There is one abundant resource that is often overlooked by many business owners when it comes to resources to help them grow their company: government funding. From grants and subsidies to specific programmes, these (often lucrative) opportunities can offer entrepreneurs a much-needed boost for expansion and training – enabling them to build a team on THEIR terms.
The reality is many business owners feel daunted by this potentially game-changing money even before they begin. Where to start? How to apply? How to find these pots of money? How to write a bid? How to become eligible? However, with the right guidance and strategies, securing funding is not only manageable but it can also transform your business.
The key question is: would you like more money to train your own team, plus receive funding to do so? If the answer is yes, here’s a breakdown of how business owners can strategically access government funding, complete with tools, tips, and expert advice to get started.
Identify relevant funding opportunities
The UK government offers an extensive range of funding options, from grants and subsidies to sector-specific schemes. Leveraging these opportunities requires a strategic approach and familiarity with the key resources available. Start by researching the ones available to find those that align with your business and your overall goals.
- Contracts Finder: This is a vital tool for UK businesses seeking government contracts valued at £10,000 or more. This free platform lists public sector procurement opportunities, offering businesses a chance to secure funding indirectly through awarded contracts. By bidding for these contracts, SMEs can secure stable revenue streams and enhance their portfolio. Visit http://www.gov.uk/contracts-finder and then use the filters such as region, sector and contract value to narrow it down. Check for updates.
- Local and national grants: These are often targeted at specific regions or business objectives, such as boosting employment or supporting economic development in underserved areas. These grants can provide significant financial backing without the need for repayment, making them an attractive option for SMEs. Examples include Regional Growth Funds, National Lottery Community Fund and Rural Development Programmes. Check your Local Enterprise Partnership (LEP) website for area-specific grants. Use the government’s Business Finance Support Finder tool on the GOV.UK website to explore national funding schemes.
- Department for Education (DfE): Certain sectors, such as education, training, and technology, benefit from bespoke funding streams. The DfE, for example, offers grants and contracts for projects that enhance skills development, vocational training, or educational resources. Opportunities include Adult Education Budget, Skills Bootcamps, Apprenticeship Levy Transfers. Visit the DfE website for current opportunities.
Leverage professional tools and resources
Securing funding requires a thorough and compliant approach, but there is help at hand. Professional tools and bid-writing services can streamline the application process, enhance the quality of submissions, and increase success rates.
These include:
- Tender-writing services: These can help you create compelling, well-organised bids that showcase your business’s ability to deliver value.
- Bid tracking tools: Services such as Bid Stats allow you to monitor tenders and deadlines, ensuring you never miss a critical opportunity.
- Networking and mentorship: Industry events, networking sites such as LinkedIn, and guidance from experienced consultants can provide valuable insights and help position your business for success.
Develop a strategic and detailed business plan
A strong plan demonstrates to funders that your business is a sound investment. This does need to be something that you invest time into, to make sure it covers financial health, a growth strategy, and how the funding will be utilised.
Make sure to include:
- Financial health metrics: Accurate profit and loss statements, cash flow forecasts, and revenue projections that show financial viability.
- Use of funds: Outline exactly how you intend to use the funds, whether that’s for hiring a new team, technology, product development, or expansion.
- Long-term vision: Funders look for sustainable growth, so articulate your vision for the next 3–5 years and demonstrate how government support will drive scalability.
- Prepare your team for compliance and quality standards
- Many funding programmes require adherence to specific quality and operational standards. Compliance with these standards, such as the Matrix Standard or Investors in People, can make your application stand out.
You can help your team be prepared by:
Training for compliance: If you’re pursuing training or education funding, meeting standards like Ofqual and adhering to specific sector certifications can enhance your bid’s credibility.
Internal Quality Assurance (IQA): Regular IQA checks ensure consistency, helping demonstrate that your business delivers high-quality outcomes. Invest in training and quality management systems to build credibility and align with funder expectations, as a compliant operation is often more appealing to government funders.
Engage with local networks and community programmes
A lot of grants and funding are about improving employment, so building relationships with local job centres, councils, and economic development organisations can amplify your funding efforts. Not only can they refer potential applicants, but these organisations often have funding pools or collaborative grants for businesses that demonstrate positive local impact.
Developing these connections shows funders that you’re invested in community engagement and social impact, which can be a strong differentiator. For instance, when seeking Adult Skills Funding (ASF) funding, partnering with local organisations can enhance the perceived value of your business to the funders.
Sarah Abel, 59, from Kent, is an award-winning, seven-figure serial entrepreneur. Since 2008, Sarah, a business strategist specialising in training, and the CEO of TNB Skills Training, has secured more than £6million in government funding for her own training academy, as well as other businesses. Her new book The Power Of Funding: How to Grow Your Hair And Beauty Business Through Government Funding is out now, priced at £10.99. Link: https://www.amazon.co.uk/dp/1915771927
There is one abundant resource that is often overlooked by many business owners when it comes to resources to help them grow their company: government funding. From grants and subsidies to specific programmes, these (often lucrative) opportunities can offer entrepreneurs a much-needed boost for expansion and training – enabling them to build a team on THEIR terms.
