Is anything actually free in business? Helen Steel, Managing Director at Streamlion Consulting and a seasoned grants expert, has often heard the term “free money” thrown around when discussing business grants. But as she knows from experience, nothing in business truly comes without cost. In this article, Helen unpacks the hidden time, effort, and commitments behind grants and other so-called “free” offers, revealing why these opportunities are far from free despite appearances.
The Reality of “Free Money” in Grants
Let’s start with grants. Often called “free money,” these funding opportunities seem like a dream come true for businesses. But hold on a second – are they really free?
Consider this: You’re knee-deep in a grant application. You’ve just wrapped up your fifth hour-long Teams call, dissecting every aspect of your proposal. Your brain is buzzing with ideas about how to best showcase your innovation, your disruptive potential. You are spending countless hours writing, rewriting, and fine-tuning your application, ensuring every word paints your project in the best possible light for those all-important assessors.
Let’s not forget the nail-biting wait for a decision. Weeks and sometimes months of anticipation. Is this really “free” money? The sheer amount of time, effort, and resources poured into this process suggests otherwise.
And when that decision does come in, if you are successful with a grant award, you need to deliver the project you set out to do – that’s certainly not “free” money!
Grants are fantastic opportunities. They provide non-repayable funding that can catapult a business to new heights. But free? That’s a stretch. Consider them more like high-stakes investments of your time and expertise.
The Hidden Costs of “Free Consultations”
Now, let’s talk about “free consultations” many of us offer. I provide potential clients with a 30-minute call to discuss their grant requirements before any formal engagement. During this time, I share my thoughts and ideas, drawing from years of experience and millions of pounds secured in funding for my clients. I outline potential grants that align with their business goals.
But is this truly free? No, it’s a gift. It is a slice of my time, my expertise, my professional journey – all packaged up and presented to potential clients. It’s an investment in building relationships and showcasing the value I bring to the table.
This realisation has made me rethink how I frame these offerings. Instead of “free consultation,” perhaps “complimentary strategy session” or “gift of expertise” more accurately reflects what is on offer.
The Smokescreen of “Free” in Business
The truth is, in business, “free” is often a smokescreen. Those free samples? They’re banking on you loving the product and making a purchase. Free trials? They’re hoping you’ll get hooked and subscribe. Free content? It’s building brand awareness and trust, with the long-term goal of converting you into a customer.
So, here’s my challenge to fellow business owners: Let’s be mindful of how we use the word “free.” If it involves your time, your knowledge, your skills – it’s not free. It’s a gift you’re choosing to give. It’s an investment you’re making in potential relationships or opportunities.
Reframing Our Offerings
By reframing these offerings, we not only set more accurate expectations but also underline the true value of what we’re providing. After all, in the world of professional services, time isn’t just money – it’s expertise, experience, and insight all rolled into one.
Remember, the next time someone offers you something for “free” in a business context, take a moment to consider: What’s the real investment here? What’s the expected return? In business, as in life, there’s rarely such a thing as a free lunch.