Are you financially ready to mobilize on your contract award?
Winning the contract is one thing. Having the funding and financial plan to actually deliver is entirely different.
We’ve seen too many growing GovCons focus heavily on chasing new business – but wait until it’s almost too late to figure out whether they have the cash and resources to actually perform at the highest level.
Why So Many GovCons Are Financially Unprepared
Most small business owners are skilled functional operators with a vision – and the courage, ingenuity, and work ethic to back it up. But with varying levels of business know-how, they dive headfirst into one of the most unique and evergreen markets in the world: the United States federal marketplace.
Many talented new businesses tend to win work very quickly – but find out equally as quickly that additional work doesn’t necessarily lead to profitability.
This is an epidemic for less experienced GovCons, and it’s a big reason thousands of businesses never make it beyond 3 years. Being good – or even great – at what you do isn’t enough to carry a sustainable business. You also need a solid business foundation:
- Scalable growth plans
- Access to capital at each stage of growth
- Airtight compliance inside and out
- Strong staffing
No one hands you a guidebook when you register your new business. And in the constantly changing world of government and industry, it can feel like trying to change tires while the car’s going 70 down the highway.
Should you be discouraged? Absolutely not – acknowledgement is the best first step toward making a positive change…
4 Steps to Close the GovCon Financial Knowledge Gap
So how do you bridge the gap between what you think you know and what you don’t know, without driving your business the wrong way down the interstate?
- Ask questions. To everyone. Other business owners, resource providers, contracting officers, small business liaisons, Apex Accelerator counselors, local SBA representatives.
- Ask for help. Join organizations that put you in a room with other business leaders who know your pain and have walked ahead of you on the same path. Meet as many people in the industry as you can. Find the ones you admire, and ask if they would mentor you.
Reminder: The sooner you’re okay with not knowing everything, the faster you learn the skills to improve your business! - Never be the smartest person in the room. And if you are… Go find a better room! Ego limits you, and it will stop you from learning from people who know what you don’t. If you never expand beyond what you know today, your growth stalls (and so does your business’s profitability!)
- Build a financial plan. For every stage of growth. What you have access to today will change… Where will you go to access the funds you’ll need to continue growing your business tomorrow?
One final tip:
Parabilis proudly connects our network to a trusted ecosystem of resources and service providers. Whatever your business needs, we can introduce you to partners who’ve been where you are and know how to guide you forward.
Our founders have walked the same path, faced the same challenges, and know what it takes to reach the success you’ve envisioned. We’re here to be your conduit for growth – so your business can live up to your vision.