Four Things You Must Do to Accelerate the Growth of Your GovCon Business
From my observations, many small businesses in the complex federal marketplace struggle to grow beyond the $10 million - $15 million annual revenue threshold. That is about the point when the founders have hit a wall. They can't grow their companies strictly through their own hard work.
If your company is in the $2m - $15m range, consider these common traits of companies that have broken through this barrier to achieve significant financial success:
1. Strategic Positioning: High growth small government contractors know where they fit in the market and focus on this niche. They have identified the agencies, opportunities, contract vehicles and teaming partners that will help them achieve their revenue goals. Now they are focused on talent acquisition and leadership development.
2. Operational Efficiency: The HR, BD, Accounting, Service Delivery and Contract Management functions are integrated, disciplined and overseen by the management team. The company is driven by data, not seat of the pants guesses.
3. Team Trust and Respect: Compensation, benefits, recognition and learning programs are defined and fair. The company inspires confidence in its leaders and loyalty in its employees.
4. Market Value Creation: The founders understand how value is created in the GovCon market and have made adjustments to their strategies to begin creating value now, so they can cash out later.