Reporting is a must, but that doesn’t mean it needs to be a task you dread. In fact, by changing how you think about the value of your reporting, you can yield a higher return on investment for your project than simply satisfying funding requirements.
In this article, we will take a look at three ways that research reports can do more for your project than simply checking a requirements box by:
The Backstory: Research reporting is a strict requirement for most funding agreements. Depending on the granting agency, it can look different, but reporting typically includes a financial and research progress component. Some granting agencies require quarterly or annual reports, whereas others only require a final report. Regardless of the size of the grant or who the funder is, a reporting requirement is inevitable.
The downside to the strict reporting requirements that come with your critical funding is that reporting is often cumbersome. Principal investigators must gather various types of information from their co-investigators, industry partners, students, research associates, and others. The task of preparing such a report often falls on the desk of a researcher who is already oversubscribed.
As a result, many researchers consider reporting a cumbersome formality and requirement. However, there is an excellent potential for return on investment that more researchers could be tapping into.
It’s the week before your reporting is due. You’ve just sat down and are ready to get to work. You open up your funding report and the first question you see asks you to “list all publications that have been supported by this funding”. You feel instantly anxious at the depth of information that answering this question requires. You have HQP publishing, co-investigators publishing, and your own publications. And there’s no way to make gathering this information easier. You have no choice but to spend the next couple of hours sifting through your email and memory bank to try and list out all the publications.
Wouldn’t it be better if all that information was neatly organized in one place, such as a spreadsheet that gets regularly updated? Instead of scrambling at the last minute, having a centralized hub of information means that, come reporting time, you can simply open a single document and find everything that you need.
Data = value. It is highly valuable to have information about your grant and related research activities at your fingertips. Building, maintaining, and organizing a database of the information frequently asked for in reporting (E.g., HQP, publications, budget) can help you fill out your reports more efficiently. Not having to spend time searching for information at the last minute also means you’ll be less stressed and less likely to miss something important.
Beyond your report, having ready-to-go information on hand enables you to turn your data into communications materials at any time, enabling you to tell your project's story to a wider audience.
Producing accurate and quality reports on time is an incredible opportunity to show funders that you are organized and easy to work with. By providing timely evidence that your research is on track, your budget is being spent properly, and you’re training the next generation of scientists, you'll communicate to your funders the confidence you have in your project.
To go one step further, you will also lay the groundwork for a strong relationship with those funders, making it more likely that they will fund you again. Building a strong relationship with a funder is essential. It can yield many benefits, from unfunded extensions to exceptions or adjustments.
For example, it is not uncommon for research plans to change. You may have had a $15,000 travel budget for fieldwork in New Brunswick, but due to unforeseen circumstances, the project pivoted to British Columbia, and now travel is going to cost more than you had budgeted. If you’ve built a strong relationship with your funder, you’ll be able to explain your situation to them and work together to come to a resolution.
Spending the time and effort on building strong relationships with project funders comes with a strong return on investment. Not only will you meet your requirements for today, you’ll also set the stage for future funding for your project.
Your reports are often a tiny piece of a big puzzle that your funder is working on assembling. For example, when you submit your report, it can get rolled up into a much bigger report with information that’s often used to measure success and evaluate the broader research landscape. Preparing strong reports is an opportunity for you to contribute to this bigger picture and have your work seen.
Some funders will use the information you’ve provided (e.g., HQP trained, In-Kind Contributions, etc.) to support and justify their position for future funding. It’s a bit like your success is their success, and vice versa. By providing accurate and well-informed reporting, you can potentially help the funder secure future funding that could trickle back down to you.
In conclusion, reporting is a strict must, but that doesn’t mean it should be just about checking a box. By leaning into what your reporting can do for your project, beyond satisfying a funding requirement, you open yourself up to a greater return on investment for the time you’re putting in.
