Social capital is key in 2022 budget submissions
As we move closer to the finalisation of this year’s budget, and as you prepare your budget submissions, it is important to consider your target audience. This government, led by Prime Minister Albanese, will not only be analysing the finances of your budget submission but will also be focusing in on social capital and the outcomes your organisation can deliver for our community, especially those disadvantaged populations needing a boost.
We’ve outlined the top five considerations for your budget submission, ensuring social capital is a priority when delivering return on investment.
Who will your program benefit?
This is an important consideration, but you’d be surprised how many budget submissions suggest that an organisation’s program or initiative will benefit everyone. This is not only too broad of a target, but it’s not really possible. Narrow your target audience down. Will it benefit those with low socio-economic backgrounds, single parent families, or perhaps migrants? Be sure to include these sorts of details within your submission.
Include return on investment data
Just like economic data, it is vital to include qualitative evidence of your initiative’s outcomes. How many people will your initiative benefit, what does success look like, and is there opportunity for expansion to reach other disadvantaged audiences and communities? Without specific details of how your organisation can support the government’s policies, it is unlikely your initiative will receive financial support.
Partner with social capital successors
If this is a first for your organisation – to embark on an initiative that will deliver social capital gains for the government – consider partnering with another organisation within your industry. Ensure they do not represent competition but can offer experience and insight in the area. If they have had success with government-funded projects before, this is also great news!
Use your program to create new jobs
During their first few months in power, this Government had made its policies clear. They’re interested in creating jobs for Australians, especially those who – as Prime Minister Albanese describes – “have been left behind.” Their upcoming Jobs and Skills Summit will attempt to tackle the nation’s skills shortage, create long-term industries, and ultimately more jobs. If your initiative or program can tap into this need, help to upskill Australians, and offer a boost to the job market, your submission has a head start.
If your initiative has been piloted, include testimonials
Many organisations approach the government once their initiative is well and truly off the ground and has been successful in some shape or form. Whether your project involves participants, partners, or even volunteers, be sure to include testimonials within your submission. It delivers a much-needed human angle. It bolsters your data with success stories and highlights the impact your organisation has already had in the space.
Whilst the government budget platform is yet to open online, we expect it to launch in the coming weeks. Don’t leave your submission until the last minute. If you need some help – Fifty Acres can assist you to develop and produce yours and knows exactly which ministers to target. Get in touch at fiftyacres.com.au.
