When was the last time you undertook a complex project you were passionate about? Maybe it was starting a business, adding a new division to your business, or a personal project with the family.
Anytime you do something complex there will be several steps involved. Understanding those steps will make the process easier, faster, and more enjoyable.
We recently purchased a house. One of the things that appealed to us was a large, 35×17 foot, room that had been added to the back of the house after it was built. We decided to convert that into a new master bedroom with a large closet, office, and dining room. We needed a new dining room because we also plan on expanding the kitchen into the current dining room area.
I was an electrician in the Navy, when I got out of the Navy. I worked in the electrical field for a few years. Afterward, I was hired by a general contractor and learned a little bit about all of the trades involved in building a home. With my electrician experience, I decided to run the project for my house and do some work to save money.
We had to do several things to ensure the remodel would be successful. We also had a specific timeline, since the family would visit us a few months after we moved in and we wanted plenty of room for them to stay.
Here are a few of the things we did to complete the project successfully on time. Many of these principles will apply to building a successful government contracting business.
Begin with the end in mind
To grow your government contracting business you first have to know what you want it to look like. Do you plan on being a prime or a subcontractor? Do you want to start in the federal market or the state and local market? Will you offer a product or service?
First, we needed to decide what we wanted the room to look like. We had to have a drawing made to show where everything would go, after several options we chose one that we liked, a lot!
Creating a plan and knowing what you want your business to look like will make it much easier to spend your time appropriately.
Have a plan
Once our drawings were done, we needed to create a timeline and decide how to allocate money and personnel.
You will need to do the same thing. Where do you invest your money and time? Review your plan frequently to stay on course. We call it the “Fastest path to cash.”
Keep learning
I have not worked in the construction field for over 20 years, a lot has changed, and some things have not. There are new tools that didn’t exist when I was in the field. Many principles are still the same though.
The same will be true for your government contracting business. Many of the principles you know about building a business will apply on this journey. There are, however, many differences when working with the government that you will need to learn. We call it governese and being procurement ready.
You can’t do it all
You will have many tasks and responsibilities as you grow your government contracting business. It will be important for you to choose which ones you will do and which ones you will hire other people to do.
Since I have an electrical background, I decided to do all the electrical work. I know how to do framing, but I hired a crew to do it, they were much faster and saved a lot of time on the project. I hired my nephew, and a friend to help me hang the drywall. The drywall finishing and painting are important to the finished product so I hired those out to professionals. I installed the doors, the flooring, and all the trim work.
You will want to get guidance on which tasks you should do and which ones you should hire out.
Determine your supply chain
If you are going to offer products in the government market, your supply chain will be extremely important. Having favorable terms and competitive pricing makes it much easier to win contracts. One strategy is to work with companies who are not currently in the government market that would be interested in being your supplier. Another strategy is to find large companies already in the government market that are not allowed to bid on contracts set aside for small businesses and to work with them. Understanding how to negotiate with them will be critical.
We could have used lumber yards, electrical supply houses, flooring companies, etc. We decided that most of our supplies would be purchased from Home Depot and Amazon.com.
Do your research to make sure you are choosing the best suppliers.
Create a schedule (Know your why)
Setting a goal without a timeline is a pipe dream. As you read above, we had a very specific time we needed to finish by, as a result we pushed harder than we normally would have. We’re very glad we did. Now we can enjoy our new rooms and our kids and grandkids will have a comfortable place to stay.
If you don’t set timeline goals it is easy to let distractions take you off course. Knowing when you want to do certain things and why will help you hit those goals and keep you focused.
Do something every day
One of the things we did was to commit to each other to do something every day on our remodel. Since I’m an early riser, I often completed my tasks an hour or two before work. Sometimes it was ordering materials, running wiring, or laying flooring, things I could do myself. I also hired some general labor to come over in the evenings or weekends to do tasks that were easier with two people. My wife also ordered supplies, painted, and put together furniture.
Put time in your calendar every day to do something to grow your government contracting business. Send a few emails, make phone calls, look for contracting opportunities, etc. Little steps in the right direction move you forward every day.
Applying these steps will help you reach the Fastest Path to Cash in the government market.
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