The Key to Finding Stimulus Funding – Be Proactive.
May 19, 2009
If only finding a stack of Federal Stimulus dollars were as easy as finding that creepy stack of eyeball-growing bills in the Geico Insurance commercials, we’d all be living a bit easier these days.
The fact of the matter, though, is that finding stimulus funding is not as easy as some might have originally thought. As funding trickles down from the federal government through the channels of state and local governments it becomes difficult for hired “watchdogs” to identify, track, and report where the money is at in real time. It’s even more difficult for you and me to uncover those reports!
Here are four tips to help you add simplicity to your complex search for projects and funds:
1. Be Proactive – Use the Internet to filter through the mass amount of articles, reports, blogs, and websites that exist to find the information that is most accurate and relevant for you. Your state and local government websites may be the most credible sources of information. Websites like grants.gov, recovery.gov, and stimulushiring.com can also be looked at as credible sources of information as you hunt opportunities on the web.
2. Tax Credits – Much of the funding aimed at small businesses will come in the form of tax credits. Know your opportunities. Incentives for hiring disadvantaged workers and the “Making Work Pay” credit are a couple examples.
3. Become an Approved Vendor – Since many stimulus projects will be awarded by government bodies directly, winning those projects will require your business being on either an approved and/or preferred vendor list. Visit the small business administration’s website, www.sba.gov, for more information on how to become an approved vendor.
4. Think Outside of the Box – Can your company capitalize secondarily on stimulus opportunities? Review all supply chains that your business may be a part of. If your customers or suppliers are getting a boost from federal funding, identify ways that you can take advantage.
Companies that seek out opportunities and act the fastest will have the best chance to win. More importantly, companies that have the resources and ability to act on those opportunities immediately will get ahead even quicker.
Start building a bench today. If you can prove that you have the ability to staff any project that may come your way, you’re in business. Ask yourself: Do potential future employees know who you are? Can you identify the best prospective job seekers in your market? Is your net cast wide enough? Acting upon the answers to those questions can give your business the edge you need to gain access to the projects and funds you’re seeking today.
If you represent a small business, stay on your toes. There’s money to be had – you just need to find it. My boss always tells me, “If you don’t ask, you don’t get.” That advice has helped me acquire budget to aide my team in the form of resources and incentives. Take his advice, too, and discover stimulus opportunities to further develop your business, support your employees, and pass along the positive good vibes to your customers.
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