The federal government spends over $4 trillion per year, and state & local agencies spend over $3 trillion. Government spending is the largest “industry” in the United States representing over 13% of U.S. Gross Domestic Product (GDP) — with manufacturing second at 12% of GDP.
Yet, despite this enormous opportunity, many companies don’t pursue doing business with the government because of common misconceptions about the government sales process.
I want to set the record straight. It’s time for business leaders to know the facts of government sales rather than believing the many myths surrounding this lucrative and probable client.
Most business leaders believe that government sales are beyond their reach and that the process is just too complicated. But times have changed. Doing business with the government has become more viable for ALL businesses — including small and minority-owned businesses. The process of government procurement has been streamlined — making it very feasible for the smallest of company’s and well worth the effort.
Government sales have evolved so much so that a majority of the spending does NOT go through a bid or RFP process. In fact, 80% of all government spending does go through a bid or RFP. Government agencies are using a wide variety of procurement options to complete purchases within weeks . . .or even days. In addition, the GSA has huge initiative to modernize its procurement process with an eMarketplace, which will help even the playing field further – ensuring that virtually all businesses have an opportunity to sell to the government.
Combined, U.S. governmental agencies represent the largest customer in the world, spending over $7 trillion per year. How can your company make no attempt to sell to the largest “prospect” in the world that spends an average of $20 billion per day?
Some of the best business advice you will receive is that your company MUST designate some resources toward selling to the government.
There are many benefits of doing business with the government. Unlike private companies, government agencies always pay. Most agencies have very high credit ratings, and companies can even get advanced payments from financial institutions on the future payments of government contracts (if necessary).
In addition, government spending is almost recession proof. When the normal business cycle slows and private industry spending declines — government agencies still spend large amounts of money. Government contracts are typically larger and can span multiple years. So, just 1 to 2 multi-year government contracts can have a MAJOR impact on the revenue of your company – catapulting your business to the next level.
If your business does not currently have one… I encourage you to create a government sales initiative to pursue the enormous opportunity of government procurement.
About the Author
Jack Siney is an entrepreneur with over 25 years of experience in government sales and procurement. He co-founded his current company, GovSpend, Inc., that aggregates the purchase order data from government agencies at the federal, state, & local levels.
https://www.strategydriven.com/wp-content/uploads/monument-2501317_1280.jpg7461280Sharon Kastorianohttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngSharon Kastoriano2019-09-24 07:00:332019-09-24 21:49:33Why Including Government Procurement In Your Sales & Marketing Strategy Will Catapult Your Business To The Next Level
We all know that many entrepreneurs have bad credit score. Some businesses only start because the owners are unemployed, laid off, or worse, bankrupt. Some even start their businesses when opportunity arrives and not when their financial situation is good to begin with. Moreover, some go through personal difficulties which affect their personal credit score at the same time.
Do you need good credit to start a business? While having a bad credit should never be a hindrance for you to start your own business. There are some things that you can do to at least improve it. Improving your credit score allows you to get loans or business line of credit that you can use to build your business.
If you’re planning to startup a business but realized you have a poor credit history, you can check out these tips on how to improve your credit:
1. Don’t use big banks as a funding source.
Back then, banks only depend on your credit history, collateral, cash flow, and character when it comes to bank loan approval. These days, most banks tend to focus on credit history, particularly when making decisions on loan approval for small business owners. This happens because banks are now driven by the banking consolidation, which force them to automate the credit decision process and lessen the labor that takes place in credit evaluation. Regardless of how great your business proposal is, having a below 650 credit score will not get you anywhere a bank loan is involved. A good credit score is important if you want to get a loan.
On the other hand, you may apply for home equity loans in order to secure that much-needed funding. However, it is not advisable, particularly during the earlier cycles of business as cash flow can be a little unstable.
2. Determine the difference between your personal and business credit scores.
You may know by now that banks, especially the large ones, focus on the personal credit scores. Smaller lenders or banks, on the other hand, combine your personal credit score and business credit score, together with a lot of other factors when it comes to loan approval.
Keep in mind that your personal credit score is affected by a lot of factors. These include outstanding debts on personal credit cards, history of bill payments, late payment history, as well as the number of credit lines opened. While your personal credit score is associated to your Social Security number, business credit score is linked to the business tax ID. These differences can help you and your business get the financial boost you need.
A damaged personal credit score can affect how banks or lenders see your loan application. Hence, you need to consider obtaining a separate business tax ID number to link with your account. This is possible but you need to be very careful when doing this.
Apart from getting a separate tax ID number, making sure that your business has a distinct identity is crucial. Here are some tips:
Get an official business name and register it with the local authorities.
Get a separate business address that is not a P.O. box and have a separate telephone number listed under your business name.
Open a bank account under your business name.
These administrative tasks may look minor and unimportant, but they play a crucial role in distinguishing your personal accounts from your business.
3. Slowly build the credit score of your business.
Now that you have a business tax ID number and a legal business name, you can now start building the credit score of your business. Doing this helps your business establish a way to qualify for a business line of credit from suppliers and other sources of capital.
