Moving your Federal Contracting business forward is the meat and potatoes of your business success; so your business strategy and the actions you take to gain business and grow are how you gain momentum. So how do you go about it?
The answer is somewhat simplistic — you need a road map on where you want to go, and the type of map depends on where you are in your business’ life cycle: startup or established business.
Startup. If you are launching your business, you need to have the underpinnings of your business established such type of corporation, necessary licences, tax id, registration in Systems for Award Management, email account, and company bank account. They also may include a company logo, business cards, letterhead, corporate policies, company website, and a capabilities statement. If the company is earning revenue, you will need to obtain an accounting and payroll service. My advice is to contract these services out. Why? Because your number 1 goal is to grow your business and doing anything else is a distraction. This is true regardless of where you are in your business life cycle.
One item new companies should focus on is their social network. Who is already in the business space that could help bootstrap your business? Your social network can lead to subcontracting opportunities, teaming agreements, and could even provide your company with a facility clearance.
Once you have these in place, your road map will be the same as an established business. Note: If your just starting out, review the previous posts: The Basics; How to Compete for Federal Contracts; and How to Certify Your Veteran-Owned Small Business
Established business. Developing your road map involves understanding the “why” of your business. Simon Sinek provides a wonderful lecture on TED.
“Why? How? What? This little idea explains why some organizations and some leaders are able to inspire where others aren’t.” Simon Sinek. ”
Once you have your why you do what you do, then you can focus on your road map. If your why is to protect the US from cyber attacks, then your road map will be aligned to this tenant and should drive your pipeline and your business model. The realities of the market place can influence where in the market our companies try to gain work but if we can tie our why to those adjacent markets, it will still resonate with our customers and other like-minded individuals. Knowing your why can bring pinpoint focus to your business model. For example, a model of your road map based on your why might look something like this:
Really take a hard look at this road map. Can you apply something similar to your business? Following this model can help drive your business forward and starting from why will help discriminate your business from your competitors. As you go through each element of the road map, you will build velocity and synergy.
As always, keep taking action every day.
With love and respect,