The hallmarks of the greatest grant seekers.
It’s an exciting scene. Two people take their seats at a candlelit supper. Two parties ready to make a good impression and maybe even form a lasting partnership. They know a little about each other and all the signs point toward it being a good fit. The music plays. The candles flicker…then one of them starts talking really loudly at high speed about their own needs. All the while they’re not listening to a word the other person is saying, gets everything wrong about them, and pays no attention to what their date ordered.
Check, please.
Cringeworthy, right? In that one simple scene you learned everything not to do when seeking a grant from prospective funders. If we could sum it up even more succinctly, you’ll need preparation, patience, poise, and presentation to stand a chance against the thousands of grant seekers on donors’ date lists.
Competition is tough, and there’s no such thing as a guaranteed grant. We don’t want you discouraged or downhearted, and that’s why we’ve put together a fun (and totally factual) guide to stand you in good stead. We’re going to talk you through best practice like it was a date with a potential donor. Ready? Then let’s get down to business and discuss the challenges of finding funding.
Hard cash versus humanity
If you’re a nonprofit organization (NPO), then you’re not in business for the money. You’re there because your mission matters to you and to those who benefit from your work. This puts you in the fine position of being able to project the human interest in yourself or your business: a very attractive prospect for those looking to fund NPOs. You’re more than a financial deficit with a face. You’re someone trying to do something that matters.
What you should never forget is that the ones who are doing the funding are not just a giant dollar sign with legs. They’re people too, and who they are matters.
Don’t turn up for dinner thinking your date will pay for everything and all you have to do is tell them why they should. Why was this grantor an attractive “partner” for you? Why do you think you will be attractive to them? Like any relationship, you’ll need to have something that links you both – something that connects and can make it last.
Know the people you’re reaching out to for funding as best you can before making the first move. Find out as much as possible from their public contact information (their dating profile, if you like). You wouldn’t close your eyes and click on any random dating profile then roll up to the restaurant. You’d want to know if there’s a common interest. You’d want to know what you already share, what can be built on and anything you might just have to live with.
Does your potential donor have a website? A newsletter? A number you’re permitted to call? Some grantors do but others don’t. Sometimes a letter of inquiry is the best (and only) way to go. However they want to be contacted, be a considerate date and adhere to that method.
Hard date(..a)
OK that one was bad. But yes: hard data. This is key to your success. Who you are numerically has to stand up to scrutiny as strongly as you do personally. Don’t make the mistake of not having your figures together in a clear and concise format. A well-oiled set of numbers with no soul won’t sway funders, and the same goes for a fantastic spirit with shaky math. After all, if you’re not 100% on where you are financially, how will you know how much funding to ask for?
Not only this: if you’re successful in achieving grant funding, then your donor is going to want a detailed report on how much is going where, when, to whom, and why. Cultivate a head for figures before you show up for dinner.
You’ve found a grant body. Just who are they, exactly?
You’ve found out they give grants? Great! These generous groups are all pretty much the same right? Wrong. Finding out they’re open to funding is only the first part. How do they fund?
Are they a private group or foundation, run by or in the name of an individual or family? Perhaps they’re operated by a company who uses their business profits to give grants. Some of the private foundations submit 990 PFs (PF meaning private foundation), which detail who they’ve given money to in the past. When you’re researching potential donors, it’s very helpful to see if their 990 PF is available.
Public foundations and charities receive their giveaway grant funds from a number of outside sources. Every type of foundation will have interests in where their investment is going. Find out if their funds will be cause-specific or if you have leeway to on where you think the money should go.
The real deal here is that you have to be ready to go back to the drawing board if you’re approaching more than one investor and make sure your proposal matches their terms.
Don’t presume the date is on because you’re ready to go
You’ve researched a potential funder and they’re attractive to you.
Step two is understanding you won’t be the only suitor at the table. Grant organizations are overwhelmed with applications, so you need to reach out and ask when they might be available to discuss your proposition. This could take time. You’ll need to be prepared to answer any initial questions they will have (they’re checking you out too) and be poised and patient as you present yourself.
This first contact between you and a potential donor can reveal key things for and about both parties. Maybe when they give you more information you’ll have to write them off your list of potential partners. Maybe they’ll be just what you’re looking for.
The key thing here is to reach out after your research and get to know the funder even a little better. It’s a delicate stage in the relationship so don’t rush it. First impressions, remember?
Be honest and confident
It would be very easy to post that picture of Henry Cavill/Megan Fox as your dating photo and watch the invites pour in. What’s not so great is showing up for dinner looking nervous and slightly less like Superman.
When you’re pitching yourself to a funding body deal in where you are now as much as where you want to be. Your mission is worthwhile and your vision is strong, but never be afraid to be open about areas where you’ll be able to improve. You have nothing to be ashamed of. Funders know you’re coming to them because you need help. You’re showing initiative. You want to grow. You aspire to something greater. Painting a picture of a perfect organization will make grantors wonder why they’re needed in the first place. Honesty means credibility in the eyes of investors.
Approach the funder who has what you want to receive and who is looking for what you want to give. Know what you want, know what they want, and you’ll be doing great out of the gate.
This dating imagery is completely appropriate
We’re not kidding. If you’re successful in gaining a grant, then you and your donor will become partners. You’ll be a team pursuing similar goals and moving forward in a union of give and take that aims to see both sides satisfied and fulfilled in a successful future. If that isn’t a relationship, we don’t know what is.
In any lasting partnership, the research you do before you even start one is a commitment in itself. Once you’ve absorbed this article and put it into practice you’ll be in the best position to start seeking a grant.
…and sometimes? You get a no even after doing everything right. We’ve all been there. If you’re refused a grant, don’t let it get you down. They may be playing hard to get or they’re just not the right match for you. There are plenty more Friends With Finance in the sea!
Have you looked into which partners may be right for you? In an ideal world there would be a passionate and people-friendly organization who would handle all your grant writing, report writing, research, review drafting and they’d – wait a minute, that’s us! We specialize in all that and more, and we’d love to team up and aid you in drafting the best possible grant request. You can reach us by phone, fax, email or contact form right here.
