Starting a business and business development possess similar characteristics. The difference is development expands your territory.
What is business development? It’s exploring avenues for growth, expanding your company footprint, increasing your profit, creating new client networks, diversifying into various marketplaces and strategizing those efforts into your current business model. Federal contracts can be a long term solution for your company.
Driving Growth
Our nation’s government is the biggest buyer in the world. Whether you produce a good or provide a service, chances are they need yours somewhere. The federal government provides a great opportunity for growth. It’s at least worth exploring. Where do you fit in? You should find out.
Expanding Your Enterprise
Watch the vignette above. The same principles pertain to entering a new territory. Why is expansion important? It shows your stakeholders your always trying to get better and you are not afraid to take calculated risks to achieve the next level of success. Federal contracts can expand your marketplace.
Increasing Profit Margin
Money shows growth. However, it’s not just that. More money can mean more R&D, establishment of a healthy reward and recognition program for top-flight performers, acquiring superior talent at the entry and mid level as well as creating continuity inside the ranks of your company by retaining your key personnel. It can mean modernization of technology, amenities and perks to set your company apart from your peers in industry. More money can also establish a strong reputation of corporate philanthropy by way of giving to or creating charitable entities and even stimulating community growth. Federal contracting can pad your bottom line and provide you more opportunities for internal development and external relationship building.
New Client Networks
Have you ever seen an infomercial? If you promise to tell a friend… You get the picture. Good and honest business spreads like hot butter on one of grandma’s dinner rolls (even if she bought them and put them in the oven). The more good and honest business you conduct in various sectors, the more positive your reputation. A federal contract provides that opportunity.
Diversifying Your Portfolio
The more cookie jars your hand is in, the less significant negative experiences matter. Hypothetically, a long time client goes elsewhere for business, a potentially significant sale falls through or your competitor engineers the next big thing. If you only dangle your fruit in the commercial sector then you may experience some sort of adversity. If your product is available in multiple sectors then you are in the driver’s seat to pivot into an arena that gives you a competitive advantage. The federal sector is that advantage. Whether it’s people or products, your just shipping them to a new place and new places provide new opportunity.
Strategic Business Decisions
Federal business involves all business departments of your company. You must prioritize production or recruiting. You must know the color of your money. You must oversee requirements and benchmarks. You must document your progress. You must initiate or reciprocate communication with government personnel. You must forecast products and pricing. You must maintain oversight of the entire process inside your company and by way of applicable documentation and reporting to the government. If you build a team and make the process transparent then you are that much closer to success.
Exploring The Territory
New experiences permit opportunities for learning. Don’t be intimidated. That being said, I hope you like reading and possess interpretation skills in legal writing, supply chain management as well as financial planning. If you do then you are on your way.
I looked at government regulations, business proposals and contract documentation for 9.5 years. It’s second nature for me now. This stuff can read as a foreign language to a lot of people. I can simplify it for you.
If you think I can help you then email nicholas.s.robertson@outlook.com to get your introductory email and free consultation.
RobertsonKX Business Blog 