Most recently I have seen an increasing frustration amongst small professional services firms because they are really struggling with how to use their MWBE certification. Many certified MWBEs have shared that they just don’t feel that the certification is worth it.
As a professional services firm I wanted to share that the path for success for smaller firms is not necessarily an easy one. Recently published reports confirm that it takes approximately 18 connections with buyers and approximately five years to win your first contract with a large corporation. The timeline is slightly less government agencies. The good news is that once a company has success with obtaining government/corporate contracts, they typically double in size and have a significant impact on the economy through job creation.
If you are looking for ways to increase your win rates and shorten the timelines for doing business with government agencies and corporations, check out the tips below.
- Research: although this may sound redundant, you want to focus your energy and attention on government agencies and corporations that have programs in place targeting very small businesses and that are purchasing the service you are providing.
- Readiness Assessment: you want to make certain that your company is in position to meet the requirements of buyers and that you can demonstrate the ability to deliver results. Financial readiness and corporate stewardship are essential.
- Sub-contracting: all government agencies and many corporations have sub-contracting goals for MWBE participation on their larger contracts. Subcontracting is a great way to develop experience and past performance. Part of your strategy needs to include identifying larger projects and prime contractors that bid on them. s
- Consistent Communication: is absolutely essential. You need to market your business to your target audience consistently and in a variety of ways that includes networking.
- Start Small: we are seeing an increased awareness of government agencies and large corporations on the impact of buying small and local. To that end, explore what is going on in your local community that could result in a contract for your business. This is an area where we are seeing tremendous opportunities for our solo entrepreneurs and very small business.
Last, as they say if this was easy, everyone would be doing it. If you want your certification to work for you, you must understand that certification is a tool that will help you gain access to opportunities. You must use that tool strategically to win contracts, and that requires a detailed well thought out strategy.
