In my interview with Adrienne Mitchell of MarketWatch Radio, I talk about the importance of having strategy to maximize your certification. Here are some of the highlights of the discussion.
Know Your Capacity: all too often I see MWBES trying to go from zero to a million overnight and that’s just not realistic. It has been my experience that you are only as good as your last successfully completed contract. If you are just starting out focus on small purchases to build your past performance, and continue to build relationships with smaller, private sector clients. Be clear on your capacity when marketing to government buyers.
Make Time for Marketing; your certification will just hang on the wall if you don’t make time for marketing. You need to have a plan to consistently communicate with government buyers. They key here is consistency – you want to attend events where procurement officials and buyers gather such as procurement fairs, workshops, MWBE events, and pre-bid conferences. Consider the use of direct mail, email, social medial and good old fashioned telemarketing. Focus on building relationships rather than selling, people tend to buy from those they know, like and trust.
Teaming/Sub-Contracting/JV Relationships – if you want to fast track your growth, develop a relationship with an experienced prime contractor. I find that there is no shortage of prime contractors seeking relationships with quality MWBE firms. Having the right teaming/sub-contractor relationships is a great way to build strong past performance required on government contracts. That said, teaming/sub-contracting is a very big step, it should be done strategically with the appropriate guidance and support.
