacturer with a cutting-edge project in mind that requires advanced equipment or innovative technologies and/or processes? 
     
    Or maybe it is as straightforward as admitting that you need some help with bringing your business into the digital age?
     
    Did you know that you may be able to access government funding to assist you with this? 
     
     Both the Queensland and Federal Government have a number of grant initiatives available to help you achieve your business goals.  
     
     The time period available to access these initiatives is usually incredibly tight, in many cases less than a month.  
     
    Additionally, the application process is becoming more onerous and most grants are now competitive offerings.   
     
    So, what do you need to do to ensure your business is best placed to take advantage of these Grants?
     
    Follow our 7-step process to ensure your business is poised to take advantage of these opportunities:
     
    Step 1:  Consider whether your business is really ready to apply for a competitive government grant.  
     
    Do you have a business and strategic plan that clearly articulates your business goals and vision?  
     
    Does this show where your organisation is, where it plans to be in the future and how it will get there?  
     
    And more importantly, is this plan supported by detailed financial forecasts?
     
    Step 2:  Identify a project that supports your business vision that you would like to fund.  Is there a government initiative that could help you achieve this? 

    Does this project meet the grant eligibility requirements?  If not, how could it?
     
    Step 3:  Understand the detail.  The application processes and documentation requirements are becoming more onerous and the funding available is allocated on a competitive process. 

    How can your application address all the required grant outcomes? 

    Successful grant applications are those that clearly map their submission to the relevant grant guidelines.
     
    Step 4:  Preparation is Key.  A successful business is one that plans for success.  The planning process will ensure your business already has a lot of the supporting documentation required for grant applications. 

    In addition to business and strategic plans larger grant programs may require financial projections, industry benchmarking and potential vendor quotes. 

    Could you really pull all this together in a month? 
     
    Step 5:  Maximise your funding potential. 

    Have you scoped out all the project requirements? Are there any supporting activities that could also be funded?  Is there more than one grant that you could apply for?
     
    Step 6:  Understand and prepare your financial contribution.  Most grant programs now require you to commit to some sort of co-contribution, usually around 50% of the total project costs. 

    How will your fund your co-contribution?  What evidence do you have to support this?
     
    Step 7:  Work with your advisor.  There is more to a grant application than meets the eye.  Achieving your business goals requires both a plan and funding to implement that plan. 

    Grants remain a wonderful opportunity to do just that.  At SRJ Walker Wayland we can ensure you maximise your potential for both business and funding success.
     
    For further information on business and strategic planning that will facilitate your business goals and ensure your business is best placed to access government funding please contact Dianne Brown of SRJ Walker Wayland on 07 3490 9988.