Grant Management Best Practices

25 March 2020

Grant management, or a management plan, first and foremost includes all administrative responsibilities that must be completed during the time frame of a grant. When managing a grant, all promises must be kept that were made in the grant proposal, meaning that it’s important to stay in compliance with the terms of the grant, as well as to follow through on each deliverable and submit reports according to the requirements of the funder.

As George Mason University reveals, the federal government spends over $500 billion annually on grants-in-aid to state and local governments. Grant management, whether federal grant management, state grant management, private or another type, is more than just ensuring that all of the terms of the grant, sticking to the budget and any deadlines, however. It includes efficient program development and tracking and strategic planning as well as having the resources to ensure the process is managed smoothly. Managing the grant means working with your organization’s stakeholders to identify grant opportunities, develop strategies, evaluate projects that have been successful and implement specific grant awards. It requires working across departments, from working with those who implement all the details to the CEO.

Grant Management Best Practices:

A Grant Management Calendar

Creating a calendar that is specifically dedicated to management grants which every member of your team can access and work on will allow everyone to stay involved while staying on the same page resulting in improved communication and better accountability. It should include deadlines, progress meetings, and important dates.

Keeping Supporting Documents Organized

Staying organized throughout the year is key for optimal grand management. Be sure that all documents that support grant-seeking and grant-receiving efforts are kept well-organized. Keep answers that can be reused for common questions to save time too. A quality template will allow some of that work to be completed beforehand, in fact, as much as three-quarters or more of your funding proposals, before you even know which grants you’re applying for. Keep all financial records such as receipts, invoices, and contracts organized too, making sure everyone who needs this information can easily access it and update it when necessary.

Put Together An Archive for Grant History

Keeping archives of all grants can help you make better future decisions based on history while helping you save time when it comes to managing current grants. It should include critical details about all grants and funders, along with the kinds of programs that are funded, the usual range of funding, tax forms related to grants, any social media efforts, and notes kept during conversations. You’ll also want any previous applications you’ve submitted as well as contact details, information about the person who wrote the grant, amounts requested, and any amounts that are received.

Grant Tracking and Report

A grant management software system that efficiently tracks and reports everything is essential too. You’ll want something that provides checklists, status updates, regular reports, and reminders.

Providing Internal Progress Reports at Regular Intervals

Be sure that summaries on internal progress are provided regularly, keeping everyone in the organization and board up to date on the progress and current status of all grant-seeking efforts. That grant management software system you’ve invested in will mean the entire effort will be much easier, requiring just a few clicks.

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How To Start A Food Truck Business And Earn Money From It In 2024

