Right time, right place

The TCF Small Business Program is serious and, even before deciding to apply for funding, there are a lot of things that business owners need to think through, writes Dominic Beirne.

The first thing you need to be very clear on is that the program is not an easy cash injection for your business. If anything it will cost you money as your co-contribution to the project will take some cash out of the business that may have been earmarked for day-to-day operations.

The purpose behind the spending is to improve the Enterprise Culture of your firm, and there are very clear guidelines as to how granted funds are to be spent, as the funding cannot be retained within the business to meet standard operational expenditure. This means that you need to do some real soul searching on what tools and expertise will best allow your business to grow and prosper.

An enterprise culture is not just a new computer system, business plan or distribution channel. It is not a new process or strategy to follow and is not some sort of lip service approach to a management ideology that is the latest and greatest business fad. Enterprise culture is a combination of tools, processes, people and strategies and also includes aspects such as staff training, supplier and customer management and using appropriate decision-making tools to grow your business effectively and efficiently.

The development of an enterprise culture requires you to approach your business as an investor and use similar decision-making and analysis techniques on your business, as you would expect any large corporate enterprise would within their business.

Once you have genuinely identified a project that can help grow your business then your next step is to measure your goals against the criteria of the grant selection process. It is important to note that there is both a finite amount of funds available through the program and a time limit for project completion so the process is competitive. You only have one year to complete it so don't try and bite off more than you can chew.

Remember the only thing we can never get back is our time. Your project must address an overwhelming business issue, backed by a compelling argument for doing it and most importantly of all be succinctly presented for AusIndustry's evaluation team to understand the issue and see how the funding process will add more value to your business than a competing project in someone else's business.

To achieve these elements you need a strong understanding of the grant submission process and of course the best way to achieve this is to work with a grant submission consultant who knows the scheme, unless you want to learn about the scheme yourself as well as run your business and develop your submission. But how do you select a partner who can help you navigate this minefield?

Many organisations that can assist with grant submissions are also providers of business process and enterprise culture consulting so should be able to provide a quote for the work required under successful grant funding.  Keep in mind the dynamic pace and niche personality of Australia's TCF industries are unique and you will be best served by working with a consultant who both knows these industries and understands your business model. You can't afford to waste time and money teaching someone the industry's idiosyncrasies and it's needs or indeed getting their head around the intricacies of the TCF Small Business Programme. You must work with someone who can hit the ground running.

It is really important that you understand the demands that both applying and participating in this project are going to have on your time and cash flow. Any project is extra work on top of your current organisational workload. When putting together your submission make sure - whether doing it yourself or working with a consultant - that you arrange for your day-to-day duties to be covered while you create and implement your new enterprise culture. Now is when the old maxim - Work on your business not in it really applies.

If you are successful in receiving funding you will need to maintain some distance from daily operations throughout the year, and develop your business over the next twelve months to the extent that you will never again be in a position that you must actively work in the business.  You will have third party organisations working with you during the period and in addition to internally managing the culture change you will need to manage and direct these organisations as well as provide the information and accesses they need to successfully deliver on time. But it really isn't as onerous as it sounds.

The consultants are the key to your success with the programme, and it starts with the initial project planning. Professional consultancies can help you obtain the funding in the first instance, as they are more familiar with the submission process, by developing the grant proposal on your behalf. Check their track record. Suppliers of Enterprise Culture consulting will deliver the project, manage other suppliers - such as IT vendors, marketing professionals etc - and handle all reporting and departmental interactions for you to ensure that you gain the desired benefits from the program and achieve your stated project goals.

Switched on and connected consultants will often be able to recommend other delivery partners suited to our industry, and your project, who have a great history of installing deliverables on time. Check them out. Get references from their clients, meet with them to ensure you can work together and go with your gut feel. This is a major step for you and for your business and you must only work with people you trust and feel comfortable with.

I'm not trying to turn you off applying for funding under the TCF Small Business Program. I have seen first hand the changes that this funding has made to businesses our firm has worked with and it fills me with joy whenever I walk through the door of any of these companies. The program is fantastic and has the power to help move you from a small business just finding its niche to a strong organisation confident in its offering and position within our fantastic industry. 
You must take the time to work on your submission and clearly articulate your goals if you are to have any chance of gaining funding.

If your submission is successful and you make the right choices regarding who to work with developing and delivering your new enterprise culture project then you have an even better chance of growing your business in a meaningful and fruitful way.

Dominic Beirne is the managing director of consultancy firm Australian Fashion Partners and a former treasurer and regional director of Fashion Group International (Sydney). He has previously worked as a fashion agent and wholesaler and he has a family history in department stores throughout Queensland.