Essential Tips for Effectively Managing Grants

Those who have managed to successfully secure a grant should definitely be proud of themselves because it isn’t always easy to accomplish that, yet it’s a major step for any organization (regardless of what it does) because it enables them to get the necessary funding for their programs, develop various inventive solutions, etc.

Even though you are halfway there when you secure a grant, another important step, which can often be very overwhelming and challenging, is to properly manage it. Now, this is something many businesses struggle with.

Being capable of doing this effectively will ensure your funds are utilized the right way and that all your objectives are achieved. There are lots of things that can be done to make this happen and below some suggestions are going to be enumerated.

Focus On Developing Standard Processes

One of the first steps that you should take during this process is to develop standard processes, which is beneficial in many ways. Namely, by doing so, you will:

If you want to make sure you are adhering to all the essential rules and regulations, and, at the same time, maximize impact, then you need to prioritize reporting. Bear in mind that Uniform Grant Guidance demands you to be diligent when it comes to reporting your financial progress to the funder, which means doing so at least once or twice a year.

That’s something that you can do at the end of the year, but you do not necessarily need to wait that long to do this. By making a standard process to run reports for yourself as often as possible, you’ll be able to efficiently manage any issues that may arise between your costs and your budget before they spiral out of control.

Make Use Of The Grant Management Software

If you want to streamline this entire process, then you should consider resorting to tools that are designed for these purposes. Those who are searching for a solution that’s fast and time-effective should give Grant Management Software a try! So, the question is, how can you benefit from it?

Within this solution, every manual task is automated to enhance the accuracy of information. Different tedious tasks, like inputting data, filling in forms, and many others, are executed automatically in this system.

In addition, an online grant management system shares information on one platform that enables program officers and grants managers to get an insight into every task that needs to be executed, along with the person who’s going to do it.

This level of transparency is immeasurable, and it also enhances the overall efficacy of this whole process.

Be Sure To Establish A Good Budget Framework

You shouldn’t perceive a grant budget as nothing but a random financial plan, because it’s so much more than that. It’s actually a roadmap that will show you how you’re supposed to spend your money. To prevent any issues as far as this is concerned, you should:

By doing all of this, you’ll ensure you remain compliant and, simultaneously, have unpleasant conversations with funders.

How Well Are You Familiar With The Grant Requirements?

It’s of huge importance to thoroughly go through the grant agreement so you can get familiar with every single detail that’s in it, like the funding conditions, certain deadlines, and reporting expectations.

That’s something you should comprehend right from the get-go. Something like this will help you successfully complete this entire process because you’ll be setting a properly defined path from the very beginning. 

Aside from that, you will avoid dealing with any major pitfalls, as well as those that typically arise because of the misunderstandings, miscommunication, and overlooked details, which could potentially result in very costly mistakes and compliance problems.

If you want to simplify this process, then it would be wise to create a centralized document that will consist of all the key terms, requirements, and conditions. Don’t forget to ensure it can easily be accessed by all the members of your team who are part of the grant management processes.

By doing so, you will make sure everybody is on the same page and that everyone involved can access important information at any given moment. 

Do You Have A Solid Tracking System?

There are several things that are crucial for effective grant management, and transparency is one of them, for sure. In these situations, it’s always a good idea to have a good tracking system within your reach, which is going to help you properly supervise progress and finances.

You can use anything that you find most suitable, such as previously mentioned grant management software, or even spreadsheets. The whole point is to:

Prioritize Team Collaboration 

Grant management cannot be done successfully if there’s no good collaboration and communication. It’s not for the lone wolves, but something that can be executed properly only if you perceive it as a team sport.

Therefore, you need to be sure that every single team member (finance specialists, development professionals, etc.) is always on the same page. In order to accomplish that, you should implement a centralized CRM because it offers a shared platform where everyone who’s part of your team can have smooth communication, allocate tasks, and easily access any relevant piece of information.

If you have this tool, you will no longer need to worry about dealing with email clutter, irrelevant documents, and, above all, you will ensure everybody is working with the updated data.

Managing grants may not always be easy; however, as you can see, there are a plethora of effective yet simple ways you can do it that can help you demonstrate your abilities and professionalism when it comes to this.