Is your MWBE trying to break into the world of government contracts?
Trying to land a contract with a government agency is a fantastic way to grow your small business’ revenue, but it isn’t the only one! Suppose you don’t yet have the experience to make a competitive bid for a government contract. In that case, there is another opportunity out there that will help you build up your resume while also increasing your bottom line: subcontracting!
Why Look for Subcontracting Opportunities?
The City of New York is putting big money into growing MWBEs of all shapes and sizes. Mayor Bill de Blasio currently has a 30% MWBE participation goal in place for a majority of city-based subcontracting projects. There are millions of dollars on the table for businesses like yours, but many MWBEs don’t know how to take advantage of these opportunities. That’s why the NYC Department of Small Business Services and I will be holding a free Basics of Subcontracting for Construction Firms workshop on Thursday, February 18th!
One of the challenges that small businesses have is that they are confused about what they should do as a subcontractor, and find the process of trying to partner with a prime contractor to be confusing. But there is no need to be scared! Once you have some basic knowledge and skills about subcontracting, you can effectively position yourself and your business to land these contracts and grow your business!
Review All Documents
When considering a project, the first thing you should do is to review the solicitation document before submitting a bid. These documents can be overwhelmingly technical, full of legal jargon, which is one of the reasons why some small business owners feel a little in over their heads when reviewing them. In the workshop, I’m going to walk you through the best practices for going through these documents, giving you the knowledge you need to submit a competitive bid!
How to Identify Good Partners
One of the most important things you need to consider when subcontracting for construction firms is identifying the right partners. Not every project and prime contractor is going to be the best fit for you and your business. You need to look at your core company, competencies, and capacity and then consider what you can contribute. You should also run a background check on their organization. By doing so, you can better target construction firms that are compatible with your MWBE. I’ll help you figure out exactly who your small business should be working with when finding a subcontracting partner.
Negotiation is Key
Even if you’ve found a great partner, you still need to make sure that everything necessary is included in the subcontracting agreement. To ensure the success of the relationship, negotiation is necessary. You will need an understanding of record keeping, reporting, and how to contribute throughout the bidding process. In the workshop, I’ll also provide you with key negotiation tips and make sure that you get paid!
Working with construction firms in a subcontracting capacity can seem complicated, but it’s the perfect way to make inroads into the world of government contracts. There is a lot of money out there for MWBEs; you only need to know how to access it! In the Basics of Subcontracting for Construction Firms webinar, I’ll teach you everything you need to get started! It will be held on Thursday, February 18th, from 10:00 AM to 12:00 PM. This online workshop is completely free for women and minority small business owners, so be sure to register ASAP! I’ll send you a WebEx link 24 hours prior to the event.
Looking forward to seeing you there!