In the world of grant-seeking, timing isn't just a matter of convenience—it's a strategic imperative.
From project development to application submission, knowing when to apply (and when to wait) is critical for maximizing your chances of success.
Project Development:
One of the most common mistakes aspiring grant applicants make is applying for funding before their project idea is fully developed. While it's tempting to seize every funding opportunity that comes your way, it's important to ensure that your project is well-conceived and thoroughly thought out before submitting a proposal.
Before you even consider applying for a grant, take the time to assess the feasibility of your project. Conduct thorough research to identify existing initiatives, service gaps, and evidence-based community needs. Until you have SMART goals, an itemized budget, an evaluation plan, and a sustainability plan, funders are unlikely to back your project.
Remember, grant funding is not a magic bullet that can miraculously transform half-baked ideas into impactful initiatives—it's a tool that can amplify the impact of well-conceived and strategically planned projects. By investing time and effort in developing your project idea before applying for grants, you'll not only increase your chances of success but also maximize the benefits for your community.
Application Creation:
Grant applications aren't something you can throw together overnight. It typically takes at least 1 month of research and revision to create a compelling proposal. This doesn't include the time it takes for staff members to complete any necessary forms, hunt down internal documents (e.g. audits, IRS determination letters, etc.), and secure letters of support. Additionally, some grants require you to create online accounts or complete additional registration prior to submitting. State and federal grants are a prime example of this prerequisite. It can take up to 25 business days (an additional month) to be approved for SAM #'s, DUNS#, and Grants.gov. Failing to complete even one of these items can invalidate your application.
Application Turnaround:
In general, turnaround on grants is slow. Very slow. Glaciers have been known to move faster. Funders can receive hundreds—if not thousands—of applications for a single grant, all of which must be carefully reviewed, scored, and ranked. It’s not unusual to wait 3 to 6 months to find out if your proposal has been accepted. Even after receiving your award notice, it can take an additional month for your acceptance package to be reviewed and finalized. Failing to account for these significant waiting periods can lead to unnecessary stress and delays in project implementation.
From start to finish, it can take 8+ months to see ROI on a grant application. If you can't wait that long, grants aren't a good option.
The Takeaway:
Success in the competitive realm of grant funding hinges on more than just the quality of your proposals—it requires a keen understanding of strategic planning and project management. By mastering these elements, organizations can position themselves as formidable contenders and create a lasting impact in their communities.
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