Groundwork
Introduction
Preparation, I have often said, is rightly two-thirds of any venture.
Preparing in advance can make applying for funding less daunting and less stressful particularly when there are short timescales or deadlines to be met. The aim is to have most of the information you need to hand so that it can be applied to any opportunity that appears.
For LVEPs, preparation means adhering to and implementing the principles of good destination management and good business practice. An LVEP that has a well-developed business plan, a prepared social value statement, clarity on the stakeholder landscape and their subsidy control (state aid) status, for example, can respond quickly and comprehensively to questions that a potential funder may ask.
Much of the core information outlined below can be prepared in advance of any funding opportunity landing on the desk. Documents can be kept on file to be updated and tailored to specific opportunities.
An extra benefit of good preparation is that it helps LVEPs to pass ‘due diligence’ checks which are carried out once the decision to award funding has been made but before a formal offer is made.
Checklist: Core information and documents
| What | Why |
|---|---|
| Asset register | Maintaining a detailed list of all business assets is not only an important management tool, but can be essential when applying for funding, for example the organisation may need to own an asset if they are applying for capital funding to develop it. |
| Business plan | A business plan can be required as part of an application or as a supporting document. Even if the plan isn’t requested, having a plan helps an applicant to articulate why they are requesting support and what they will use it for and to back up their request with evidence of need. LVEP business plans will, in most instances, be closely aligned with the destination’s management plan. |
| Communication networks | Communication networks are important to the day to day life of an LVEP, but they are also important in securing funding: they are used to gather support, demonstrate to funders how information will be shared and disseminated, and illustrate to the coordinating role of LVEPs in their locality. |
| Data handling and privacy policies | Funders will want reassurance that you can protect personal data and are compliant with the law. Data issues can have reputational impacts on companies and funders, and they will want to avoid this. You may need to provide information about your processes at application stage, particularly if you plan to gather consumer data and deliver training. |
| Destination management plan (DMP) | A destination management plan reassures funders that their money will be used to address a challenge or make an improvement that is supported by all stakeholders in the destination. The plan provides essential context on why support is needed, what it will achieve and how it will make a difference. A plan will often contain information or data that can be used to back up an application e.g. growth targets, target markets and so on. |
| Equalities impact assessment | Evidence of an Equalities Impact Assessment may be required to secure funding when the funder wants to make sure that the organisation is adhering to The Equality Act 2010. The assessment is an evidence-based approach to help organisations ensure their policies, practices, events and decision-making processes are fair and do not present barriers to participation or disadvantage any protected groups from participation. |
| Evidence base | Making a statement is not enough: you must be able to back up what you say with facts and proof. For LVEPs gathering evidence about the performance and needs of the destination is a regular activity and a central part of destination management planning. The evidence you are most likely to need includes: the volume and value of tourism to the destination, the product offer and product gaps, consumer demand for what you offer, market trends and the needs of the local industry e.g. skills, digital capability. |
| Limited Company accounts | Company accounts should be submitted on time because funders will check you out as part of their due diligenceprocess. Late accounts could be a red flag when a public authority carries out checks with Companies House. This point relates to any LVEP operating outside of a public sector structure, including private companies, not for profit companies, community interest companies and public/private partnerships. |
Partners | Many funders require applications from a partnership of organisations, or alternatively a demonstration that the main applicant has the support of its partners. Partners can provide tangible support such as match funding or evidence to strengthen an application. Ideally, a strong partnership means that partners know about and understand the priorities of each other, so they are able to respond to questions around strategic fit. |
| Personnel information | Funders usually want to know about the people involved in the management and delivery of activity that they are funding. Preparing and maintaining short biographies of CEOs, directors and managers in the organisation is useful preparation. Include information that is relevant to funders e.g. experience in delivering externally funded projects. |
| Social value statement | Companies are increasingly judged, and awarded contracts or grants, by demonstrating the value they bring to the economy, communities and society. The common term to describe this is social value. Preparing a social value statement for your organisation is not only good business practise it is a way to communicate your value and values to stakeholders and help secure funding, particularly form the public sector. |
Subsidies register | When applying for public funding you may need to itemise public funding previously received to prove your eligibility for new public funding. This is because of rules governing use of public funds to support sectors and businesses. Keep an up to date list of the subsidies you have received, including the value and the terms under which it was provided e.g.block exemptions, de minimus. Record all forms of subsidy. |
| Sustainability (CSR) statement | Preparing a sustainability statement for your organisation can be useful to secure funding especially if the fund’s purpose is to help a destination or organisation to transition to a sustainable model. Sustainability can be embedded in a corporate social responsibility. |
| Track record | Many LVEPs will have secured funding from a variety of sources over time. Maintaining a list of what has been received in the past, what the funding was for and how successful you were at delivering is important information to add when you are asked to demonstrate your track record. This information is related to your history of receiving state aid but goes further because it demonstrates your credibility as an organisation to receive further investment. |
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