Understanding the Intricacies of the Three Phases of the Grant Process
Posted: Monday, December 06, 2010
by Adam Roth
StreamLink Software
Grant Development
It is important to begin the grant process early. By beginning early, organizations can setup plans to help identify opportunities either through their own history or by incorporating any number of research tools into the process. Once opportunities are identified, an organizational wide plan needs to be created and this should take into account where you will seek funding, when you will go, which department or program will benefit from the funds, and what is the likelihood of success. This plan will help the organizations manage expectations and track development performance related to cash, accrual and grant totals. An individual solicitation strategy needs to be developed for each opportunity as it is created. This strategy includes identifying and effectively using key relationships, managing communication with the Funding source to ensure proposal relevance, and requesting amounts and identifying the resources necessary to effectively complete the proposal. By managing the research, agency and solicitation plan effectively, the organization will increase the likelihood of success.
Now that the plan has been developed, a project has been created. The goal of the project is to complete and submit the best possible proposal using the allotted resources of staff and time. Managing workflow through an internal communication system helps ensure the necessary completion of tasks related to completing a high quality grant accurately and in a timely manner. Organizational understanding of open item status and ability to close these items in a timely fashion ensures that the organization does not deviate from the original timeline or goal. The submission and results of the grant need to be tracked in order to measure performance on a project and agency basis. If a grant is funded, this step is also critical to help setup the plan to monitor operational and financial goals related to the grant.
Performance Management
Performance management begins with setting up benchmarks that allow the organization to track results. It is recommended that at a minimum, benchmarks are set quarterly. Though, many government sources and organizations require monthly tracking of results, so monthly benchmarks may be required. These benchmarks, regardless if they are a line-item in a budget expense plan or a goal in an outcome plan, provide the framework for measuring grant results. Once the benchmarks are set, results should be tracked and monitored against these benchmarks. It is critical to identify shortfalls in performance or spending early in the grant process to ensure the greatest amount of time to affect change and get better grant results, thus maximizing the investment of the grantor. These results of performance to benchmarks can be used to provide timely reports internally to the CEO or Board, or externally to the grantor.
By managing each of the major elements of the grant process, Grant Development, Project Management and Performance Management, organizations ensure the organization and their grantors maximum results, leading to greater current and future resources.
Adam Roth is the President and CEO of StreamLink Software. To learn more about StreamLink, visit www.streamlinksoftware.com
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