Although there are many right ways of doing your job as a grantmaker, but when it comes to building a grant management plan, that’s what we call ‘doing it right’. Although you may feel like you already have a strategy in place, why not have a look at these doing it right suggestions to help you change some elements in your strategy to make each project more successful!
Research before start
Since your foundation has a certain amount of budget to fund each project for a certain amount of time, why not research into each project that has been proposed to you to see the success rate. You can do this by ranking each project so you can compare the success rate to see if the objective of the project suits your foundation’s mission. You want to make sure that the project with a highest percentage of success rate gets funded rather than projects that are less likely to have a higher success rate with the same amount of budget.
Let technology do the job
Technology is going to make you a game changing grantmaker. Here are the benefits:
- You will be able to design application forms electronically to answer any questions that will help you identify if the project being proposed meets your objective.
- You will be able to take actions on the project before choosing which project such as ranking each project based on the criteria you’ve set to help you choose to fund the right project.
- If there were several members working on one project, you will be able to assign each user to a project that they should be working on and assign tasks on the software.
- You should be able to visually see progress of all projects you are working on.
The more the software has to offer you to help you choose the projects that meet your criteria, the better it is. A good software will not make you pay for what you don’t need.
The unforgettable data
Even though the project may be over, the data of the project is there to stay. The importance of data is unforgettable when it comes to telling a story for your foundation to align with your mission statement and what impacts it has made. Data as an evidence makes everything more trustworthy and will attract people with projects to propose the project to your foundation so you have more projects to choose from. It’s better for your foundation to have more projects proposed so you can pick the best out of the many. This way, you have options and collect more data for the future.
Are you looking for solution to help you become a game changing grantmaker?