Risk Worth the Reward?

When facing a grant or Request for Proposals (RFP), it’s crucial to discern alignment with your capabilities and goals. Assess whether the opportunity matches what your organization can deliver. Here’s a streamlined guide to help you decide:

Understand the Opportunity

Start by reading the solicitation thoroughly. This will help you grasp the submission requirements. It’s also important to understand the goals of the issuing body or customer, and assess whether your offering fits. It’s essential to recognize if the opportunity is a good match for your organization’s capabilities. Last, determine if you can propose appropriate and possibly innovative solutions.

Eligibility Check

Before diving deep, verify your eligibility. If your organization doesn’t meet the basic criteria set by the funder or customer, you might be automatically disqualified. Most grants are restricted to nonprofits. For-profit entities should consider partnering with nonprofits as subcontractors when it comes to grants.

Incumbent Satisfaction

Determine if the funder or customer is satisfied with the current provider. A satisfied client might not be looking for radical changes or any changes. Some businesses have internal policies that require them to issue RFPs when contracts are up for renewal. Often, these companies are content with their current supplier and go through the bidding process as a formality, without a real intention to switch providers.

Resource Allocation

Ensure you have the necessary resources and time. Grant and RFP proposals often require significant effort, and deadlines can be tight—typically 4 to 8 weeks after posting.

Compliance and Regulations

Pay close attention to the Code of Federal Regulations and any applicable local rules noted in the solicitation. Non-compliance can be a deal breaker.

Matching Funds Requirement

Some grants require matching funds, which can range from 25% to 100%. Assess whether you can meet these requirements through in-kind contributions or cash.

Preparation for Best and Final Offer (BAFO)

Be prepared that during the RFP process, the client may request a Best and Final Offer. This stage is critical and often involves revising your proposal to meet the client’s final expectations or budget constraints. It’s important to be flexible and strategic in adjusting your proposal without compromising the quality or integrity of your offering.

By considering these factors, you can more effectively determine whether a grant or RFP is worth pursuing. This will save time and enable you to focus on efforts where they count the most.

Need help determining your grant or RFP eligibility? Contact us.