Small business grants are the lifeblood of many growing companies across Canada. But some business owners don’t have a clear understanding on how to fully capitalize on the array of small business grants available. To help guide you on this important subject, we’re highlighting five tips for small business owners looking to capitalize on small business grants.
1. Pay attention to cash flow
One of the many reasons small business owners become caught out in their early years is a sudden lack of capital. Without a commitment to managing capital carefully and reviewing all funding options, small businesses can become insolvent. Government funding programs can help to bridge the gap between client payments when funding becomes tight. But it’s important to plan ahead for funding. Make sure that you research all the small business grant options in your industry carefully and apply for them well before the deadline. This will put the company in the best position to utilize the additional funding when the grant is approved.
2. Stay attuned to long-term business goals
It can be easy to get caught up in day-to-day operations when running a company. Several processes are taking place each minute, and many business owners can become too overloaded to consider the long-term potential of their organization. But it’s important to maintain a focus on the future. Ensure that your company is always moving toward a long-term goal and use small business grants to keep the company on the right track. Make sure that when you’re filling out your grant applications you detail the potential for your company in the industry and you spell out your long-term plans for the business. This will help to give the funding organization a glimpse into your plans with the additional capital.
3. Consider hiring experts
It’s important from the earliest point within your small business’s growth to hire the right people for key positions in the organizational structure. This is particularly important when hiring team members for the finance department and the marketing team. These team members should be able to work together when applying for more funding for the company. The financial experts can detail the precise figures required within the applications while the marketing team can focus on positioning the company’s brand and highlighting the prospects for the future of the company.
4. Consider grants for technology investment
The Canadian government often offers grants for the investment in technology for new businesses. These government grants for small businesses offer the additional funding needed to bring in technology that helps these businesses compete more effectively across the marketplace. Technology grants are often the difference between success and failure for a growing Canadian company. That’s because many allow the company to bring in a new system that enhances productivity rapidly while mitigating the need to bring in several new hires. This method of steady growth combined with high productivity is the foundation for success for many Canadian firms.
5. Commit to reporting on your grant applications
When you apply for new grants as a business, you should ensure the application is reported in internal systems. Make sure that your team is kept informed each time a new application is made, and that successful applications are highlighted within the system. This way, you can highlight the steps you took towards a successful application and repeat these steps when further funding requests must be made.
Working with a local small business grant expert can help to streamline the application process and help your company locate applicable grants that drive future funding. To discover more about the grant application process, speak to a local expert in your region.