When a company launches its business, many professional advisors suggest that entrepreneurs find a need and focus on that one niche, offering a solution to fill that demand. They are sought after when they are considered specialists in that one vertical*. This strategy works well, especially when there aren't many competitors and they can capture a larger market share.
You have decided government contracting will be one of your revenue streams. That is a great choice… if you can achieve sustainability. Many companies win a few contracts but never figure out how to win contracts consistently and, more importantly, profitably.
Many leaders talk about connections and their positive impact on our business, especially if they're the "right" connections. Yes, that's true, but did you know when it comes to developing relationships with government agencies, it's not just about entering information into your database and throwing out a name when you feel it will help your cause?
"Follow the money" is a catchphrase popularized by the 1976 docudrama film All the President's Men, suggesting that political corruption can be exposed by tracing financial transactions. While this term gained prominence in the 1970s, the underlying principle has been around for centuries. The Latin phrase Cui bono?, meaning "to whom is it a benefit?", encapsulates the idea of understanding who gains from financial actions.
A mission-driven approach can set your government contracting business apart, aligning with federal priorities and gaining a competitive edge. To delve deeper into how this philosophy can transform your business, watch our exclusive interview with Keith Scott. He shares insights on building a mission-driven enterprise and leveraging opportunities in government contracts. Don’t miss out on valuable tips and strategies—check out the video now!
Navigating the government contracting landscape can be complex, but understanding the steps to find opportunities at federal, state, and local levels can significantly benefit your small business. This guide provides a detailed, step-by-step approach to discovering and securing government contracts, ensuring you can effectively pursue and capitalize on available opportunities.
On September 20-21, 2021, the Government Contractors Association (GCA) in cooperation with Korean SME and Startups Agency, Living Tree, GovBridge Capital and KAIST College of Business conducted a trade mission to Washington DC. The purpose of the trip was to facilitate new connections for GCA members with South Korean representatives and manufacturers.
We are now in the period during which agencies become sharply aware that they need to deploy any remaining budget before the end of the fiscal year or risk losing that funding in the following year. During this period, Federal agencies have historically committed approximately 31% of all contracting dollars. Government contracting officers will be looking for qualified contractors to provide needed products and services.
The Biden administration has announced a new initiative of "increasing the share of contracts going to small disadvantaged businesses by 50 percent by 2026 - translating to an additional $100 billion to small disadvantaged businesses (SDBs) over the 5 year period." These plans were announced on June 1, 2021, the 100 year anniversary of the Black Wall Street massacre in Tulsa, Ok.
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Only 22% of federal contracting dollars are awarded to small businesses. Our goal is to be an agent of change by helping businesses owned by women, minorities, and veterans to get their fair share of the opportunities in the government market.
