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Grants are getting tougher to get as federal money dries up and more nonprofits are focusing on local funders for grants.
According to Shavonn Richardson, MBA, GPC, founder and CEO of Think and Ink Grant Consulting in Atlanta, following these five critical steps will revamp your grant-seeking strategy.
#1. Grants Are Not A Quick Fix. While grants might constitute a significant revenue stream for some organizations, relying solely on them is imprudent. Diversifying funding sources, including fundraising, in-kind donations, individual contributions, volunteers, and event sponsorships, is crucial for financial resilience.
The grant process, from research to application and eventual funding confirmation, is often protracted. Maintaining sufficient capital to sustain operations during delays in grant disbursement is a prudent strategy.
#2: Grant Success Begins With Relationship Building. Establishing robust relationships with funders must precede submission to ensure grant applications will be successful. Invest time in understanding funders’ preferences, and their previous beneficiaries, and passions.
Aligning your organization’s goals with those of potential funders increases the likelihood of obtaining funding. Building a connection before applying enhances your proposal’s appeal and reinforces your commitment to shared objectives.
#3. Grants Are Not a Last-Minute Resort. A common pitfall is underestimating the time, dedication, and commitment required for applications to be successful. Organizations often turn to grants as a financial rescue, realizing too late the depth of preparation needed.
Investing in a well-thought-out grant-seeking strategy from the start yields long-term dividends. Understanding your organization’s community impact, differentiating your organization from others, and comprehending the potential consequences of your organization’s absence are paramount in the process. A strategic plan, a grasp of program outcomes, and a thoughtful vision for the future are indispensable for successful grant-seeking.
#4: Grant-Seeking Requires Team Collaboration. Grant-seeking is a collaborative effort that involves various stakeholders, including the Board of Directors, program staff, finance, volunteers, and other stakeholders. Writing a grant proposal should be a collaborative activity, engaging the entire team in the process to ensure a high-quality proposal with widespread support.
Team involvement in the grant writing process fosters immediate buy-in, as every member has contributed and thereby has an investment in its outcome.
#5: Demonstrating A Track Record Is Crucial. Grantmakers seek evidence of a proven track record before committing to an investment. Regardless of your organization’s tenure, meticulously track and document its activities. For smaller organizations, highlight change in percentages year over year, showcasing success on a proportional basis.
Larger organizations should ensure accessible systems for tracking grant progress, highlighting a commitment to transparency regarding their success. A demonstrated history of achievement is a compelling factor in securing grant support.
