The UK Government has introduced a range of funding opportunities for the public sector, aimed at tackling critical issues such as homelessness, cladding, and social care. However, while accessing these government funds can be a complex process, it’s only the first step in unlocking their full potential. To truly benefit communities across the country, public sector organisations must focus on achieving maximum impact and value from these funding streams.
To maximise the benefits of government funding, public sector strategies should be comprehensive, ensuring positive and lasting outcomes for service users, communities, and all stakeholders involved. Below are the key areas to consider when using government funding pots effectively.
Social value is central to delivering meaningful impact within the public sector. It reflects the collective positive outcomes of an organisation’s activities, including service delivery, community development, and environmental considerations.
When planning projects, it’s crucial to assess their potential social value. Consider the impact on sustainability, green initiatives, job creation, and the direct benefits for service users and local communities.
Collaborating with local businesses and SMEs (small and medium-sized enterprises) can enhance social value, helping to stimulate the local economy and promote circular economic practices.
Ensure your team understands how to embed and measure social value at every stage of the project lifecycle. Engaging with a dedicated procurement partner can significantly aid in tracking and evaluating social value throughout.
While it may seem obvious, ensuring you get the most value out of government funding is paramount. The real impact of funding comes down to how it is allocated and spent.
Regularly carry out cost analyses to monitor your spend and identify opportunities for optimisation or additional savings. Rather than focusing solely on the lowest cost, adopt a holistic approach to procurement, considering factors such as service speed, quality, and long-term impact. Often, the cheapest option may not provide the best overall value.
Also, consider how potential procurement partners could help you realise savings, and track the average savings they have delivered for other public sector clients.
Procurement in the public sector can be complex, involving compliance requirements, administrative hurdles, and an array of routes to market. The best way to navigate these challenges is by leveraging established frameworks and working with experienced procurement partners.
When selecting a procurement partner, ensure they provide a managed service that handles the entire procurement process. This should include sourcing, contract management, payments, and compliance, giving you more time to focus on delivering outcomes.
Be mindful of the speed of their route to market – whether that’s through direct awards or mini-competitions. Also, assess the breadth of service providers they have access to and whether they can meet your organisation’s specific needs.
Collaboration is key to unlocking the full potential of government funding. By working together with a wide range of stakeholders – both public and private – you can leverage diverse expertise, data, and insights to drive meaningful change.
Partnering with local businesses, charities, and community organisations allows you to better understand the unique needs of service users and create more tailored, impactful solutions.
Collaborating with other public bodies can also help pool resources, share knowledge, and enhance project outcomes. In addition, SME partnerships can bring fresh perspectives, while boosting the local economy and enhancing the social value of your projects.
Since 2012, Bloom has been the public sector's trusted partner for unlocking funding and delivering professional services. Our unique, compliant procurement solution, NEPRO3, offers a rapid and outcomes-based approach to procurement, delivering the following benefits:
Our team of procurement experts has successfully delivered over £1 billion worth of projects across the public sector, earning the trust of over 500 organisations, including the NHS, local authorities, central government, and academic institutions.
If you're looking for a procurement partner that can help unlock funding and maximise the impact of government grants, contact Bloom today. Our team is here to support your next project and help you navigate the complexities of government funding with ease.