A special thank you to Jeff Shapiro of Cohn Resnick for his partnership and expertise in crafting this discussion.
As small business GovCons look to grow in the marketplace it is truly advantageous to utilize resources that will enable a viable interpretation of their impact in the industry. Our team has seen much value in sharing the Gauge Report , developed by our partners at Cohn Reznick. This is an annual report for contractors to use to compare their finances, practices and business to their competition and use the information to determine areas of improvement. For instance, some contractors use this tool to ensure they are bidding realistically and reasonably on their proposals by looking at the industry-wide wrap rates being reported, and segregated by certain NAICS codes.
Due to the changes we have faced through the pandemic, the benefits of a resource like this can show trends in the industry that can help assess where you should spend more or less of your time, money and talent-building efforts. This report is more than just a benchmarking tool. It was created to serve as a comprehensive desk reference. Each year there is a different focus area where you can see a deeper dive into areas of interest for the GovCon community. Recently, Cohn Reznick dove deeper into cybersecurity, the GovCon industry’s response to COVID-19, and also Business Development. This year, there will be a particular focus on hiring, retention, and benefits. It will be exciting to see how GovCons have adjusted into a “hybrid” working environment amidst “The Great Resignation”.
Quality resources used properly can be the difference between winning and missing opportunities to grow! The information compiled this year will serve as the reference for next year’s report. Cohn Reznick is currently seeking businesses to engage with the research and data collection. If you would like to participate, you can do so here.
We also encourage you to check out this link and utilize the benchmarking tool which is a resource that uses the data from the 2021 Gauge Report.