As a small business owner in the UK acquiring government funding for your small business may mean the difference between the success and failure of your business.
Being able to provide the government agency with everything that they are looking for right away is the best way to ensure success with your applications.
In many cases, government funding agencies want to see the following:
- The completed application
- A copy of the formal business plan
- Financials for up to 3 years (or Project Financials)
- A PitchDeck presentation
While these do not have to be in a specific format, being able to provide everything that is needed by the funding agency you’re applying to can make all the difference.
The truth is, applying for government funding is a competitive task.
You will not be the only applicant and each government funding agency only accepts a limited number of applications. Ensuring that you provide as much as possible to be included in that list and that what you submit is appealing, is critical to your success.
One easily missed part of any application is a PitchDeck presentation.
In most cases, a PitchDeck presentation is considered important only when applying for private investors. However, more and more government funding agencies are requesting PitchDeck presentations that summarise the business model, show the potential of the business within the industry and describe its funding needs.
The PitchDeck presentation acts as an icebreaker that can either push you forward or stop you in your tracks.
Government funding agencies are busy and lack the time and manpower required to go through hundreds, if not thousands, of business plans that range from 10 pages to 100+ pages in length to determine which applicants are suitable and which ones are not.
Remember, the government funding agency is technically an investor in your business – so they have to pick the applicants that can provide a return on their investment, one way or another.
This is where PitchDecks come in.
A PitchDeck is a brief presentation of 10 to 15 slides which shows the visual side of the business and presents the business plan in a summarized, visually-appealing format.
Think Dragon’s Den and PowerPoint presentations.
Creating a PitchDeck
When creating a PitchDeck, it is safe to assume that the reader or viewer of the presentation will spend a maximum of one minute per slide at most, so keep that in mind when you are filling each slide.
Summaries work best!
Bullet points and images (infographics, flowcharts etc.) are easily digestible for readers that have been going through similar applications all day.
It is important to take the time to create your PitchDeck. Instead of throwing something together just because a funding agency “wants to see it”, take the time to create something that is easy to understand and visually appealing since it is often the first thing funding agencies look at when deciding whether or not to read your business plan.
These 10 to 15 slides are key in order to showcase the best of your business and engage the PitchDeck reader toward the next step – reviewing your full business plan.
The slides should contain a clear explanation of the following:
- Your business model
- The problem your business addresses
- Your solution to the problem
- How you generate revenue
- Your products or services
- Your Team
- The market (customer, competition etc.)
- Your growth potential
- Funding needs
- Request for funding (thank your reader and provide your contact information)
With these slides, you should be able to summarize your entire business model and show the funding agency what you need.
It is important to remember that the PitchDeck does not replace the business plan, but instead complements it. Your PitchDeck should show and summarize key points of your business plan but ultimately call to the plan for more details.
As the applicant for any government funding programme, you want to show the agency that you have all that you need with the PitchDeck and then sell the business further with a detailed business plan.
The costs of a properly developed PitchDeck can range from £300 to £850.
A professional and presentable PitchDeck will have a visually appealing design, a clear and understandable summary of your business model and should not be too riddled with text.
If you are looking for an easy and affordable way to create a visually appealing PitchDeck to present your business to the various government funding agencies, the creative team at UK Startups can help. Contact an expert here.
A PitchDeck is the new way of applying for government funding that is becoming increasingly expected. Pairing a well-developed PitchDeck with a formal business plan can greatly improve your chances of success in securing the funds you need for your small business.