As a Canadian business owner or executive, you understand the critical role that strategic planning has on long-term success. You’ve developed a mature, growth-oriented, and financially stable company that is poised for future growth, but, how will all of these strategic expansion activities be financed?
Access to capital is a common barrier for high-growth Canadian businesses. There may be an excellent management team in place to support projects, but without sufficient cash flow, great plans cannot become fully realized. This stifles innovation and prevents organizations from leveraging new market trends/opportunities. Ultimately, businesses who lack funding will be unable to remain flexible and will have their competitive advantages diminished over time.
Developing a Proactive Funding Plan™ for your organization should be a top priority. Want to consult a Government Funding Planner about your funding plan? Contact Mentor Works today.
Access More Government Funding by Being Proactive
So the question then becomes, “how can my company access more funding over a longer period of time?” Regular cash flow planning and accessing Canadian government funding provides the resources needed to grow and satisfy market demand. Few companies, however, have a formalized system in place to critically evaluate cash flow and upcoming strategic projects. Deploying a Proactive Funding Plan™ for your organization is one of the best ways to evaluate upcoming projects and ensure there’s sufficient cash to make the investment.
What is a Proactive Funding Formula™?
Proactive Funding Formula™: The three concepts most important to developing competitive government funding applications. It includes taking a holistic approach to developing projects that are highly likely to receive funding.
At the root of every Proactive Funding Plan™, there is a well-executed Proactive Funding Formula™. The formula that is applied when developing a funding plan includes three basic steps, including:
- Identification of Projects and Priorities: Understand specific projects and spends that will be made over the business’ next 12-24 months or longer.
- Analysis of Timelines: Set specific timelines to identify when projects will start, conclude, and major milestones expected along the way.
- Incorporation of Government Impacts: Record the benefits associated with a successfully completed project, noting specifically job creation, revenue increases, and additional export market revenue.
What is a Proactive Funding Plan™?
Proactive Funding Plan™: A customized plan that is developed specifically for your company. It identifies future priorities being planned and aligns a mix of government grants, loans, and tax incentives that can be used expand cash flow. Proactive Funding Plans™ are updated regularly to identify new funding programs and optimize your use of grants and loans.
Proactive Funding Plans™ are a detailed, action-oriented blueprint of specific Canadian government grants and loans your company may access. By using a tailored 4-step process, the Government Funding Planners from Mentor Works can identify funding programs which have an immediate and sustained benefit to your company. This includes government funding across all major investment areas: business expansion, capital equipment adoption, research and development, and hiring and training.
Mentor Works is able to use the Proactive Funding Formula to provide unparalleled support before, during, and after application submissions. We leverage this formula to optimize the funding process and help our clients succeed:
- Identify Strategic Priorities: Evaluation of a business’ top strategic priorities over the next 12-24 months to determine the opportunities where additional funding could be leveraged. We’ll use a ‘starter session’ as a way to start this conversation and learn more about what makes your company or project unique.
- Strategize a Proactive Funding Plan™: Identification of specific grants and loans for immediate or future application. We’ll develop a customized roadmap for your business to identify these programs so that you understand how and when to use them effectively.
- Simplify the Funding Process: Acceleration and simplification of funding applications through easy-to-use information collection documents. We’ll ask you for the most pertinent project details and leverage our team of expert writers to tell your story in a competitive way.
- Educate on Additional Funding Opportunities: Continuous communications about newly announced small business grants and loans, including regular strategy sessions between you and Government Funding Planners. We’ll always be the first to notify you about new opportunities to secure funding.
Why are Proactive Funding Plans™ Beneficial?
A Proactive Funding Plan™ can provide your organization with the capital to start and finish a greater number of strategic projects, ultimately accelerating growth. The planning process helps to solidify funding for projects and ensure cash flow isn’t the primary source of business investment. By making the switch from a reactive to a proactive strategy, managers can minimize funding blind spots and accomplish more projects.
Of course, any business can develop a proactive funding approach. Very few businesses actually have a Proactive Funding Plan™ that keeps deadlines and other key program details readily available; however, these are the companies most successful and leverage the highest possible value from their Canadian government funding wins.
How can I Develop a Proactive Funding Plan™?
By using the Proactive Funding Approach, businesses will be on their way to developing a Proactive Funding Plan™. Understanding your priorities, project timelines, and project impacts will accelerate Proactive Funding Plan™ development by completing the “behind the scenes” strategic planning. Once your management team has a direction for projects and can estimate project spends, that’s where Mentor Works’ unmatched level of knowledge comes into play.
Once you begin your relationship with Mentor Works, we’ll arrange a Funding Discovery session to review your organization’s top strategic priorities. With this overview of your company, we’ll begin to match your projects to the most supportive small business grants and loans possible. Once all of your options have been identified, we can provide expert insight into how to manage the mix of these programs, including how to stack programs to leverage multiple grants and loans for the same projects.
Once your Proactive Funding Plan™ has been developed, we can use the guide to plan your government funding submissions. With a schedule of specific programs to apply for, your efforts will be more targeted and you’ll have better chances of success. When you’re ready to apply, just let us know and we’ll begin working on the application on your behalf.
Start Building Your Proactive Funding Plan™ Today
The first step towards maintaining a Proactive Funding Plan™ is ensuring that your management team is using a Proactive Funding Approach. It’s important that you have full visibility of your strategic priorities, projects, and spends prior to engaging on specific funding programs. When you’re ready to implement a custom funding plan for upcoming projects, please contact Mentor Works.