Are you bored of your normal life? Why not spice things up a little? If you are someone who is intimately interested in the culinary world or is a budding food professional, 2024 might be the year for you! With the advent of uprising food businesses, there is increasing popularity for food trucks. Learning how to start a food truck business might be a very prosperous option for you this year. The food business is one of the largest growing sectors in the world. People try to establish several kinds of outlets of food and beverage here and there in expectation of earning huge revenue. However, there are many who will not be able to afford beginning with a properly laid out and structured establishment. This is mainly due to the strain on the budget and obviously finding such a place. What Is A Food Truck? I am sure since you have a keen love for food, you must have seen food trucks in your city. It is basically a big truck-like vehicle equipped with a kitchen to prepare and serve food. Being a Western concept, these food trucks are often found stationed outside malls and offices. This mobile eatery also functions by driving around through the city and parking in different areas to serve a crowd of hungry customers. In today’s world, people are always in a hurry and prefer convenient food. Thus learning how to start a food truck with an innovative plan and some balanced capital will put you way ahead in the curve. Important Factors Required For Knowing How To Start A Food Truck Business Although how much ever-interesting a food truck business might sound, setting up one isn’t very easy. You need to take your time and gather up severe knowledge about the industry. A man cannot succeed without facing obstacles in life and it is no different for you. You will have to face a lot of issues, go through struggles to finally establish your empire. But when you stand strong, facing all difficulties, and working hard, you will definitely find your way to enlightenment. 1. Business Plan Before you decide to earn some fortune in this sector, it is very important to prepare a strategic plan to take your business to the peak. You must dedicate most of your time researching and learning about each and every aspect of the industry. All of this knowledge must be injected into your business plan. You must always think about new and innovative concepts to get more and more customers and eventually maximize profit. 2. Capital Investment This is a very important factor one must keep in mind for knowing how to start a food truck business. You must set a budgetary plan in your mind and then spend accordingly. At the initial stage, you will have to make some basic capital investment on buying the vehicle, setting up the kitchen, and buying equipment. Other investments include costs of truck setup, advertising, printing menus, and other daily operational expenses. 3. Purchasing Vehicle Buying a new truck can prove to be costly. As regulated by health departments, food trucks must be fitted with special equipment for carrying out their operations. Thus, if you want to keep a balanced budget, you can try looking for second-hand vehicles that might save a lot on your pocket. For those who can afford, these days, pre-constructed food trucks are also found in the market. It can save you all the time and energy required for setting up a kitchen inside the truck. You can choose a larger or smaller truck depending upon what your plan is and how you want to implement it. 4. Menu Planning In the process of knowing how to start a food truck business, menu planning plays the most important role. If you have no idea about food, there is no point setting your foot in this business. Starting a food truck business indulging yourself in it is much more effective than putting all the responsibility on hired staff. Even some renowned chefs of the world take part in such activities. Having in-depth knowledge about food, you need to plan an interesting menu that can gain the customer’s attention. From tacos, burgers, and wraps to noodles, pizzas, and exotic dishes from around the world, anything can be served by your food truck. 5. Acquiring License And Insurance Comparably, this is the most difficult part of the process. Even if you are all set with getting your truck on the road, it would not be possible for you to run such a business without acquiring licenses. You must consider all the rules and regulations that must be in accordance with the operations of your food truck business. Truck permits, health department certificates, alcohol licenses, and parking restrictions are some of the very basic necessities. When taking part in such a business, a very important thing that you must do is contacting an insurance agent. With the help of a good insurance firm, you can get everything covered, beginning from your vehicle insurance to all other factors that might be a possible risk. 6. Analyze The Market Once you learn the basics of how to start a food truck business, you must make sure to get knowledge about the market. The market scene is one of the most important factors that will determine your results. When you set up your truck in a particular area, you must find out information about your competitors, learn about the type of customers present in that area, their preferences, and even the trends of the market. Having a sound knowledge about these factors will give you an edge over your competitors and will help you run the business smoothly. How To Create A Food Truck Business Plan? Every food truck owner should make and maintain a business plan. This should be the first concrete step you must take when starting a food truck business. Below, I will discuss how to create a food truck business plan. 1) An Executive Summary After all, an executive summary is a remarkable introduction to your enterprise. This should give you a brief overview of every business plan. This executive summary should also be as concise as the details. This will be discussed in several other sections of the entire plan. 2) Market Analysis Market Analysis is another remarkable part of creating a food truck business plan. In this way, you can know the target customers' requirements. Even more, you can earn significant things such as attracting your customers. In addition, this part should also explain how your business will affect the current market value. This is also significant in highlighting direct and indirect competition. 3) Organization and Management Another thing that you must have required is to create a food truck business to organize every document of a trade. These are legal documents, business finance documents, insurance, etc. Here, you must create a long list of such owners and their percentage of ownership. 4) Company Description A company description is an essential part of starting a food truck business. It would help if you described who you are and what will define you as an enterprise owner. Furthermore, it would help if you told us the niche you are filling and why your customers will choose to go over the competition. 5) Marketing and Sales If you want to expand on your marketing strategies, marketing, and sales are other significant factors. You must explain how you plan to spread the word about your trade here. Furthermore, you must identify every marketing platform, such as social media, a website, or a paid advertisement. You can also plan for this and how to gain an edge over the competition. 6) Funding Request After all, funding requests are a required section, especially for food truck entrepreneurs. This applies especially to those seeking investment funds or several other types of outside funding. You must specify how much money you are asking for and how you would describe it. The Advantages Of The Food Truck Business: There are several advantages of the food truck business. Do you know what they are? Below, I will discuss the benefits of the food truck business. Business Ownership There are numerous tax advantages of business ownership. Running any business takes time to own or even run. But at least there is some relief on the tax front. Freedom While choosing menu items, the vendors you like to leverage, your workers, and the events are just some of the freedoms. This happens if you are enjoying the food truck business as an owner. You could also control your social media and marketing platforms, schedule, and ruling. Virtual Kitchen It is sometimes hard to bring revenue from a physical business. That is why people have recently become concerned about running a physical store after researching that virtual kitchens need more proximity based on the large numbers of customers and how a virtual kitchen is still more significant in generating revenue and profits than a physical business. Final Thoughts The food market has witnessed an unimaginable transition in the recent few years. In such an era, knowing how to start a food truck business will prove to be an asset for you in the foreseeable future. Being behind the range will also improve your culinary skills. You can then serve the most delicious food in the entire city. Once your wheels are on the go, start considering expanding your business to the next level. Merchandising and advertising on social media can be some good ideas that you can acquire. There you go; you have it all now. Well, I can see you as one of the upcoming most prominent business tycoons of the world! I hope you find this article. In case you have doubts then please comment below! More Resources: Launching a Business? Hire These 5 Professional Services for Help Top 5 Mistakes B2B Businesses Should Stop Making Right Away Basic Small Business Tips for Noobs Who Want to Start a Venture in 2020

