I just heard from another solo practitioner that she is not renewing her MWBE certification this year. According to my friend, the certification did not produce the results that she was looking for. Certification is not for everyone. For me, certification has been a tremendous advantage helping to attract new clients both in the public and private sectors. Here is what is working:
1. Networking: we regularly attend agency functions, training and events that target MWBE firms and related industries. We find that it’s important to remain abreast of the ever changing environment for MWBE firms. We also attend “How to Do Business with us” events whenever possible. We never assume that we know it all, and we find by attending events – we learn something new each time. We have also found that as an MWBE firm, it’s important to be visible to our target audience. Buyers, supplier diversity folks and procurement people know who is attending their events. As an aside, I am always on time, dressed professionally and equipped my business cards.
2. Agency Procurement Forecasts: we are using agency procurement forecasts to identify opportunities and conduct detailed market research. As an example, we know exactly when new contracts are coming up, and when contracts are expiring or renewed. We understand who the players are in our market and we are making calculated decisions on what projects to pursue and what projects to ignore. We are also leveraging the forecast to enhance our relationships with prime contractors, strategic partners and other MWBEs. It’s a powerful tool!
3. Connecting with Decision Makers: we are connecting with decision makers at several touch points, and rather than selling to them – we are educating them about who we are, our values and what we bring to the table. We are deliberate in every communication whether it’s a networking event, a telephone call or an update on social media. It’s about educating and demonstrating our value. This practice generates leads for us by building trust.
4. Marketing/Branding: marketing is truly the lifeblood of our business. We consistently communicate with our target audience through a documented marketing plan that covers a minimum of six months of activity. Our marketing plan is measureable – we know what we are doing and when. We test and measure our activities and adjust accordingly.
5. Subcontracting: as much as we think we are the best at what we do – we did not allow our egos to get in the way of our strategic goal. We know through researching our target audience that they prefer to work with vendors who have a proven track record of strong past performance with either their agency or in other similar environments. Because of our company’s size, we knew the best way for us to gain the experience needed was through teaming and sub-contracting. Through teaming/sub-contracting we’ve gained the attention of our target audience building a strong reputation for delivering quality service.
6. Think Small: after relentlessly pursuing large contracts with limited success, I started to refocus my energy on smaller opportunities – for me that meant focusing exclusively on micro purchases, small purchases and corporations and agencies with discretionary spending thresholds targeting MWBEs. While these opportunities are much harder to find, they are out there and a much better fit for a small professional services company. Over the past few years, I’ve used these smaller projects to build past performance, cash flow, and experience that have positioned my company to be able to bid on larger projects.
7. Financial Stewardship: I run a tight ship when it comes to the day to day financial management of my company. I’ve made an investment in a quality financial management team that understands the management of professional services businesses. Having a quality team allows me to be responsive on government bids that require detailed financial statements, cashfllow projections and reporting. I also have a strong relationship with my bank – they know me and they know my business positioning us for success when additional cashflow is needed.
