April 11, 2024
The Impact Issue #11: Grant Risk vs. Reward: Discover The Perfect Balance
Navigate grant risk management, master proposal essentials, and find new funding opportunities in this issue of The Impact. Learn what funders prioritize and discover time-saving tools to enhance your grant writing strategy.
Hey there,
Believe it or not, next week marks our halfway point through April. We’ll give you a minute to process.
Luckily, there’s still plenty of time to launch your organization's 2024 programs. But if you’re still on the hunt for ways to fund them, that’s what we’re here for.
This week, we’ve got some tips on risk management, how long it takes to write a grant, and a common nonprofit myth, plus opportunities, expert tips, and more.
Pitfalls and Pointers
With Q1 officially behind us, now is a great time to check in on your 2024 grant strategy.
Are you on track to hit all your funding goals? If not, is your contingency plan up to date?
If either of those questions trigger your fight-or-flight response, we get it.
But your annual grant strategy can directly affect your organization’s mission.
So whether you’re revisiting your 2024 strategy (no shame) or already planning for 2025 (color us impressed!), keep these tips in your back pocket.
⚠️ Pitfall: Taking on Too Much Risk
Grant strategy is a balancing act.
If you take on too much risk, you may find yourself in a sticky situation.
But if you don’t take on enough risk, your organization won’t pursue new ideas, initiatives, and innovations.
💡 Pointer: Have a Contingency Plan
Anticipating grants to cover your expenses and initiatives partially isn’t a bad thing – that’s why they exist, after all!
But even if you do everything right, winning grants is never a guarantee.
So take some risks. Identify grants that are a good match. Put your heart into the proposal. But always have a contingency plan – just in case.
🎖️ Discover more tips for developing an annual grant strategy that wins!
Tech You Should Know
It’s an impossible question, but one everyone wants to know: How long does it take to write a grant?
You may be dreading it, anticipating weeks and weeks of nonstop work, whereas a member of the board may think it’s something you can knock out in a few hours.
And there’s never been a good answer… until now.
What:
The NaNoWriMo Calculator is an online tool originally developed for National Novel Writing Month that can help you estimate how long it will take you to write something.
How Grant Writers Can Use It:
- Estimating effort levels: If you have a word count and a due date, the calculator will estimate how many words per day you’ll need to write to finish on time.
- Spacing out your workload: If you have several proposals to work on over the next few weeks, you can plug in a total word count for a daily goal instead.
- Assessing a potential new opportunity: Will you have enough time to write before the deadline? Plug in your start and end date, along with your average words per day, and the calculator will tell you!
- Quoting clients: For freelance grant writers or grant consultants, this calculator can help you estimate the time – and money – you’ll need to take on a project.
Keep in Mind:
- Grant writing is more than just writing: Although this tool is helpful, it doesn't take into account any research, meetings, or other non-writing tasks you’ll need to get the job done.
Need to hit a tight deadline?
👉 Check out these tips for writing better grants faster!
Expert Perspectives
🏆 Sara McLaughlin on what grant funders look for in proposals
Writing a grant proposal can sometimes feel like taking a shot in the dark.
What exactly are reviewers looking for? What are some things that could turn them off from a proposal completely?
During her tenure at Sports for Good, Sara McLaughlin has reviewed hundreds of grant proposals and is here today to share her insight on what exactly funders look for.
Here’s her expert advice:
- Match Requirements: Reviewers aren’t looking for the most sophisticated writing or largest vocabulary. Instead, they typically use a rubric to score each proposal based on the grant requirements.
- Follow Directions: Reading the grant’s instructions carefully and telling them exactly what they’re looking for can help you score better on the rubric. Skipping or overlooking a question can hurt your overall results.
- Answer Specifically: Recycling answers is fine, but don’t do it blindly. Read the questions and give specific answers that show exactly why your organization or project is the best match for the grant.
✍️ Explore more of Sara’s advice, plus example responses to the most common questions!
Grant Myths: Busted
Grant management comes with a lot of stressors. And it’s easy to think that if one thing goes wrong, you might as well kiss your funds goodbye.
But we’re here to bust a common myth around what missing a grant outcome target actually means.
💥 Busted: It’s impossible to repair a relationship after missing a grant outcome target
Unfortunately, missed targets happen – maybe you were overly ambitious, didn’t have the capacity you needed, or faced external challenges.
But no matter the reason, it’s important to reach out to your funder immediately to communicate what happened, why it happened, and what you’re doing to keep it from happening again in the future.
🕵️ Discover more tips on maintaining a relationship after missing a target!
Networking Nook
The opportunities that were originally shared in this issue of The Impact have since passed. To check out more recent and upcoming live events, go here.
Opportunities Spotlight
🌎 Entergy’s Open Grants Program
Who It’s For: Organizations that work to improve communities as a whole, preferably in Arkansas, Louisiana, Mississippi, or Texas
Next Deadline: Rolling deadline
Grant Amount: Unspecified amount
The Details:
- Programs should fall into one of the following categories:
- Arts and Culture
- Education and Workforce Development
- Poverty Solutions and Social Services
- Community Improvement/Enrichment
- Healthy Families
- Although the deadline is rolling, please be sure to submit your application at least three months prior to when funds are needed.
⚾ LA Dodgers Foundation: Annual Grant Program
Who It’s For: 501(c)(3) organizations working to significantly impact underserved youth in the greater Los Angeles area
Next Deadline: Aug 1, 2024 (Predicted)
Grant Amount: US $5,000 - US $240,000
The Details:
- Programs must fall under one of the Foundation’s four pillars:
- Education
- Healthcare
- Homelessness
- Youth Development
- Priority is given to organizations with metrics demonstrating how their program significantly impacts education, health care, homelessness, and social justice.
Want to see more grant opportunities?
🔍 Explore Instrumentl's database to find your perfect match!
In Case You Missed It
📑 Article: Winning Grant Writing Strategies for Minority Organizations
A recent study revealed that over 76% of Black-led and Black-benefiting nonprofits operate on less than $500,000 per year. This article breaks down a few key strategies to help minority organizations get the funding they need to flourish.
📼 Video: Beyond the Trend: AI in Grant Seeking
In this on-demand webinar, our expert panel covers everything you need to know about artificial intelligence in grant management. Discover innovative solutions and time-saving techniques to take your proposals to the next level.
🎙️ Podcast: Why you struggle with pricing as a freelance grant writer
Pricing can be challenging for any self-employed professional, but working with nonprofits can add on an additional layer. In this episode of Grant Writing & Funding, Rachel Waterman discusses how to set prices for your grant writing services, including common mistakes.
An Easier Way to Manage Your Grants
Nonprofits need funding to fulfill their missions, but applying for grants takes time that not many have to spare.
That’s why we created Instrumentl – an all-in-one platform for nonprofits to find, research, track, and manage grants.
Want to see how it could help your cause?
100% Free Grant Writing Resources Straight to Your Inbox