Starting a Business is Not Always About Good Credit
Keep in mind that anybody can start a business, regardless of how good or bad their credit scores are. If you need some funding and cannot go to banks and big lending facilities, you can opt for other ways to fund your business. You can ask family and friends to lend you personal loans. Just make sure to thoroughly talk it over and discuss with them the payment terms or the risks that they are about to take. Also, you can use credit card loans to help you with your startup. Although it is not the best way to do it, it is a much better option than not starting at all because of lack of funds.
Remember that nothing should stop you from building yourself to success. You may have a bad credit score now, but slowly, with the help from the right institutions or the right persons, you will be able to start the business and eventually make that business grow.
https://www.strategydriven.com/wp-content/uploads/money-256319_1280-1.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-09-23 17:00:362019-09-23 15:33:03Do You Need Good Credit to Start A Business?
Some people like to claim they are self-made when they finally make their dream come true, but the reality is that no one on earth can claim to be a self-made individual. The brain is like a sponge that absorbs the data from televisions, advertisements, parents, and teachers throughout a lifetime. With so many different opinions wending their way into your brain about every issue you can possibly imagine, it is easy to see how confusing life can become. That is why mentors are so important to the self-made individual.
Encouragement Goes a Long Way
Everyone that has started a project, begun a business, or created a charity knows that no matter how hard you work to make that dream a reality, there are times when you feel like you hit a brick wall. When that happens, your mentor can help you discover what the problem is and encourage you to try a different approach to the challenge.
Creativity Can Be Its Own Problem
As an experienced mentor, Eyal Gutentag knows the importance of working with creative people. However, creativity can be explosive, and when that happens your mentor can help you create boundaries that you don’t realize you need. Establishing self-discipline can be challenging but solidifying your focus can help you recharge your drive.
Goals Help Stimulate Personal Growth
You may believe in setting goals for yourself, but most people don’t realize they sometimes set goals they know they can accomplish. A mentor can make goals for you, explain why the goals are important, and then help you establish a plan to accomplish each goal. Not only can your mentor help you stretch your potential, but he or she can identify goals that stimulate your personal growth.
In this data driven world, having a mentor is not a weakness; it is a sign that you know where you are going and how to get there. Once you make your dream a reality, don’t forget to become a mentor to someone else that may be in need of a gentle push in the right direction.
https://www.strategydriven.com/wp-content/uploads/you-x-ventures-6awfTPLGaCE-unsplash.jpg24003600StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-09-23 17:00:072019-09-23 19:33:37Mentors and the Self-Made Individual
An office is a place which seems like it is super safe. There are no moving vehicles, no heights, and no moving machinery. However, like any other workplace, there are still safety issues which we face as office workers. Today we are going to share with you the essential safety guidelines that you need for your office this year.
Protect the body
The most important tips to consider are the ones which will directly help to keep you safe and protected all year long. Here are the top tips you need to follow to keep yourself safe at work:
Sit upright – There is nothing worse than slouching at your desk. We know it might be comfier at the time, but after some time it will hurt your back and can cause real health issues.
Look where you are going – This might seem obvious, but with most of us burying our heads in our phones, it is important to reiterate this fact. Look ahead at where you are going to avoid tripping over and having to contact social security disability lawyers for compensation for an injury.
Don’t run – ahhh, the old school adage. As kids, we thought out teachers were killjoys for saying this, but as a safety tip, it is paramount.
Hold the handrail – For some reason, a lot of us don’t bother holding the handrail when climbing up and down the stairs. It might seem unnecessary, but if you lose your footing you could seriously hurt yourself if you don’t hold on.
Get up and move – it is important now and again to stand up and move around. This will allow blood to circulate and reduces the risk of blood clots.
Equipment and Furniture
As well as us, the second most common reason for accidents at work is issues surrounding equipment and furniture in the office. It is important for us to take the chance to make the office safer in this regard:
Move cables – it is incredibly important if you are to stay safe in the office that there is no risk of falling over loose cables on the floor. When installing cables, there are many ways to keep them tidy and away from the open floor such as cable organisers and ties.
Try not to eat and drink – this is more of a risk for the computer itself than you, but when you eat and drink often at your desk, you run the risk of spilling food or drink onto your machine and breaking it.
Close your drawers – one simple thing you should always do is keep your drawers closed. This will make life a lot easier and will ensure that you are able to avoid walking into your drawers and hurting yourself.
Don’t store heavy items high up – This is an incredibly important one to consider. When storing your items in cupboards and drawers never store heavy items in high up places. This can be a huge risk if you try to take items down because if you lose your grip they could fall onto you and hurt you.
These handy safety tips will keep you happy and healthy in the office all year long.
It’s tempting to treat your company’s branding as an afterthought or, at least, largely limit your branding efforts to social media and digital media content. That would be especially understandable if your operations are largely online-focused, with few customers visiting your physical workplace.
However, preserving consistent branding throughout, not just your online presence but also your office can pay off handsomely – here’s why, plus what you can do to align your branding in this way.
