Are you seeking to win grant funding for your business or non-profit?

Then, you must create a winning grant budget.

Every proposal is made up of two main parts: the project narrative and the project budget. The budget is important as it shows the grant funder what you will use the funding for.  While funders may skim through the proposal, they pay critical attention to the budget. Sadly, a lot of applicants gloss over the budgets, without paying adequate attention to the intricacies of the budget. That's recipe for disaster. If you want to win grant funding for your business, you must be accurate, specific, and thorough, in preparing your budget.

Here are 5 attributes of a winning budget:

1. A winning budget paints a clear picture of your intention:

A winning grant budget is akin to a compass that guides the grant proposal process. Although the project narrative explains your intention, the project budget brings it to life. By glancing through the grant budget, the funder should be able to decipher the who, what, where and how of your grant application.

2. A winning budget shows the true cost of running your program or project:

A winning budget is specific and credible. Hence, you should enquire about the real cost of items on your budget before putting up your budget. Don’t ballpark prices. Confirm them on Amazon, Jumia and other sites.  

3. A winning budget gives you a competitive advantage over other applicants:

Your budget should demonstrate how your business or non-profit will put the funds to better use compared to other nonprofits applying for funding. Funders are seeking optimal use of their funds, so your budget should guarantee that.

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4. A winning budget must show congruence with the project narrative:

When you are drafting a project budget, you should particularly consider the project narrative. The narrative helps you explain how you arrived at your proposal budget and expense categories, expand on the descriptions in your budget line items, and share any additional funding sources planned for the project. Ensure that the figures on your budget are the same as the figures on the budget narrative. During your final proposal review, check and compare the numbers.

5. A winning budget makes practical implementation of the project smoother:

With a winning budget, implementing your project is easier, faster, and smoother. This is because it provides clarity, direction, and focus to your project. So, ensure that your budget is clear, concise, and consistent to accelerate your grant implementation process.

Conclusion

A proposal budget is a critical component of the grant proposal and can determine the success or failure of your grant proposal. Hence, you must ensure that your grant proposal is clear, concise and consistent in order to attract the funds you need.

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