Philanthropic activities are not just for large organisations any more! Startups are increasingly recognising their roles in social responsibility. This is a win-win situation for everyone involved – the business receives a positive reputation, while having positive impact on the local communities. So, the only thing left to solve is how to do it more effectively.
This is where grant management systems, or CSR software, come into play. They can significantly improve the processes associated with philanthropic initiatives for both large companies and small startups. Here’s how:
Streamlining grant application processes
Grant management software can automate a large part of the grant application process and related tasks. It allows companies to handle the applications more effectively, centralising all of them into a single platform and making the process much more organised. Additionally, the software allows the creation and selection of pre-made templates, which can be customised each time. As such, it reduces the time and effort associated with handling the grant applications.
Enhancing efficiency and reducing costs
CSR software automates a number of other repetitive and administration tasks, which can be very time-consuming. For example, tracking of applications and financial reporting can be hugely streamlines, which therefore enhances operational efficiency. This also results in cost savings for labour-intensive tasks, which is particularly important for startups with limited budgets. They can then use these funds to maximise the impact of their philanthropic initiatives.
Improving compliance and accountability
One of the main benefits of grant management software is its regulatory compliance features. They typically offer such functionality as audit trails or standardised reporting templates, which help startups ensure that they meet all legal obligations. By doing so, businesses can increase their transparency, creating an environment of trust. This also means that startups can further save costs on hiring third-party legal support.
Data-driven decision-making
Typically, companies rely on data to not only measure their social impact, but also guide future decisions for philanthropic activities. Grant management software makes this process much simpler by offering real-time data analysis and reporting tools. It can provide useful insights in just a few mouse clicks, allowing businesses to make data-driven and timely decisions quickly and efficiency. This data can also be presented in the form of visual dashboards, that can be viewed regularly.
Fostering collaboration and engagement
Startups that use grant management software also notice an increase in collaboration and engagement, both internally and externally. Since the system is highly centralised, all stakeholders can access relevant information or updates about their philanthropic efforts in their own time. This allows them to be more involved in the process and increases the sense of collaboration. Likewise, with a dedicated employee volunteering platform, startups can engage and encourage their teams to become an important part of the company’s philanthropic activities.
Conclusion
All in all, grant management software is a useful tool for organisations of all sizes, as it automates and increases the efficiency of grant-related activities. However, startups, in particular, can benefit from this software due to the cost and time saving that it offers.
