Certain important qualities in a business plan make it far more likely to find financial backing. Here are some of those qualities which are equally important for grant proposals as well.

1. It fits the business need

You have to start with whether or not the plan is going to achieve its business purpose. Some plans will sell an idea and a team, others will sell a research plan, and yet others will sell a service that will be undertaken for constituents. A good business plan fits the business need. Equally, your grant proposal should parallel the institutional mission. It should achieve the objectives or the goal in systematic and measurable increments.

2. It’s realistic and can be implemented  

You do not get points for ideas that cannot be implemented. You may have a brilliantly written and excellently researched business plan for a grant. However, if it does not have a management plan or team to manage implementation, it will not get funded. This proposal will not fare well with the donor, and the lack of feasibility may be the fatal flaw that will get it rejected.

3. It’s specific – you can track results against the plan

Measurable objectives are driven by outcomes and can be tracked against your goal. They will keep you on track to achieve your tasks, deadlines, budgets, and evaluation. Good planning requires specifics about who, what, when, and how much. Your plan of operation will include activities, timelines, personnel, outcomes, evaluation, and budgets. In other words, it will be specific and all the pieces will fit together like a puzzle.

4. It clearly defines responsibilities for implementation

You have to be able to identify a single person who will be responsible for every significant task and function. A task that doesn’t have an owner isn’t likely to be implemented. In a good business plan or a grant proposal, you can distinguish a specific person responsible for implementation at every point.

5. It clearly identifies assumptions

Since a proposal and a business plan are both guessing the future, they must clearly show assumptions and discuss alternative plans. Not thinking about the unexpected may lead to failed plans along the way. You will need to identify assumptions and outline alternative paths, in case the original plan does not unfold as initially envisioned. This demonstrates that you have projected into the future and developed plans that will lead to your ultimate goal, which is the effective completion of the project.

6. It’s kept alive by a regular review and follow-up

The evaluation process must be ongoing and measure the effectiveness of the activities at various stages. It has to bring the planning process with it, meaning regular review and course correction. This demonstrates that accountability will take place during all stages of the proposed plan. A large percentage of your success depends on regular review.

A plan that is simple, easy to read, and reflects the above qualities can sell even the most complex research grant ideas. The common denominator for both grant requests and business plans is that they are specific, measurable, achievable, realistic, and time-bound. At the end of your proposal, you should ask the following questions: Is the plan realistic? Is the budget reasonable? Are the milestone dates feasible? If the answers are yes, then you have created a proposal with a sound and cost effective business plan.

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Unless the directions in the Request for Proposal (RFP) specify otherwise, you will probably have three objectives that will answer the following questions:

• Who will benefit? Who will be the target population that will benefit most from the program? If, for example, your objective is to reduce obesity by 10% in a certain population, you will have to be precise about the level of obesity, the age of the population, and other exact factors that relate to your group.

• Who will participate? Explaining the criteria you’ll use to select participants and how you will handle those who must be turned away, will further define and clarify your population. If your selection is mandatory, then there is no need for an explanation, but if it is not, your choice will need to be justified.

• How many will participate? Describing how many will participate and benefit from your intervention adds an additional component to the objective. It is important to state the sample size of your target population and why you decided on that number.

• What is the time period of your intervention? How long it takes to achieve your objective will be determined by your approach, sample size, and number of activities

• What is the approach you will use? Evidence-based approaches are most desirable for they are validated by substantial evidence derived from rigorous research. For example, what evidence demonstrates the relationship between exercise and reducing fatigue as a side effect of cancer treatment?

Below are three illustrations of incomplete and complete objectives:

Example 1

Incomplete objective: Increase the mentoring of students who do not meet the standardized reading criteria.

Complete Objective: Increase the reading level of 500 students to meet the state level of standardized reading via three one-on-one, two hour per week mentoring programs, over a six month period. By the end of the grant, 500 children will be able to read at the standardized state level for their age group.

Example 2

Incomplete objective: Develop an environmental health data management plan.

Complete Objective: Develop an information management plan by July 31, 2016 that describes how to identify, store, analyze, and collect environmental health data.

Example 3

Incomplete learning objective: Reduce the obesity rate of all adults enrolled in the obese reduction program at Good Samaritan Hospital by 10%.

Complete learning objective: Reduce the obesity rate of disabled adults ages 18 years and older, who are enrolled in the obese reduction program at Good Samaritan Hospital by 10% by December 31, 2016.

Setting measurable objectives is the cornerstone of the strategic approach you need to take to execute your proposal. These objectives will be developed following research and situation analysis and will determine your activities, timeline, personnel, and budget. All too often, incomplete objectives lead to incomplete evaluations and outcomes. Specific, Measurable, Attainable, Relevant and Time-bound (SMART) objectives define the direction of your proposal.

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