There is no one-size-fits-all approach to government contracting. Your strategy will depend on various factors, including your industry, company strength, and past performance. Below are several strategies to consider:
"Follow the money" is a catchphrase popularized by the 1976 docudrama film All the President's Men, which suggests political corruption can be brought to light by examining money transfers between parties. While the term was popularized in the 1970s, the premise behind the statement has been around for over a century. In Latin, the term Cui bono? means "to whom is it a benefit?"
Juneteenth finds its roots in the aftermath of the American Civil War. On June 19, 1865, Union General Gordon Granger arrived in Galveston, Texas, and proclaimed the end of slavery, two and a half years after the signing of the Emancipation Proclamation. This delay in emancipation reaching Texas is attributed to the limited presence of Union troops and the resistance of slaveholders in the region. The news of freedom was met with joy and jubilation by the African American community, and the day became a symbol of hope and progress.
The Defense Department is taking full advantage of artificial intelligence (AI) to enhance the federal acquisition process. The Chief Digital and AI Office (CDAO) at the DoD has developed a prototype AI tool, called Acqbot, as part of its Tradewind initiative.
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.
In the realm of government contracting, goal setting is not just a strategic advantage—it's a necessity. Whether you're navigating federal procurement or bidding on local city contracts, establishing clear, achievable goals is crucial for success. This article explores why goal setting is so vital in government contracting and the broader business landscape, covering regulations, reliability, and the potential pitfalls of failing to meet commitments.
Does your client base primarily consist of companies in the private sector? Are you considering expanding your reach into the public sector with a focus on securing government contracts?
Working with the government can be a rewarding opportunity. If you invest the time to learn the "ins & outs" of what it takes to be successful, it will be worth it. Many articles highlight the benefits of bidding on government contracts and may make it look easy. However, only after being fully prepared will the process become less confusing, allowing you to operate with a more straightforward approach.
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.
Are you currently working with the government or considering joining the ranks of successful businesses that do? In both scenarios, you're likely curious about how much the agencies spend and how much of that "spending pie" is allocated to your area of service. After all, if there isn’t enough funding for contractors in your category, it’s best not to waste time pursuing those contracts.
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?
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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.