The reality is many business owners feel daunted by this potentially game-changing money even before they begin. Where to start? How to apply? How to find these pots of money? How to write a bid? How to become eligible? However, with the right guidance and strategies, securing funding is not only manageable but it can also transform your business.
The key question is: would you like more money to train your own team, plus receive funding to do so? If the answer is yes, here’s a breakdown of how business owners can strategically access government funding, complete with tools, tips, and expert advice to get started.
Identify relevant funding opportunities
The UK government offers an extensive range of funding options, from grants and subsidies to sector-specific schemes. Leveraging these opportunities requires a strategic approach and familiarity with the key resources available. Start by researching the ones available to find those that align with your business and your overall goals.
- Contracts Finder: This is a vital tool for UK businesses seeking government contracts valued at £10,000 or more. This free platform lists public sector procurement opportunities, offering businesses a chance to secure funding indirectly through awarded contracts. By bidding for these contracts, SMEs can secure stable revenue streams and enhance their portfolio. Visit http://www.gov.uk/contracts-finder and then use the filters such as region, sector and contract value to narrow it down. Check for updates.
- Local and national grants: These are often targeted at specific regions or business objectives, such as boosting employment or supporting economic development in underserved areas. These grants can provide significant financial backing without the need for repayment, making them an attractive option for SMEs. Examples include Regional Growth Funds, National Lottery Community Fund and Rural Development Programmes. Check your Local Enterprise Partnership (LEP) website for area-specific grants. Use the government’s Business Finance Support Finder tool on the GOV.UK website to explore national funding schemes.
- Department for Education (DfE): Certain sectors, such as education, training, and technology, benefit from bespoke funding streams. The DfE, for example, offers grants and contracts for projects that enhance skills development, vocational training, or educational resources. Opportunities include Adult Education Budget, Skills Bootcamps, Apprenticeship Levy Transfers. Visit the DfE website for current opportunities.
Leverage professional tools and resources
Securing funding requires a thorough and compliant approach, but there is help at hand. Professional tools and bid-writing services can streamline the application process, enhance the quality of submissions, and increase success rates.
These include:
- Tender-writing services: These can help you create compelling, well-organised bids that showcase your business’s ability to deliver value.
- Bid tracking tools: Services such as Bid Stats allow you to monitor tenders and deadlines, ensuring you never miss a critical opportunity.
- Networking and mentorship: Industry events, networking sites such as LinkedIn, and guidance from experienced consultants can provide valuable insights and help position your business for success.
Develop a strategic and detailed business plan
A strong plan demonstrates to funders that your business is a sound investment. This does need to be something that you invest time into, to make sure it covers financial health, a growth strategy, and how the funding will be utilised.
Make sure to include:
- Financial health metrics: Accurate profit and loss statements, cash flow forecasts, and revenue projections that show financial viability.
- Use of funds: Outline exactly how you intend to use the funds, whether that’s for hiring a new team, technology, product development, or expansion.
- Long-term vision: Funders look for sustainable growth, so articulate your vision for the next 3–5 years and demonstrate how government support will drive scalability.
- Prepare your team for compliance and quality standards
- Many funding programmes require adherence to specific quality and operational standards. Compliance with these standards, such as the Matrix Standard or Investors in People, can make your application stand out.
You can help your team be prepared by:
Training for compliance: If you’re pursuing training or education funding, meeting standards like Ofqual and adhering to specific sector certifications can enhance your bid’s credibility.
Internal Quality Assurance (IQA): Regular IQA checks ensure consistency, helping demonstrate that your business delivers high-quality outcomes. Invest in training and quality management systems to build credibility and align with funder expectations, as a compliant operation is often more appealing to government funders.
Engage with local networks and community programmes
A lot of grants and funding are about improving employment, so building relationships with local job centres, councils, and economic development organisations can amplify your funding efforts. Not only can they refer potential applicants, but these organisations often have funding pools or collaborative grants for businesses that demonstrate positive local impact.
Developing these connections shows funders that you’re invested in community engagement and social impact, which can be a strong differentiator. For instance, when seeking Adult Skills Funding (ASF) funding, partnering with local organisations can enhance the perceived value of your business to the funders.
Sarah Abel, 59, from Kent, is an award-winning, seven-figure serial entrepreneur. Since 2008, Sarah, a business strategist specialising in training, and the CEO of TNB Skills Training, has secured more than £6million in government funding for her own training academy, as well as other businesses. Her new book The Power Of Funding: How to Grow Your Hair And Beauty Business Through Government Funding is out now, priced at £10.99. Link: https://www.amazon.co.uk/dp/1915771927