VAVE Cost Reduction in Business – Its Importance & Benefits

VAVE stands for Value Analysis and Value Engineering. This is actually the method of eliminating costs in any process development process. But from where this engineering comes in, or what are its major roles? Actually, the regularly increasing price and cost pressure are encouraging product development towards innovative options. Now, businesses are also searching for ways they can improve their process and reduce unwanted costs through the help of value analysis. Let’s discuss this below in detail. What Is VAVE? - All You Need To Know Value Analysis and Value Engineering ( VAVE or VA/VE) is a problem-solving methodology that uses two effective processes for optimizing the value of goods or services. Value Engineering is sometimes used as a synonym of Value Management, and both promote the planning and delivery of projects. The rewards of Value Engineering can extend to supply chain improvements; it enhances revenue and increased manufacturing efficiency. Moreover, this engineering is sometimes taught within architecture, industrial engineering, or project management. This analysis varies from one project to another, and there is no solution that fits all. It also covers many levers for EBITDA improvement: product teardown, product benchmarking, Voice of Customer (VoC), cost of poor quality (COPQ), direct supplier participation voice of the shopfloor (VoS), level of vertical integration, value proposition heat map, competitive landscape, market analysis, etc. Why Is VAVE Important? VAVE is vital for businesses because it helps reduce costs and improve the quality of the products. It also allows the company to increase its effectiveness and efficiency in the long run. VA.VE can also be defined as a tool to improve cost efficiency by evaluating the functionality of a product. The best thing about this analysis is that it reduces unnecessary costs without compromising its efficiency and quality. You can also evaluate your performance and can obtain a clear picture of the components that are not truly important and remove them in order to decrease costs. VAVE Benefits Value Analysis and Value Engineering (VA/VE) is important as it identifies possible problems and suggests improvements that should be made in the company. Therefore, let’s discuss some of the top benefits of VAVE for your business. Improve design Improve brand image Encourage new ideas Minimizes costs Maintain high quality Develops fresh technologies to use new technologies Value Analysis Vs. Value Engineering - Differences Between Them Value engineering and value analysis play an important role in a business. This analysis simplifies the process, but you must be creative and specific. So, let’s now discuss the difference between this analysis and engineering. Value Analysis Value Engineering This implies analyzing existing products This appears during the development of new products This is actually a cost reduction before a product that is already in production This is actually a cost reduction of a product before production. This technique is used to identify the functions of a product and provides them with the lowest cost. This process refers to the design stage. VAVE Cost Reduction Steps You Need To Know There are some VAVE cost reduction steps that you need to know and to save your time and effort, we have discussed the same below. i). Prepare For Long Lead Times The first step is to prepare for the long lead times because, in the future, there might be a component shortage that can extend for another year or two. Actually, value refers to the ratio of the function of cost, so you must maximize the value of the product by minimizing the value of the costs. ii). Optimize Your Bill Of Materials Another way to reduce your costs is to optimize your bill of materials. However, you need a team of experts here to look at your product BOM and optimize it for mass manufacturing. You can generate new ideas for improvement and find great alternatives so that the project can perform the same functions. iii). Present Improvements It is very important to present improvements to your head. The improvements will help the company in its growth and development. Furthermore, this can improve the sales and revenue of the organization to a great extent. For this, you need to determine the areas of improvement and aim that your team understands the process. iv). Generate New Ideas The last step in VAVE is to generate new ideas for improvement. For this, you must develop new improvement ideas and find great alternatives. You must also identify the primary and secondary functions of the project and determine ways to improve the same. The Final Verdict VAVE is an important term of the cost reduction process of a company. By doing this analysis, a company can understand the useless business practices and how to replace them with new approaches that will bring the desired results. Besides, let me know your doubts in the comment section below if you have any regarding Value Analysis or Value Engineering (VA/VE). Read Also: Guide on Choosing the Right EQMS Solution How Brands Use Net Base for Deep Social Media Analysis Gait Analysis: What It Is, And Why Every Runner Needs One 5 Tips For Transport & Logistics Business Owners Before Investing In Insurance 7 Rules of Effective Ecommerce Web Design

