With the final quarter of the financial year now in full swing, it is all the more important to understand and use one of the biggest advantages available for business - the $5 billion in funds available in state and Australian government grants.
Unfortunately, while big companies are fully across grant opportunities and wring all the dollars they can out of the grant funding pool, only one out of twenty small and medium sized businesses eligible for funding takes advantage of it. Here are some of the myths that we find hold them back:
1. Grant funding is only for businesses that are inventing something brand new
Nonsense. Funding is not just for inventing something or getting a patent. It is also available (and most typically used by) companies that are improving or modifying an existing product or improving a manufacturing process-that is, making a product cleaner, quicker, greener, cheaper, etc.
Also, computer software, architecture, engineering, architecture, design businesses, etc. are all good candidates for government funding.
2. Government grant funding isn't for businesses in my industry
Think again. Collins Hume has helped businesses apply for funding, including design and engineering firms and those involved in everything from computer software and electronics to tourism and agriculture to resources. Self-censoring is the biggest road block to business owners taking an initial look at their eligibility which is where we start.
3. Government grant funding is only for big business
This is exactly what too many small and medium businesses think. While the big guys, with their armies of in-house experts, are all over funding opportunities, too often small and medium businesses act as if there were a velvet rope barring them from checking them out too.
Government grants are available for small and medium businesses, but you do need to first check if you're eligible and then apply to get it as the government, as we well know, doesn't simply hand out funds without proper qualification.
4. Government grants won't help my bottom line
Not true. Government Grants allow a business to apply for funding to implement something in their business which will make them more competitive, increase efficiencies or offer more services. If you use your grant funding wisely you can really leverage it into more profit for your business.
5. If it sounds too good to be true, it probably is
Government grants benefit thousands of businesses each year. Whilst funding isn't allocated without due consideration - you need to have proper documentation of your eligibility and correctly apply- it is certainly widely recognised and utilised by a wide range and number of businesses every year.
6. We are going to have a Federal Election so eligibility for grant funding will change
It is not uncommon to sense change is afoot in the lead up to a Federal Election. As a result, many business owners will put strategic planning issues on the back burner until we know the outcome in September. Can you afford to wait for the change? Why not apply for funding now and grab those grant dollars before they could potentially be taken away.
Tap into your business potential
Let us help you review your business and look at where you want your business to be in the next 3-5 years, exactly how you and your team can achieve these desired goals and objectives, with the help of government grant funding. Visit Growing small to medium businesses or call Collins Hume in Ballina on 02 6686 3000 to find out more.
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