Understanding the Purpose of your certification: being certified without understanding the purpose of certification is like buying a new car without a driver’s license. Simple – although you have a car, someone else is always in the driver’s seat. Take the time to research, learn and understand the purpose of your certification so that you can use it properly as a tool to grow your business.
Master the Rules of the Game: once you understand the purpose of your certification, the next step is to master the rules around your certification such as continued eligibility requirements, reporting, procurement policies, EEOC, whistleblower laws, OFCCP, size standards, sole source contracts, sub-contracting requirements just to name a few.
Create/Update Your Business Plan: published studies show that companies that have business plans are more likely to experience rapid growth. A business plan is particularly important for certified firms as it requires you to identify your target audience, identify competitors, develop a marketing plan and forecast revenue and cash flow which are all essential tools for government contracting. Business plans should be reviewed and updated annually. If someone tells you that you don’t need a business plan (I hear that often), ask them how they are doing in their own business, and check in on them in few years.
Surround yourself with the Right team: you cannot experience significant growth in your business without the right team. The right team includes an accountant, attorney and a business development team. I know a lot of you may be thinking that you can’t afford these teammates, and I contend that you cannot afford to do business without them. If you are just starting out, I encourage you to look at your business forecast and consider adding a budget for legal and accounting fees. It is money well spent, even if it is just a few hours a quarter. The same goes for a business development team as you can’t grow without it. Finally, select business partners/teammates based on their experience and results. Simply put, if you were looking to lose weight, you would not hire an overweight personal trainer. You want someone who understands your struggles and has successfully overcome them with proven results.
Find a Mentor: there is a lot of talk about the importance of mentorship these days, but I find that most people doing it wrong – it’s more like the blind leading the blind. Just because someone has been successful in business does not mean that they can be a good mentor. In fact, I believe that in order for mentor relationship to work both parties need to have skin in the game. In other words, it’s not free or casual but rather a structured relationship with built in accountability and project outcomes. If you can find a good mentor, it will prove to be life changing.
