After collectively experiencing this wild pandemic where will you stand when the dust settles? COVID-19 is not your Grandad’s typical natural disaster. The effects on how we work, where we work, and on small and medium businesses are going to be felt for the next several years, maybe decades. Most economists know that the full effects on the economy are not fully realized. The government stimulus like CERB and CEBA loans are only a small stopgap for tidal change coming to entrepreneurs. This article will outline what you can do to leverage, Grants, Stimulus, and other government support for your business beyond the COVID-19 relief efforts.
Step 1- Go on offense – Develop your strategic priorities. Whatever your business, target audience, sector, industry, you implement a sales strategy, so why wouldn’t you have a corresponding funding strategy? Now is a unique opportunity to develop one that includes how you can grow despite the existing challenges by the plague that shall not be named. Here is a $10,000.00 question- Given $10k, how would you spend it on your business? This gives you a sense on what your strategic priorities are. Perhaps its client acquisition, maybe its hiring that SME, it could be a new laptop – either way, you know your business best and what you need funding for the most.
Step 2 – Go on offense – Develop your grant funding strategy. Your grant funding strategy funds your strategic priorities. It identifies and outlines the grants, tax credit, subsidies, and stimulus you qualify for, or will qualify for. It quantifies your potential funding, sets target dates, outlines deadlines, and prepares you for the next year to secure funding. In our professional experience – this is where most entrepreneurs/ businesses stumble. This step is slow, time-intensive, and research-intensive (it is also quite time-consuming). Uncover grant funding is like trying to map out an archipelago with a crayon and a sailboat. You can do it – but it’s damn tough. People see the value in it and have the drive, but the process is prohibitive. It’s hard to know where to start, the application process is often convoluted, and develop the acumen of a seasoned researcher. The opportunity cost is oftentimes too great while running the day to day operations of a full-time business. However, if you can do it, you will be leagues ahead of your peers.
Step 3 – Go on offense – Implement your grant funding strategy. Become a professional grant writer, credit underwriter, and constantly update and track new potential grants and stimulus. Simple, easy as 1- 2- 3. In all seriousness, this aspect of entrepreneurship is oftentimes overlooked and underutilized. It’s a crying shame that businesses leave money on the table that can significantly help.
At Office146 Advisory, we are fortunate in that we have been able to provide funding strategy solutions for countless small to medium-sized businesses during COVID and we are here to help you post Covid-19. We act as a funding agency and work with you to facilitate the funding you need year-round. Our team is experienced with countless years on the lending side of these programs, so we understand how to navigate these waters. As challenging as these times may be, remember you are not alone, and we are here to help. When you are ready to go on the offense and grow your business – Call or email us for a free consultation. AdvisoryTeam@office146.com 416-855-4142 EXT3.