Don’t burn through capital in the wrong area’s – your IP team will help with that.
Manage costs effectively by budgeting for all all contingencies at the outset to ensure there are few surprises as you progress. If new Product Development is involved it always throws up surprises so always keep additional funds on hand to cater for contingencies.
Allocate funds wisely across various categories to enhance resource utilisation. This will be particularly impoprtant with grants appluications and accountability.
Make pre determined financial decisions that align with your business plan and development process. Try and stick to these plans as best you can.
Prepare for future marketing and growth by establishing a strong budget for each step of the process. This will also be dependent on your grant application amount and timing.
Once you have been successful in one or several grants and also your tax incentive has been approved careful planning and strategic record keeping is required to ensure you comply with all required procedures.
Whilst the ATO Incentive Scheme is claimed after the end of the financial your the grants process is different.
The grants and there may be more than one, two or more all require strict bookkeeping procedures and reporting to comply with grant undertakings.
Grants funding is usually released progressively once certain milestones have been reached.
Your Grant Works Team can manage this whole process in conjunction with your bookkeepers to ensure compliance. We also work with your accountant as required.
The whole process runs smoothly if all the rules are followed and milestones are met.
Grant amendments may be made but are discouraged.
Once again experience and knowledge is everything.
We look forward to working with you!