Would it surprise you to know that 53% of New York State’s overall spending is on professional services? Well, it’s true – New York State spends more on professional services than any other category and there lots of opportunities for small MWBE firms. In fact, NYS recently announced a new initiative called Supply & Demand: Opportunities for MWBE Growth and Strategies to Increase MWBE Participation. For information about the program, see the link below
http://esd.ny.gov/MWBE/BusinessDevelopment.html#Supply
So – how do you take advantage of all these opportunities? The key is to stay engaged; you must actively participate in programs targeting MWBE firms. That’s how I learned about the new program. Next, it’s critical that you have a system in place that will allow you to identify opportunities. During the MTA MWDBE Conference last week, it was noted that many opportunities utilizing discretionary spending thresholds targeting MWBE firms are only advertised for ten days. And, most important success in this arena is a strategy that includes the identification of your target audience and a consistent plan to educate your target audience about the value your firm brings to the table.
I should also point out that getting the job is often referred to by government contractors as the easy part. In addition to marketing, you need to really be clear on your capacity and have adequate resources to execute on government contracts. Depending on the industry, I advise my clients to seek out professionals in the areas of contract compliance, human capital management, finance and legal to ensure the best outcomes.
