Government contracting is evergreen and attractive to many business owners because there is perceived reliability and consistency in having contract opportunities to win. All true. But, in order to truly be successful in the public sphere, you have to separate yourself from the competition and offer unique expertise that is both necessary, priced properly, and adequately funded. You also need to develop a network of influence that knows your past performance history and will recognize your abilities above your competitors. The most important key to success, however, is building a solid team around you to support your objectives.
Lao Tsu said, “The wise man is one who knows what he does not know.”
Government contracting is a constantly expanding market with new technologies and developments that keep our country the greatest there is on the planet. When getting involved in the industry for the first time, there are some best practices to keep in mind so you can achieve your goals. For one, understanding that you can not be a master of all trades is wise. It is even safe to say that a business cannot truly be successful if they try to do it all, and not specialize in what they do best. Especially true in government contracting!
You can’t separate yourself from the competition if it isn’t obvious to your market what you do better than the rest. It is also essential to outsource or partner with the best in other industries that support your overall objective to grow and thrive. And when you do well, bring someone grinding behind you with you! Successful businesses that mentor or coordinate joint venture opportunities gain from the experience equally as much or more than they expend.
Best Practices for Emerging GovCons
1. Strategically focus on your expertise and be the best at it!
We all work within a competitive market, and there are plenty of business opportunities for everyone. But the best way to really succeed in government contracting is to decide what your company does best and do it better than everyone else. It’s like a pitcher on a baseball team. The coach doesn’t tell them to practice every single pitch there is. Likely, the pitcher is told to practice the best pitch they have as often as possible until they are the best at that pitch and then use that expertise to their advantage against their opponents.
What are you best at? Once you decide, market your company as an expert in that capability, and perform at your highest potential every time. Everyone is known for something, may as well be known for being great at whatever it is!
2. Build a team of experts around you that complement your skills and share your goals and values.
The most successful businesses partner with other companies to grow! Seeking other experts to enhance your work is just a smart business practice. For instance, it’s better to have a fractional CFO advise you on your financials than try to tackle it yourself. Government contracting is regulated in every aspect and if you miss something, it can cost you. Literally. When it costs you, having a reliable lender you can count on is paramount!
Both having an expert in the regulations pertaining to financial reporting is important to staying compliant and accessing affordable financing is essential as well. There are many options, choosing the best for your contract needs is key. Outsource what you don’t know to protect your assets!
3. When you are successful, be an advocate for the next generation in your industry.
Referring business to other industry professionals, mentoring companies who are making strides in the same community where you started, supporting organizations that serve a less fortunate demographic within your industry are all great ways to expand your outreach, your network, and your sphere of influence. Don’t consider it a task, but rather the reward of being so successful that you’ve surrounded yourself with the resources that are valuable beyond the services you can provide.
Parabilis is a proud service provider to the government contracting community, and we strive to not only offer what we do best but by helping to give back. We do this by using our experience by hiring leaders in the industry, by offering our time and commitment to organizations that support active military, veterans, defense, and national security, and also those that offer scholarships for students who represent the future of government contracting.
We will continue our mission to stand out in our industry with our human approach to capital access. Helping our clients succeed beyond their days with us is the best part! Reach out to us today and we will happily share our time and talent to invest in your future!