Grant-Funded Projects: What Makes Them Different and 3 Tips for Success
Grant funding is a lifeline for many nonprofits and mission-driven organizations. But if you've ever managed a grant-funded project, you know they come with unique challenges.
What Makes Grant Projects Different?
A few key differences between grant-funded projects and other types of projects include:
External Accountability: Grants often come with reporting requirements to the funder, adding another layer of accountability.
Fixed Budgets & Timelines: Grants typically have set funding amounts and specific timeframes, requiring careful budgeting and milestone management.
Multiple Funding Sources: It's not uncommon to have both internal and external funding, which can complicate budget management.
Planning Challenges: Grant proposals often require us to create a project plan far in advance, and these plans can become outdated by the time funding is approved and received and the project begins..
3 Tips for Managing Grant Projects
So, how do we tackle these challenges? Here are three practical tips:
Create a Comprehensive Project Plan: Don't just rely on the initial plan you submitted to get the grant approved. Things change! Review that plan, update it with current details, and ensure it covers scope, stakeholders, deliverables, schedule, and communication.
Plan for Funder Communication: Know who your contacts are at the funding organization (which may be different from your contacts during the application process) and understand what information they need to know. Create a communication plan that outlines how and when you'll provide that information and updates.
Align Reporting with Funder Requirements: Save yourself time by aligning your internal project reporting with the formats required by the funder. This means using similar templates and avoiding duplication of effort.
Need More Help?
Navigate your next grant-funded project with confidence!
Download our free Communication Planning Worksheet for help planning the who, what, how, and when of project communications.
Watch 5 Key Strategies to Improve Your Projects for Grant Success
Learn about our Project Services, schedule an introductory call with Jami Yazdani, or add a 1-hr Project Coaching Session to our calendar!
Let us know in the comments if you've experienced any of these challenges, or if you have other tips to share!
