Every year, governments and private organizations around the world release a large sum of money with the aim of assisting businesses in financing their ventures. The grants cover a wide variety of subjects, from scientific research to building, and are open to both individuals and companies. Proposal for support, or grant writing, in other words, has a number of advantages for businesses that are in the process of expanding their operations, ranging from financial to operational. Due to this reason, below are supportive evidence on why the state needs to adopt a funding proposal;
Economic Advantages of Grant Writing
First, grant writing has economic advantages (Swindell and Mark 11). The sizes of grants vary from hundreds to thousands of dollars about the grant's nature and the firm charged with the responsibility of its distribution. Grant writing will provide to the state the capability of obtaining funds may not be paid back with the only the initial investment cost needed for formulating the grant. Normally, the initial investment if small in size and at times is a representation of the percentage of the grant acquired following a successful bid or application. Hence, the economic impact that is associated with grant forms the main reason why the state should adopt it.
Organizational Benefits of Grant Writing
Apart from the economic impact, a stated needs to adopt a funding proposal due to its organizational feature. Most of these grants demand detailed explanations of the way firms will utilize the funds upon receiving them. In this regard, it will subject a firm to give priority to its intended goals and also give clarification of its mission on an internal basis before making choices on the type of grants to pursue and formulation of the grant proposals. The clarity in this case within the organization assists the firm in the effective management of time, resources and personnel in following up the grant and management of the business operations.
Teamwork and Personnel Engagement
Locke, Waneen, and Stephen noted that the true formulation of funding proposal as a personal duty in many instances leads to outsourcing of a grant writing guru or professional (p.23). However, the proposal’s framework of preparation normally takes place with the inclusion of teamwork. The grant proposal incorporates details concerning the firm, the present and the previous engagements, intended plans and various other details that need collaboration with the company staff in generating true data that may form part of the proposal. In this regard, it fosters teamwork-based skills and also offers the personnel more sense of personal engagement in the application of grant and the company's duties altogether.
Defining the Brand Image
The adoption of the funding proposal by the state will lead to the definition of the internal and external brand image of the company. Locke, Waneen, and Stephen reiterated that the language that the grant proposal should be simple, especially when covering aspects such as marketing tools, publicity, joint types of ventures, and several areas that depend on the strong brand image for successful operations (p.29). Acquisition of grants entails the social confirmation of the possibility of clients and partners with the company being dedicated towards the vision and mission statements. At the same time, it also has the vital level of professionalism for acquiring external information concerning the project. In this case, it leads to the increment in the brand's credibility, also becoming an excellent tool for marketing since it offers the desired language and image for obtaining more sales volumes, partnerships, and many other future grants as well.
Supporting Growth and Staff Participation
As a constituent of the firm's part of the strategy, the funding proposal may be a crucial component of its growth. Swindell and Mark (p.13) concurred that it serves both as a way of sourcing funds, but again it also enhances the role of form in the community and the vision that the firm has in the future. Funding proposal also supports the participation of the staff. For instance, the process of formulating the project needs collaboration among the team. During the process of collecting knowledge concerning the intended project to be realized by the proposal's funding from the respective staff members; it, in this case, leads to the increment in commitment towards new projects and the expected outcomes from the project. Also, proposal funding stands a chance in bringing the company's staff and the board of management together. At last, it creates a good environment for working, cooperation, and eventually leading to the enhancement of the effectiveness in the team.
Building Alliances and Community Credibility
Currently, as cited by Swindell and Mark, the state often demands wider project collaboration and frowns on the duplication types of services (p.16). Consequently, one has to reach the community nonprofits that strive towards the provision of the cause that is commonly shared. This process provides a good opportunity for meeting others that support the work and will be ready for contributing effectively to the strategic ends. On top of this, grant writing needs to form part of the firm's overall plan of raising funds. States often seek to see the evidence that backs the types of fundraising such as events, free forms of income, and solicitation so that the long-term duration of the sustainability of the project may be guaranteed. Likewise, the capacity building of the proposal has the opportunity of getting funding if the organization stands a chance in demonstrating that it has been successful in the implementation of the grant-funded project previously.
Enhancing Marketability and Accountability
As one is seeking to reach the stakeholders and building alliances, the organization he or she runs acquire credibility and exposure in the community altogether. Both old and the new members of the community have the chance of learning about the organization (Locke, Waneen, and Stephen 36). In the end, the presence of the firm improves regarding marketability that eventually may lead to the attraction of many stakeholders to the company in future. Not forgetting, the fund proposals promote the successful growth and the development of the firm and the currently taking place strategies of planning through enabling the organization to meet its objectives and also pay attention to the expected outcomes. Having a place of wider explanations of the methods and measurements of the project equipment in advance leads to the building of accountability in every stage of work the firm engages. In conclusion, through the integration of funding proposal in the daily operations of the firm, for sure nothing exists like a proposal that is not successful. Every proposal gains its value as a document for planning that assists in enhancing the mission of the company. Likewise, completed funding proposals offer a detailed template for the implementation of the project upon receiving funding. With all the justifications explained previously together with the need for successful planning, they all support the need for a state to adopt the funding proposal presented by a firm covering an issue within the community.
Works Cited
Locke, Lawrence F., Waneen Wyrick Spirduso, and Stephen J. Silverman. Proposals that work. Sage, 2014.
Swindell, David, and Mark S. Rosentraub. “Who benefits from the presence of professional sports teams? The implications for the public funding of stadiums and arenas.” Public Administration Review (1998): 11-20.
