In pursuit of one’s business goals, fear of failure has no place. Although failing should not be a goal or objective, it should also not be given the power to take you off course. Take heed from Kenny Roger’s infamous, “The Gambler,” “you gotta know when to hold ‘em, know when to fold ‘em, know when to walk away and know when to run.” Part of the process is encountering obstacles and sometimes failing, but it doesn’t have to mean the end. Sometimes the best lessons are learned the hard way.
Government contracting doesn’t offer a cushy place for learning, but it does offer an immense amount of opportunity if you play your cards right. We talk a lot with our clients about how important having a strategy is for your business. Knowing when to play your hand, knowing when to walk away from what could be a waste of time and knowing when to call it quits overall should be planned out as much as possible. Part of your initial strategy should be a plan for your exit. When will it happen, what do you envision it looking like, and how do you intend to get there? In the middle you can trace out goals and benchmarks to track along the way to measure your success.
Where are you looking for opportunity?
Just because you are the best at what you do does not automatically translate into success in federal contracting. Having a community that knows who you are and can vouch for your work is equally, if not more important than actually being better than your competitors. As a new contractor, partnering with a mentor to grow your network and lean on their experience and their past performance is better than trying to get too big too fast on your own. Most large primes will not work with a new business unless they have the backing of a vendor they trust. Going after an opportunity on your own too soon, or without the necessary past performance can be defeating. Look for opportunity as a support first. Unless of course your proficiencies are rare and sought after, you may have better luck with a smaller opportunity first to prove your worth in the marketplace.
Show up
Sometimes half the battle is won just by networking with whom you can potentially do business. Make sure you are prepared to share your proficiencies with those who can provide access to opportunities. Make sure to connect with insiders and influencers who can tell others about you too!
Are you actively calling Procurement Center Representatives and introducing yourself? Are you establishing a networking base that includes your competitors? Knowing how you compare to others in your market is a great way to see where you need to be to benefit from what makes you different from everyone else. Showing up, looking good and being prepared to be an advocate for your business is important in this industry!
Be patient
This is not a fast-paced environment. Contract awards can be prolonged more than you imagine. But, everything worth it takes time to grow, so do your research, and take the necessary steps to grow responsibly so that you stick out because you’re doing it right, not because you’re going about it all wrong.
And remember, being ambitious isn’t a bad thing. Wanting to be successful isn’t either. But in an industry like this you have to crawl before you can walk and there are many that will love the opportunity to share that with you. Taking the time to play the game right is your best shot at being successful. Don’t reinvent the wheel. Follow the footsteps of those before you and that will lay the solid foundation for you of what comes next.
Last but not least, don’t get caught up in the formal semantics of success. Just because it sounds bad doesn’t mean it is bad. Remember, even the best hand you can have in poker is called a Royal Flush.