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Federal government contracting is a lucrative and complex realm that offers ample opportunities for businesses of all sizes. While the prospect of securing a government contract can be enticing, it is essential to recognize the barriers to entry and understand how success can be achieved in this competitive marketplace.
As a business owner who gets wind of federal contracting, is the wind giving you chills or a sense of opportunity? For businesses looking to expand to new horizons and tap into the world of government contracting, there are COUNTLESS opportunities available that can be a game-changer for your company. But, and this cannot be stressed enough, success in this industry does not come without its challenges.
To succeed in this competitive arena, you need a solid understanding of procurement readiness, set-aside statuses, contract vehicles, and the steps to navigating the complex federal marketplace. If you know what a labyrinth looks like, that is the most accurate depiction of government contracting.
Every business sees cycles in its revenue streams. But for federal contractors, are they immune to traditional economics and recessions? This discussion between Richard Phillips and Jim Sherwood focuses on mergers, acquisitions, and the money side of the federal contracting market.
Our on this episode is Richard Phillips from Crossroads Capital. Richard has over 20 years of corporate finance, consulting, and investment banking experience. Throughout his career, he has completed over 30 M&A and other strategic transactions valued at over $6.4 billion, across several industry sectors and geographic regions. He has a strong understanding of the DoD and FedCiv budgets and how national security priorities impact businesses in the federal contracting space and beyond.
In the fast-paced and competitive world of government contracting, relationships are often considered the cornerstone of success. Building strong, lasting connections with government agencies, prime contractors, and fellow subcontractors can be the key to winning contracts and thriving in this challenging environment. However, over time, relationships often get taken for granted and become heavily tilted to one side.
As the end of the Federal Government's fiscal year comes to a close, a strategic and focused approach by government contractors needs to be taken. This can yield significant advantages in capitalizing on opportunities and ensuring the seamless execution of operations. There are countless opportunities published each and every day by the government to satisfy its needs. This is even more so at the end of the year causing contractors to chase anything and everything to capture as much revenue as possible. Rather than sticking to their core competencies and routine operations, they stray outside their comfort zone at the busiest time of year. This can lead to a culmination of problems. To name a few - winning opportunities that cannot be performed, heavily constraining operations and resources, or leave them bouncing back and forth like Pong never gaining ground.
There are countless tips and suggestions available for government contractors. But what if your back was up against the wall and you had to only pick one thing that could help point you in the right direction? This is that thing.
Our guest for this episode is Michael LeJeune from RSM Federal. Michael is a GovCon enthusiast and strategist and best-selling author. He helps manage the Federal Access coaching and training platform provided by RSM Federal and specializes in helping government contractors brand themselves as subject matter experts (SME). He's helped clients win over $13.6 billion in government contractors and continues to be a force in today's marketplace.
For the 35th year in a row, the defense industry will bring together some of the brightest minds, innovative companies, and key stakeholders in the field of naval and maritime technologies. Navy Gold Coast is a premier conference and expo that plays a crucial role in fostering collaboration, information sharing, and advancement within the defense sector.
The event is organized annually by the San Diego Chapter of the National Defense Industrial Association (NDIA). The focus is on supporting the Navy, Marine Corps, and Coast Guard, and the event acts as a platform where government officials, military personnel, and industry leaders, converge to exchange ideas and insights.
In the realm of federal government contracting, having a well-defined and effective strategy is paramount for success. Unfortunately, the pursuit of revenue often overshadows crucial elements - crafting a comprehensive strategy, adhering to it steadfastly, and seeing it through to fruition.
In this episode of the Bourbon & Proposal podcast, the focus of the discussion is creating a strategy and identifying the different elements that are involved with it.
A sound GovCon strategy encompasses:
Throughout the episode, you will find tips and action items to help enhance your team's current strategy. Growth in GovCon does not happen overnight. It is a long and grueling process that, when done strategically and thoughtfully, can pay tremendous dividends for your team.
For federal government contractors, navigating the complexities of procurement can be a daunting task. With numerous agencies, regulations, and processes to consider, finding the right opportunities can be time-consuming and overwhelming. Especially if you are a smaller business with limited resources.
Fortunately, the General Services Administration (GSA) has a solution that simplifies this process: GSA eBuy. Understanding what it is, why it is important, how it works, and the benefits it can provide your business could help save you time and resources. To add to this, if you are unable to gain direct access to GSA eBuy, our platform, Federal Compass, has a plug-in that can provide you with this access.
In the highly competitive realm of federal government contracting, understanding, building, and demonstrating value is essential for success. Whether you're considering mergers and acquisitions, attracting potential buyers, collaborating with government agencies, or forming partnerships, showcasing your value proposition is crucial.
This, unfortunately, is a large pain point for smaller contractors. It is about understanding the market, the customer, teaming partners, and where they fit into the market. In the unfortunate event that others do not find value in the company, success will be very hard to come by. Identify ways to increase your value in the GovCon market and explore strategies to better demonstrate your value proposition to potential buyers, the government, and teaming partners.
