Episode 11: Demystifying the Government Contract Maze
The slippery maze of Government Contracting is fraught with red tape, paperwork, and roadblocks. Although each administration says they seek to minimize the bloat in the process, it somehow remains frustrating. Between the amount of paperwork to the criteria for filing, to the waiting period, it can be enough to make you want to pull your hair out. Well today, we’re going to talk about some strategies to make the contracting process less intimidating.
Tune in today to find out what documentation you should always have, how to prepare for the process, and how to avoid mistakes that will cause delays in the process. Our guest Stacy Vaughn will share her inside tips and cautionary tales to help put you on the right path to successfully getting government contracts for your business.
Listen live or catch the podcast replay on our Show page.
Originally aired October 6, 2017
Stacy Vaughn is a Managing Partner of D-Unity Group LLC with her husband Roger Vaughn (a retired Air Force service member). D-Unity Group educates for knowledge, mentors for success and trains for growth all businesses who want to obtain government contracts or grants.
She is a wife, mother, grandmother, military spouse and former Government Service (GS) Employee & a Federal contractor for the Department of Defense with over 20 years+.
Mrs. Vaughn holds a Master’s in Business Administration (MBA), a Bachelor of Science (BS) in Human Services from University of Arizona, Tucson, AZ. She is teaches & facilitates workshops, seminars for foster kids & and military families.
Stacy’s 3 Tips
- Diversify your clients. You should have B2B, B2C and B2G, with no more than 40% of your business coming from B2G. You cannot count on timely or consistent payment from government contracts so it’s better to have a diversification of clients and client types. That ensures that you don’t find yourself losing money or without revenue for months on end.
- Hire someone to handle your grant writing and/or contract bid process. Don’t try to complete the process alone or try to take the cheap route. By having someone who understand the process, the lingo and the landscape of government contracting, you will save yourself a lot of time and heartache, and avoid major errors that can get your application or bid rejected. Invest the money in hiring someone, and invest the time in research and due diligence to make sure you hire the right person.
- Invest in building relationships. Don’t overlook the power of relationships. There are people behind those titles and offices. Networking is extremely important. Because there are hundreds of bids and contract applications coming through, you should do something to make yourself stand out. Network with key people who can mentor you and tell the truth. Don’t take up too much of their time. By looking to build authentic relationships, you’ll end up with allies that can advocate on your behalf.
In the News
Five trends shaping federal contracts in fiscal 2017- https://about.bgov.com/blog/five-trends-shaping-federal-contracts-fiscal-2017/
Senators are shocked that Equifax was just awarded a federal contract- http://money.cnn.com/2017/10/04/news/equifax-irs-contract-senate-response/index.html
Why Wolverine Is No Longer Making Shoes for the Military- http://footwearnews.com/2017/business/mergers-acquisitions/wolverine-world-wide-department-of-defense-contract-438734/
Bethenny Frankel Charters 4 Planes to Aid Hurricane Maria Victims in Puerto Rico: ‘It Is a War Zone’– http://people.com/tv/bethenny-frankel-charters-four-planes-to-aid-hurricane-maria-victims/
Love her or hate her, Bethenny showed up and showed out for the island of Puerto Rico this week. Frankel jumped into action and called up any and everyone she could and took to social media to spearhead a drive to get private planes and supplies. Well it pays to have great connections. She was able to get commitments for four private planes and filled them with donated food, hygiene products, diapers and more. She went into some areas of the island to make sure the items were distributed to those in need. But she didn’t stop there. She arranged for some women and children to fly to the United States to get medical attention. Talk about a Mogul Move. To whom much is given, much is expected. And Bethenny stepped up.
Mogul Chix Academy will begin the Fall 2017 class on October 25, 2017. If you want to increase profitability, find additional revenue streams, pinpoint ideal customers, build a strong team, streamline operations, position your business for growth and scale, attract the attention of investors, learn how to protect your assets, close more deals, align with the right people to help you grow, and build a generational legacy, then you need to register. The academy runs 26 weeks and it’s very hands on. Registration information is available at www.mogulchixacademy.com.
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Adrienne Graham is the Founder of Mogul Chix (www.mogulchix.com), a global company and community for female founders and women entrepreneurs. She works with female-founded companies to grow, scale & making them investment ready. She is a growth strategist for high growth companies. She provides Strategic Business Growth consulting services to companies with high growth potential to assist clients in creating processes and strategies to effectively scale, run, grow and position their business for success. Adrienne is an author, serial entrepreneur and avid techie dedicated to promoting inclusive diversity in the tech, VC and startup community. She is steadily building her empire one company at a time. She is also a Mentor for the Straight Shot Accelerator in Omaha, NE, which helps guide startups into successfully launched ventures.