Insight: How project managers can help clients obtain funding

Nov

Read time | 3 minutes

In partnership with Drees & Sommer, our director, James Peake, gave insights to Procure Partnerships Framework - resulting in a helpful guide explaining how project managers can help clients obtain the critical funding they need for bringing their projects to life.

The Challenge

Securing funding for your projects can be a complex and challenging process.

However, with the right approach and expertise, project managers can significantly enhance a client’s chances of obtaining the necessary funds.

Understanding Public Sector Funding
Public sector funding often follows specific guidelines and models such as the HM Treasury Green Book’s five case model, making navigation complex. Understanding eligibility, preparing proposals, and ensuring compliance requires expertise, this is why engaging qualified practitioners is crucial.

Why Preparation and Feasibility is Key to Obtaining Funding
The availability and type of funding differ greatly across the public sector. Therefore, researching local, regional, and national government grants is essential to identify funding programs that best align with the project’s goals. Once a desired funding program is identified, the Project Manager engages with the project team to conduct thorough initial evaluations and feasibility studies in line with RIBA stages, from stage 1 design and cost estimations to also considering operational and economic feasibility

Key funding stages

Key funding stages can be supported by our Project Managers in the following ways:

Initial Consultation
Hold a meeting to understand project goals, funding requirements, and timelines. Then conduct a feasibility study to assess the project’s viability.
Project Planning
Create a project plan that includes objectives, strategies, timelines, and budget to ensure the project aligns with public sector goals and priorities.
Funding Research
Research and identify relevant public sector funding programs, grants, and subsidies.
Application Submission
Complete and submit funding applications according to the guidelines and deadlines of each funding program.
Stakeholder Engagement
Engage key stakeholders to gather insights, secure buy-in, and build commitment, strengthening support for the funding application.
Proposal Development
Draft detailed proposals tailored to each funding source, highlighting the project’s benefits, alignment with public goals, and financial projections.
Funding Agreement
Finalise and sign funding agreements, ensuring all terms and conditions are clearly understood and agreed upon. Ensure compliance with all funding requirements and regulations.
Implementation & Monitoring
Implement the project according to the plan and provide regular updates and reports to the funding agency on the project’s progress and financial status.

What if things don't go to plan?

If a client is unsuccessful at obtaining funding, the Project Manager can help in several ways:

Re-evaluating the project
Project Managers may revisit the project’s scope, budget, and approach to make it more appealing for future funding opportunities.

Identifying alternative funding sources
If traditional public funding is not available, Project Managers can explore private sector funding, partnerships, crowd funding, or other non-traditional funding models.

Cost optimisation
Project Managers can identify ways to scale down the project or phase it, reducing upfront costs and making it more feasible within budgetary constraints.

Engaging stakeholders for support
Project Managers can work with local governments, agencies, or advocacy groups to rally additional support or seek sponsorships.

Reapplying for funding
Project Managers can assist in revising the application for funding, ensuring it addresses the feedback from the initial rejection and improves its chances for approval in the future.

Download the full guide here.