How to Pick a Provider

Social Investment Business

If you are looking for investment readiness funding from Big Potential then it’s likely you’ll have come across the programme’s providers. But who are the providers? And how do you decide who to work with? Thankfully, we have a few tips that might help you out…

So who are the providers?

Providers are individuals or organisations that can provide you with technical, financial, legal and business planning support. Basically, they’re the ones who you’re going to work with.

When you apply you will work together with a provider, not only to prepare and submit your Big Potential proposal, but then also to complete and deliver the work. Therefore, it is important that you choose the right provider to help you achieve your goals.

Choosing a provider

There are 3 simple steps to choosing a provider for your organisation:

1. Browse: Take a look at the list of approved providers to find out what services they offer, their track record, and what areas they work in.

2. Select: You can then filter the list of providers by region, specialism or any other keyword. This should help you work out who offers the most suitable services.

3. Shortlist: Using the research you’ve done yourself, and anything you’ve learnt at the 1:1 session make yourself a shortlist. When you’re logged into the website you will be able to click on the heart button against each provider to add them to your shortlist.

Which provider is right for me?

This is the $64,000 question. There are lots of different providers and it is up to you to choose who you would like to work with. A few things that might be useful to consider are…

  • Does the provider have the expertise you require? If you need help measuring Quality & Impact you will probably want a provider with this skill? If they don’t, you might be better off working with someone else.
  • Does the provider work in your area? Some providers work all over the country while others only work in specific areas. While some may still be willing to travel you’ll need to think about the impact this could have on your project.
  • Have you worked with any of the providers before? If you have and they have the skills your organisation needs then working with someone you already know, and who already knows you, could be very useful.
  • Has a provider been recommended to you? If a provider has worked with organisations similar to yours it can help you decide whether they understand your needs. If they haven’t, could you get a recommendation from someone else?
  • Did the provider understand what you need? Your Investment Readiness project needs to be a partnership, and you need to be able to work closely with your provider. When you meet with them work out whether they really understand what you’re trying to do.

All that’s left then is to pick a provider you want to work with. You will be working closely with them during the application process so you will need to make sure you are happy working with them!

What happens next?

If your Big Potential grant is approved, your provider is likely to ask you to enter into a contract with them. Now this is very important. You should make sure that this contract details what work the provider will carry out and at what rate, and that both of these match with what has been approved by the Big Potential panel. We pay the entire Big Potential grant directly to you and then you will need to pay your provider for their services. The agreement you enter into with your provider is a very important part of this process.

Then the real fun can start and you and your provider will begin the work together. Our providers are eager to help new applicants along their journey to investment readiness so register today and start your Big Potential journey!