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Wednesday, June 19, 2024

Make Higher Strategic Choices with a Determination Matrix

In the primary article on this weblog collection, we recognized a course of to streamline your grant analysis. However how do you discover the precise grants on your particular wants? Enter the choice matrix.

No, this isn’t a brand new blockbuster sci-fi thriller. A call matrix is a technique you need to use to guage a listing of doable choices. And it may be an essential a part of your grantseeking efforts.

When utilized to grantseeking, a choice matrix offers a easy option to take into account the varied elements in play so you’ll be able to decide which funding alternatives finest suit your wants.

drawing of a man standing on a cloud watching a woman with a laptop working on GrantStation's decision matrix

The method we define is a two-step course of. To begin, you may set up a set of standards to guage your checklist of potential funders. Then, you may “weigh” the completely different standards primarily based in your scenario.

Creating Your Standards

On this preliminary step, you may ask your self a collection of questions that will help you decide whether or not a funding alternative is suitable on your group. The questions you ask your self can fluctuate relying in your wants, however for those who’ve by no means carried out this sort of analysis earlier than, listed below are some inquiries to get you began.

These first two questions will function a “first minimize.” If these solutions are “no,” the funding alternative wouldn’t be match on your challenge:

  • Can we meet their eligibility necessities?
  • Is that this funding alternative in step with our mission?

These subsequent questions are first-glance concerns you can consider:

  • Are we within the funder’s geographic giving space?
  • Can we tackle the funder’s areas of curiosity?
  • Can we serve their goal inhabitants?
  • Does the funder present the sort and quantity of help we’d like?

Subsequent, listed below are some questions that will apply to your group’s credibility and readiness:

  • What’s our credibility with this funder?
  • Do we’ve the subject material experience for the challenge?
  • Do we’ve fiscal experience to handle this award?
  • Are the challenge plan and finances already developed?
  • Do we’ve help from the board, workers, and companions?

At this level, you would possibly wish to consider the hassle required and whether or not the timing is correct. This may assist you make sure that the funding alternative is an effective match on your sources and that you simply will not be stretched too skinny. With that in thoughts, take into account the next:

  • How advanced are their software tips?
  • Is there ample time to put in writing this proposal?
  • Does the funder require a replica of our newest monetary audit?
  • Does the funder require a match?
  • Does the award date match the challenge timeline?
  • How advanced are their challenge analysis necessities?

As you customise your decision-making matrix, add extra questions that make sense to your group and challenge.

Evaluating Your Standards

Subsequent, it is time to decide the “weight” of the standards by making a numbering system. For instance, you would possibly consider every query or all standards on a scale of 1 to 5, or you can weigh some standards larger or decrease. Once more, the thought is to make it related to your group and scenario to search out one of the best funding alternatives for you.

The final step in creating the decision-making matrix is to establish your cutoff factors. Set up the vary quantities to determine if the funding alternative

  • Ought to transfer ahead to the technique checklist
  • Wants additional analysis or follow-up with the funder
  • Shouldn’t transfer ahead

Extra at GrantStation, a TechSoup Associate

To amplify your grantseeking effectivity and effectiveness, we at GrantStation provide our members a variety of sources. Our members acquire entry to the Determination Matrix, plus a personalised dashboard that permits you to protect, assess, and monitor grantmakers in your journey towards securing essential funding.

GrantStation members additionally get entry to a database of U.S. charitable, federal, and state authorities funders which might be actively accepting proposals and letters of inquiry.

TechSoup members can get a one-year GrantStation membership for simply $99 on February 13 and 14, 2024.


Extra Sources

Prime photograph: Shutterstock

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