How to Prepare for a Grant Submission

Do You Need a Business Plan to Apply for a Grant? 

If you're considering applying for grant funding, one of the first questions you might ask is: Do I need a business plan? 

It's a question we hear regularly at Wander Consulting, and the answer is not always straightforward. 

While you won't necessarily need a detailed, traditional business plan for every grant application, you will generally need to demonstrate that your project has been carefully considered, is financially viable and can be successfully delivered. 

This is where having a well-developed project plan becomes particularly important. 

What's the difference between a business plan and a project plan? 

A business plan typically looks at the broader operations, objectives and financial sustainability of a business or organisation. A project plan, on the other hand, focuses on a specific initiative you are seeking funding for. 

For example, you might be applying for funding to upgrade a community facility, purchase equipment, expand your business operations or deliver a regional development project. 

Your project plan should clearly explain what you want to achieve, how you intend to deliver it, what resources you'll need and how you'll manage the process from beginning to end.  Most importantly, it needs to demonstrate that your project is realistic, achievable and represents a sound investment. 

What should your project plan include? 

While requirements vary between funding programs, a strong project plan will generally address several important areas. 

1. Clear project objectives 

What exactly are you hoping to achieve? 

Clearly explain the purpose of your project, the need it addresses and the outcomes you expect to deliver. 

Be specific. Rather than simply stating that your project will benefit the community, explain who will benefit, how they will benefit and why the project is needed. 

2. A realistic budget and financial viability 

Funding providers want confidence that the money they invest will be managed responsibly. 

Your project budget should outline anticipated costs, confirmed or proposed funding contributions, and any additional financial resources required. 

Depending on the grant, you may also need to provide supporting financial statements, supplier quotations or evidence of your organisation's financial capacity. 

3. Project timelines and milestones 

A clear timeline demonstrates that you've thought through the practicalities of delivering your project. 

Identify the major activities, expected commencement and completion dates, and key milestones along the way. 

Make sure your timeline is realistic and allows for potential delays, including procurement, approvals and contractor availability. 

4. Risk identification and management 

Every project carries some level of risk. 

What happens if costs increase, a supplier becomes unavailable or your project experiences delays? 

Identifying potential challenges and explaining how you intend to manage them shows the funding provider that you've considered the bigger picture. 

5. Evidence of your capacity to deliver 

One of the most important considerations for a funding provider is whether your organisation has the capability to successfully complete the project. 

This may involve demonstrating relevant experience, available personnel, financial resources, governance arrangements or access to specialist contractors and consultants. 

Don't underestimate the preparation involved 

One of the most common misconceptions about grant writing is that the application itself is the biggest part of the process. 

In reality, gathering the supporting information and developing a well-considered project plan can take just as much time, if not more. Financial documentation, supplier quotations, project budgets, approvals and letters of support may all need to be organised before you can confidently complete your application. 

Leaving these tasks until the last minute can create unnecessary pressure and potentially compromise the quality of your submission. 

Our advice? Start preparing early. 

When should you seek professional assistance? 

If you're unsure where to begin, don't feel you need to navigate the process alone. 

A grant writing professional can help you understand the requirements, identify gaps in your project planning and assist with developing the documentation needed to support your application. 

Sometimes, a little guidance at the beginning can save considerable time and frustration later.