Entrepreneur Soundoff!

The only thing more terrifying than the first day of a large prime contract transition period is the first day after a poorly managed transition period...

Transition management is vitally important to the success of any contract award.  In fact, the 30-day transition period is the time with the highest probability of being terminated by the customer, especially if the losing incumbent contractor isn't playing nicely...which is most of the time.  Listen in to learn the risks and critical components of a successful transition management plan.  This podcast discusses the importance of an infrastructure plan, a knowledge transfer plan, a continuity of service plan, and a rapid staffing plan.  

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To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
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Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

The New Year is an ideal time to rejuvenate your entrepreneurial efforts, pursue ambitious small business goals and affect positive changes in your company!  However, you must have "better" resolutions to produce "better" results!  Here are three tips that will significantly improve entrepreneurial goals:
1.  Create "resolutions with bite!"  Or, as I call it, "Dream with Consequences."  You should fully document the NEGATIVE repercussions of NOT attaining your resolution/dream/goal.  If you consider your resolutions as simply "icing on the cake" then they have very little probability of accomplishing them.   Either you're woefully wrong or your resolutions are relatively meaningly otherwise. 
2.  Don't make the desired outcome your resolution.  Instead make the ROUTINE self-assessment of your progress your resolution.  For example, to lose weight, don't make your resolution to "lose weight." Instead, make your resolution to weigh yourself every week. 
3.  Create enablers for success.  Include a partner or family as part of your resolution.  Join a class.  Earmark designated time in your schedule to accomplish your goal.  Join a cohort.  Etc., etc.

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To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

FIVE FACTS that every veteran should know about Government Contracting:
FACT 1.  A MASSIVE amount of spending occurs each year in areas that are  most relevant to Veterans’ experiences (DoD, Intel Community, DHS, VA, DoE and DoS)
FACT 2.The Small Business Set Aside Program of 23% of all GovCon dollars being awarded to small businesses is being EXCEEDED! The FY2020 SBA Scorecard reports small businesses were awarded:
a.$145B in PRIME contracts
b.$83B in SUB contracts
FACT 3.However, over HALF of the 24 Government organizations that fall under the purview of Small Business Set Aside Program FAILED to meet their SDVOSB Earmarks in 2020!  That means that earmarks were LEFT ON THE TABLE because easily identifiable QUALIFED SDVOSBs could not be found! 
a.14 failed to meet their SDVOSB Subcontracting Goal because Prime contractors could not find appropriately qualified SDVOSBs
b.5 failed to meet their SDVOSB Prime Goal
FACT 4.Only 5% of US Companies are pursuing FedGov Contracts…Why?  The FedGov contracting industry is “different” than most markets…HOWEVER VETERANS ARE NATURALLY AHEAD OF NON-Veterans in understanding this industry!  Here’s why…
FACT 5. As a Veteran,  you possess the following to position yourself to win a piece of the GovCon pie:
a.The MOST RELEVANT education and training in the world
b.5-25 years of the MOST RELEVANT industry experience in the world
c.5-25 years of the MOST RELEVANT leadership experience in the world
d.And, the people that you’re speaking with now…The MOST RELEVANT network in the world

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

Supporting a Federal Government customer can be one of the most rewarding professional experiences that you may have has a billable contractor.  However, it can also be challenging.  Like any industry, you can always have "difficult" customers.  Knowing and following these three "Contractor Commandments" will provide you the mindset to excel, regardless of your alignment with your customer.   However, the mindset they they engender is the most important thing.  This mindset will have you cheerfully supporting even the most challenging customers on your way to achieving your real goals and objectives! 

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

Engendering trust is one of the most important, unstated aspects of any proposal effort.  If the Source Selection Board does not trust your company or your bid, then they will find away to lower your score.  Low trust usually results in a lower confidence assessment, enabling the Source Selection Board to award the contract to a trusted bidder!  Trust and confidence are very closely related. 
The five Cs of trust include:   

1. Care
2. Communication
3. Character
4. Consistency
5. Competence

These components of trust are not always easy to convey...however, one easy way to engender trust is through the attainment of ISO 9001 Quality Management System Certification.  ISO 9001 Certification includes Program Management Reviews and a Customer Satisfaction Program that shows your customers that you're committed to meeting their performance needs.  

With an ISO 9001 Program, Communication of key performance indicators and customer satisfaction is both routine and DATA DRIVEN, providing 100% actionable insights! 

Character is best defined by how you operate when nobody is watching.  In an ISO 9001 Certified company, you are focused on the quality of internal performance and deliverables, making your claims that you will be committed to ensuring the highest possible performance for your customers more believable.   

At the core of any ISO 9001 Program are repeatable, documented and version-controlled processes that ensure Consistency providing high-quality deliverables.

Finally, Competence is PROVEN with the prestigious ISO Certification through verified adherence to globally-accepted industry best practices!  In fact, less than 1% of US companies possess ISO Certification.   

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

Meet Jeffrey Payne...Serial Entrepreneur, USNA, MIT and Wharton graduate and now Founder and CEO of Accordant Federal!  Jeff has a ton of valuable insights and experiences that he shares with aspiring entrepreneurs.
Contact Info:
www.AccordantFederal.com 
[email protected] 
https://www.linkedin.com/in/jeffreycpayne/

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

There is no such thing as a "bad dollar" when you're a small business.  However, when you're award a subcontract or prime contract, the value of these awards are tremendous...but different.  Knowing what you're getting from each type of contract award will help you optimize the value of each one!  

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

Bottom Line Upfront:  Factoring is very similar to "white collar loan-sharking!"  In a factoring arrangement, you are selling your unpaid (approved) invoices to a third party who buys them for less than their dollar amount.  The good news is that you get your money faster than waiting for the government to pay you, so you can do vitally important things like "make payroll."  The bad news is that factoring arrangements are usually worse than a moderately bad credit card!  Knowing how to avoid factoring landmines can save you a bunch of money because many rapidly growing small businesses are forced to enter factoring arrangements to overcome growing pains. 

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

Is there really much different between banks?  Most provide little to zero interest on checking and saving accounts.  So why is my corporate banking institute so important?  It can literally save you HUNDREDS OF THOUSANDS OF DOLLARS...if you choose a bank wisely!  Randy is living proof that poor banking decisions can cost you tons of dollars and that all banks are not the same... 

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy

As a startup, you should have TWO "Golden Rules of Infrastructure." First, never invest in infrastructure until you absolutely need it! Cash is too important to be spending it on things that you can't fully leverage yet.  Second, infrastructure should NEVER be a risk.  Why?  Your infrastructure requirements can be fully known if you're "looking forward."  These rules may initially appear to be contradictions, but they don't have to be.  Creating a robust, detailed Infrastructure Plan that can be immediately executed will both prepare your company for future performance demands while saving your vitally important cash! 

_________________
To get on the fast track to government contracting success, visit our website at:
https://governmentcontractingacademy.com/
_________________
Follow us on other platforms to stay up to date on the latest GovCon tips and tricks:
GCA’s Linkedin ▶ https://www.linkedin.com/company/governmentcontractingacademy/
Randy’s Linkedin ▶ https://www.linkedin.com/in/randal-wimmer/
The Entrepreneurial Times ▶ https://theentrepreneurialtimes.com/
Our Podcast ▶ https://open.spotify.com/show/4T2hq4ymWn4v9hI2hmdxuk?si=0e2aa77541b34b45
Our YouTube▶ https://youtube.com/@GovConAcademy