7 Best Employee Recognition Awards Ideas For 2021

When you are running a business, your employees become your assets. If your employees grow, so does your organization. Hence, it becomes very important that you take care of your employees. Custom employee recognition can be one of the best ways to make your employees feel comfortable and encouraged working in your organization. Showing your employees that they are being valued for their hard work and reward them accordingly will help your business in the long run. The key to achieving this goal is understanding Employee award wording ideas. If you can develop the best and innovative ideas, you can boost your employee's morale and motivation. Why are Employee Recognition Awards Important? It has been seen that the employees who have been appreciated by their organization are more likely to feel satisfied with their work. Once you start encouraging employees for their good work, you will see a boost in productivity. As we have started cruising through 2021, we hope that this is the best time to understand employee recognition's importance to boost your business productivity this year. Fulfilling Careers Workplace loyalty is not derived from the job. The workplace environment and fulfilling careers nurture it. According to a report, it has been seen that 78% of the employees agree with the fact that they will stay with the currency employers if they know they have a career in this organization. With employee recognition, you can motivate your employees and ensure that they see your organization as the best career opportunity rather than a job. Respect Knowledge Everyone works hard to build their skills set and expects others to respect that. According to a report, almost 53% of the employees believe that if their knowledge and skills are being respected, they will spend more time with the respective organizations. Understanding Progress Yes, goals are important. But that can only be achieved by understanding the working process. Employee recognition is not limited to big win; it can also support and nurture the next generation of employees in your organizations. Best Employee Recognition Awards Ideas There are multiple ideas that you can adopt to recognize your employees. We have prepared a handful of them. Let's explore. 1. Formulate A Proper Plan To Recognize Your Employees Before you can prepare yourself to recognize your employees, you need to formulate a proper plan to track their achievements. Remember that these awards programs and recognition events are not just for show. They are meant to boost your employee's morale and the organization's productivity. Hence, it becomes very important that you figure out an appropriate strategy. Do not forget about your work culture. Employees' recognition ideas should be relevant to your work culture. 2. Celebrate Employees Birthdays Birthdays are the best event to make your employees feel special. You can start targeting your employees' birthdays. This will make them feel special and a part of the organization. When you celebrate your employees' birthdays, they will feel connected to the organization on a deeper level. This practice can make them feel an inseparable part of the organization. This will act as a driving force and help them to boost their productivity. Even a small event like celebrating employee's birthdays can motivate them to give their best performance to the organization. 3. Cheers From Peers Creating the best working environment is the role of the pers. The working environment should be like this where the co-workers can celebrate the achievement of the other co-workers. And when the time calls for it, they stand alongside the organization's bad times. This will ensure that the whole organization can perform as a team and bring positive results day in and day out. 4. Reward Them With Trophies Every sport has trophies. These trophies change hands every year depending on the champions. You can use the same concept in your organization. This practice will motivate your employees to be the best in the organization. Once they know what they can achieve by working hard, they will try their best to achieve that goal. 5. Collect Employees Feedback We have hardly seen any organization taking feedback from the employees. Feedback is a necessary part if you want to improve your organization as a whole. Taking feedback from the employees will give them an idea that their views matter in the organization. You can take feedback on the followings: What do they feel about the organization? What do they think needs to be improved? What drives them to work for you? What will drive them further? Ask your employees these questions, and take their answers as suggestions. This practice will kill two birds with one arrow. Not only are you getting valuable feedback, but you are also getting to know what your employees think about you and your organization. 6. Public Your Appreciation Recognizing your employees is a good thing but recognizing them in public is even better. You must devise a perfect appreciation program where you or the employee can recognize the best performer among the employees. By appreciating the best employee in public, you are not only boosting the morale of the employers, but you are also giving them a goal to achieve. The public execution of the appreciation shows that you are confident in your employees and want others to step up their game and reach this podium. 7. Track Team Wins Every organization has several teams, and every team competes among themselves subconsciously. You must track your team every year and award the winning team. This will not only help you understand how other teams are performing, but you will have an idea of how the organization can improve. Working with the team will help you understand the working of your organization, and you will know what you need to expect from them. This is a perfect device to find out non-performing teams and motivate them to work better. Conclusion From the points mentioned above, you now know how employee recognition can help you develop a perfect plan for your employees' recognition. If you want to cope with the market and stand back on the feet again, employee recognition might play an important role. Read Also: Why In-Company Training Results in Better Employees 3 Steps to Hire the Perfect Employee What Are the Ways to Prepare a New Employee? Possible Reasons Why Your Employees Aren’t Too Productive and What to Do About It How to Increase the Safety of Your Employees

Grant Management Best Practices

Grant Management Best Practices:

A Grant Management Calendar

Keeping Supporting Documents Organized

Put Together An Archive for Grant History

Grant Tracking and Report

Providing Internal Progress Reports at Regular Intervals

What Type Of Inflatables Should You Opt For At Your Business Event

Establishing Your Online Tone of Voice

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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How To Start A Food Truck Business And Earn Money From It In 2024

VAVE Cost Reduction in Business – Its Importance & Benefits

7 Best Employee Recognition Awards Ideas For 2021

Grant Management Best Practices

Grant Management Best Practices:

A Grant Management Calendar

Keeping Supporting Documents Organized

Put Together An Archive for Grant History

Grant Tracking and Report

Providing Internal Progress Reports at Regular Intervals

Share this Article

What Type Of Inflatables Should You Opt For At Your Business Event

Establishing Your Online Tone of Voice

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply Cancel reply

Popular

Follow Us

Recent

Related