Almost everyone wants a little extra money. But how do you know if you are prepared for funding? It’s no secret that everyone who asks for money will not receive it. There are steps that you can take to make sure that you in the best position to get the funding you need.
Take An Assessment
- Do you have at least one year of financial data? While this will not prevent you from getting funding, in a competition, someone with this information is in a better position to receive funding. Projections with data trends will help validate your claims.
- Do you have performance data to refer to? Data helps to prove need, community support, validate growth, and prove outcomes/goals. Organizations that are able to report past data are in better position to receive funding. What if you don’t have data, use industry data as close to your location as possible. It provides information that can help validate your claims.
- Do you have the right people in place? Name your key staff and show their history of demonstrated results. Give real examples of past successes and plans that are in line with industry trends. Don’t have experience in your field? Be sure to mention your mentor that is providing insight and guidance as you build competence in these areas.
Put Your Best Foot Forward
Now that you know where you stand, it you determined that you are prepared for funding, be sure to return to your strengths again and again to strengthen your request. If you determine that you are not ready for funding, you have several options:
- Wait. You can give it a year to collect data, build your experience and influence, and create a dynamic, experienced team. This means you will have to make due with the funding you have until you build the information, infrastructure, and data you need.
- Apply anyway. Take your chances that you present the best proposal. If you focus on your persuasive writing, support data, and community need, you can still win; though odds are a bit lower.
- Consider a partnership. While alone you may not have the strongest proposal, with a partnership that is complementary with your strengths, is a winning strategy. It may lead to bigger awards and future opportunities.
What ever you decided, remember to always assess your organization and continue to build your capacity by collecting data, improving your team, and tracking your progress. Need help determining if your organization is prepared for funding? Contact us at any time.
Want to learn more? Try this article!
Happy Fundraising!
