Many small businesses look for funding or grants at some point during their life cycle. These are not always easy to access, and success can vary widely from industry to industry.

With good timing, good fit, advance planning, and the ability to roll with the punches, your likelihood of approval is that much higher. If you follow these simple tips, you’ll be much better prepared to apply for funding and much more likely to succeed.

1. You Must Have Good Timing

When trying to access Canadian small business grants, the most common two challenges are timing and fit. Your company may have just started a new project, or recently purchased a new piece of equipment that has enabled you to expand into new markets. Or, maybe you’re looking to attend a trade show in New York City next week and want to know what funding is available.

If you don’t plan well in advance, the timing might not work, since funding usually requires pre-planning and approval before a company can carry out their proposed project. Thus, good timing is crucial to access the grants for small business that are out there.

2. Look for Grants with the Right “Fit”

When it comes to fit, certain companies have better chances of accessing funding simply because they fit with government priorities of the day. What’s more, when administering business funding grants for small business, government usually looks for companies that have been incorporated long enough (that is, 2-3 years), and that are big enough (ideally 10-15 employees) to take on the kind of projects that funders are interested in. So, timing isn’t enough, your company must also be a good fit with government objectives.

3. Plan in Advance

Business owners with well thought-out strategies are always better positioned to take advantage of grants for small business. Why is this? Because these companies have identified in advance what their priorities are and when they’d like these to be accomplished. This makes it that much easier to find appropriate grants for small business to support them. At the same time, advance planning provides enough time to build strong funding applications and enough time to implement desired projects.

4. Keep Trying & Don’t Give Up

The most successful companies realize that government funding is cyclical. With a few exceptions, grants for small business are not retroactive and funding programs usually open at specific times of the year for limited periods. For example, some funding sources receive an allocation of funds at the beginning of the fiscal year and consider project submissions until the annual allocation runs out. Knowing when and where the money flows is just as important as planning in advance.

Accessing grants for small business doesn’t have to be a difficult process. With good timing, the right fit, and planning in advance, securing funding for your small business will be much easier. Then, you can attend as many trade shows as you want, with your funding secured well ahead of time.