Applying for the Trading Online Voucher can be a game-changer for small businesses looking to enhance their digital presence. However, the application process can be complex and many businesses make mistakes that could jeopardise their chances of securing the voucher. In this blog post, we will highlight common mistakes to avoid when applying for the TOV, ensuring you have the best chance of success.

Neglecting to Attend the Mandatory Information Seminar

One of the first and most critical steps in the TOV application process is attending a mandatory information seminar. Many businesses overlook this requirement, assuming they can skip this step and still be eligible for the voucher. However, attending this seminar is essential as it provides valuable insights into the application process, eligibility criteria and how to maximise the benefits of the voucher. Make sure to register and attend the seminar to ensure your application is considered.

Incomplete or Inaccurate Application Forms

Filling out the application form accurately and completely is crucial. One common mistake businesses make is submitting incomplete forms or providing inaccurate information. This can lead to delays or even rejection of your application. Take the time to carefully review your application, double-checking all details before submission. Ensure that you provide all required documentation and that your business details are up-to-date and accurate.

Lacking a Clear Digital Strategy

The TOV is designed to help businesses improve their digital presence, so it’s essential to demonstrate a clear and detailed digital strategy in your application. Many applicants fail to outline their goals, objectives and the specific digital activities they plan to undertake. Your application should include a comprehensive plan that details how you intend to use the voucher to develop or enhance your online presence. This includes specific initiatives like website development, digital marketing, SEO or e-commerce improvements.

Not Meeting Eligibility Criteria

Before applying for the TOV, it’s important to ensure that your business meets the eligibility criteria. Common eligibility requirements include having less than 10 employees, being registered and trading for at least six months and having a turnover of less than €2 million. Additionally, businesses involved in certain activities, such as selling age-restricted products, may not qualify. Review the eligibility criteria carefully to avoid wasting time on an application that will not be considered.

Ignoring the Need for Financial Planning

Another common mistake is not including a detailed financial plan in the application. The TOV requires businesses to co-fund 50% of the costs so it’s essential to demonstrate that you have the financial resources to meet this requirement. Provide a clear budget that outlines how the voucher funds and your contribution will be allocated to specific digital activities. This shows that you have a well-thought-out plan and are prepared to invest in your digital growth.

Underestimating the Impact of Follow-Up

After submitting your application, it’s important to follow up with the Local Enterprise Office (LEO) to ensure your application is being processed. Some businesses assume that once the application is submitted, their job is done. However, staying in touch with the LEO can help you address any issues that may arise during the review process and ensure that your application receives timely consideration. Be proactive and maintain communication with the LEO throughout the application process.

Skipping Professional Assistance

Navigating the TOV application process can be challenging, especially for businesses unfamiliar with the requirements and procedures. Many businesses make the mistake of attempting to handle the application on their own without seeking professional assistance. Engaging a digital consultancy like Proventus Digital can provide invaluable support, from helping you craft a compelling proposal to ensuring all documentation is complete and accurate. Our expertise can significantly increase your chances of securing the voucher and making the most of it.

Overlooking Post-Application Requirements

Securing the TOV is just the beginning. Many businesses overlook the importance of adhering to post-application requirements such as submitting progress reports and demonstrating how the voucher funds were used. Failing to meet these requirements can affect your eligibility for future funding opportunities. Stay organised and keep detailed records of your digital initiatives to ensure compliance with all post-application obligations.

Failing to Plan Long Term

Finally, it’s important to approach the TOV with a long-term perspective. Many businesses focus solely on immediate digital needs without considering how their initiatives will contribute to sustained growth. Develop a digital strategy that not only addresses current challenges but also positions your business for long-term success. This includes continuous evaluation and optimisation of your digital activities to stay ahead of evolving market trends and customer expectations.

Applying for the Trading Online Voucher can significantly enhance your business’s digital capabilities, but it’s essential to avoid common mistakes that can derail your application. By attending the mandatory seminar, submitting a complete and accurate application, demonstrating a clear digital strategy and seeking professional assistance, you can maximise your chances of success. Contact Proventus Digital at hello@proventus.ie or call us on 01 574 5330 for expert support in applying for the TOV scheme and to learn more about how we can help you achieve your digital growth goals.