What are the challenges that keep you up at night?
Is it the rising costs of doing business?
Is it hiring the best talent and being able to afford to keep them?
Is it pricing your work well enough to not only make payroll but make a profit?
Is it accessing new opportunities and diversifying your acquisition process?
Is it all of the above?
The good news is, any business leader reading this can relate to the struggle of all of the aforementioned challenges. But the even better news is, even in the economic terrain we find ourselves, the federal marketplace is recession-proof! We all know that the U.S. federal government will not stop buying goods and services of all kinds, so as we enter into unsteady economic times, we can rely on that foundation to continue the good work we all provide to the marketplace!
This industry provides many quick starts and equally as many seeming setbacks that are uncommon to any other market. For instance, you win a contract award only to have it stalled by protest. You get a task order only to have it pushed back by continued resolutions or work stoppage due to government shutdowns. So what do you do to safeguard your work if you can’t predict the future or read minds?
You should start by building a plan, creating strategies for growth and solution-based strategies for loss (aka plans a, b, and c). You can also carve out time to build your network of “competimates,” peers, and service providers, and learn about what resources should be your priority now and in the future. Tantamount to all of it, you should ask questions of everyone you meet that has traveled the road you’re on. Oh, and don’t forget to take notes so you don’t forget all you learn.
There is no sure-fire way to prevent or plan ahead definitively. However, getting your proverbial “ducks in a row” to allot for changes in pace can alleviate the sleepless nights and the headaches that follow ill-preparation. Because there is more to it than just being really good at what you do. Being a business leader is challenging enough, but being a successful business owner takes hard work, preparation and excellent execution on your value proposition. Having a community to lean on, learn from and share your experiences with is the best remedy for the bumps in the road.
Whether your fiscal year is filled with wins or losses, there is something to be gained. We are striving to create an all-encompassing access to quality information, opportunities to win more contracts, the environment to engage with your peers, and the ability to grow even through the ebb and flow of government contracting. Wouldn’t it be nice to have a one-stop resource for all things GovCon related? We think so, too!