Every year, millions of dollars are offered by governments and private companies around the world to help companies fund their projects. These grants are available for everything from scientific research to construction, and many are available to individuals as well as companies. Grant writing provides a number of benefits that range from economic to organizational for the companies that take the time to develop this aspect of their business.
The most obvious benefit of grant writing is the economic benefit of receiving a grant. Grants range in size from a few hundred to thousands of dollars depending on the nature of the grant and the organization responsible for its distribution. Grant writing gives the company the ability to obtain funds that never have to be paid back, with the only cost the initial investment required to write the grant. The initial investment is usually quite small, and in many cases is simply a percentage of the grant obtained from a successful application. The economic impact of receiving a grant is the main benefit of grant writing.
Most grants require detailed descriptions of how the company plans to use the funds they receive. This forces the company to prioritize its goals and clarify its mission internally before choosing which grants to purse and writing the grant proposals. This clarity in organization helps the company effectively manage its time, personnel and economic resources to not only pursue the grant, but also to effectively manage its business activities.
While the actual writing of the grant is an individual activity often outsourced to a grant writing professional, the framework of the proposal is often prepared in a team setting. The grant proposal includes information about the company, its current and past activities, plans for the future, and a variety of other details that require ample collaboration by company personnel to generate accurate information that the grant writer may include in the proposal. This builds teamwork skills and gives the personnel a greater sense of personal involvement in the grant application and in the work of the company as a whole.
Grant writing allows the company to clearly define itself both internally and externally. The language used in the grant proposal is easily repurposed for inclusion in marketing materials, publicity, joint-venture proposals and many other areas that rely on a strong brand image for success. Obtaining grants is social proof to potential clients and partners that your company is dedicated to its mission statement and has the necessary level of professionalism to receive outside funding for your project. This increases the credibility of your brand, and is an excellent marketing tool that provides the right language and reputation to obtain more sales, partnerships and other grants.