It’s easy to lose track of your supposed mission
Even if you have typed out your company’s mission statement, printed it out in large text and then framed it all for prominent display, your staff’s promotional efforts could still veer off-course surprisingly easily. After all, there’s so much of which you need to keep track…
That “much” includes not only the digital content we have just mentioned but also ad campaigns and marketing materials such as posters, flyers and brochures. If you have different people working on different aspects of the branding, it can soon drift into incoherence, perhaps before you notice.
Consequently, your brand – or whatever it still comprises – could confuse customers, clients and even people inside the company, right up to the executive level. Hence, as advised in an Entrepreneur article, you should put together – and, across all of the company’s departments, distribute – a brand guide touching on subjects like the brand’s voice, tone, colors, iconography and fonts.
Apply subtle but clever visual flourishes in your workplace
Along the same lines, she asks: “If your name is long, why shrink your font to make it fit the sign on the building?” The implication is that you shouldn’t feel under pressure to decorate your workspace in the “traditional” way, as succumbing to this pressure could see you missing out.
Your company’s culture should be reflected in the workplace design – and that culture concerns the firm’s values and beliefs, not simply its logo or branding colors. Perhaps you could put up a photograph from when your team participated in a charitable endeavor?
Why is workplace branding so important, anyway?
That question could still have played on your mind if few consumers or clients visit your company’s offices or make it past the reception area. However, as indicated on the Metropolis magazine’s website, office branding can imbue your workers with a sense of identity and connection.
Therefore, it can help to ensure that those workers are all moving in the same direction – and, in this way, genuinely helping consumers or clients. You can further encourage this by investing in luxury office design to create a space that reflects a specific lifestyle and where people truly aspire to work.
https://www.strategydriven.com/wp-content/uploads/advertising-brand-branding-1449081.jpg11281920StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-09-21 11:00:552019-09-21 23:20:52Branded building: does your workplace match your message?
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Why Including Government Procurement In Your Sales & Marketing Strategy Will Catapult Your Business To The Next Level
/in Marketing & Sales/by Jack SineyYet, despite this enormous opportunity, many companies don’t pursue doing business with the government because of common misconceptions about the government sales process.
I want to set the record straight. It’s time for business leaders to know the facts of government sales rather than believing the many myths surrounding this lucrative and probable client.
Most business leaders believe that government sales are beyond their reach and that the process is just too complicated. But times have changed. Doing business with the government has become more viable for ALL businesses — including small and minority-owned businesses. The process of government procurement has been streamlined — making it very feasible for the smallest of company’s and well worth the effort.
Government sales have evolved so much so that a majority of the spending does NOT go through a bid or RFP process. In fact, 80% of all government spending does go through a bid or RFP. Government agencies are using a wide variety of procurement options to complete purchases within weeks . . .or even days. In addition, the GSA has huge initiative to modernize its procurement process with an eMarketplace, which will help even the playing field further – ensuring that virtually all businesses have an opportunity to sell to the government.
Combined, U.S. governmental agencies represent the largest customer in the world, spending over $7 trillion per year. How can your company make no attempt to sell to the largest “prospect” in the world that spends an average of $20 billion per day?
Some of the best business advice you will receive is that your company MUST designate some resources toward selling to the government.
There are many benefits of doing business with the government. Unlike private companies, government agencies always pay. Most agencies have very high credit ratings, and companies can even get advanced payments from financial institutions on the future payments of government contracts (if necessary).
In addition, government spending is almost recession proof. When the normal business cycle slows and private industry spending declines — government agencies still spend large amounts of money. Government contracts are typically larger and can span multiple years. So, just 1 to 2 multi-year government contracts can have a MAJOR impact on the revenue of your company – catapulting your business to the next level.
If your business does not currently have one… I encourage you to create a government sales initiative to pursue the enormous opportunity of government procurement.
About the Author
Do You Need Good Credit to Start A Business?
/in Starting Your Business/by StrategyDrivenDo you need good credit to start a business? While having a bad credit should never be a hindrance for you to start your own business. There are some things that you can do to at least improve it. Improving your credit score allows you to get loans or business line of credit that you can use to build your business.
If you’re planning to startup a business but realized you have a poor credit history, you can check out these tips on how to improve your credit:
1. Don’t use big banks as a funding source.
Back then, banks only depend on your credit history, collateral, cash flow, and character when it comes to bank loan approval. These days, most banks tend to focus on credit history, particularly when making decisions on loan approval for small business owners. This happens because banks are now driven by the banking consolidation, which force them to automate the credit decision process and lessen the labor that takes place in credit evaluation. Regardless of how great your business proposal is, having a below 650 credit score will not get you anywhere a bank loan is involved. A good credit score is important if you want to get a loan.
On the other hand, you may apply for home equity loans in order to secure that much-needed funding. However, it is not advisable, particularly during the earlier cycles of business as cash flow can be a little unstable.
2. Determine the difference between your personal and business credit scores.
You may know by now that banks, especially the large ones, focus on the personal credit scores. Smaller lenders or banks, on the other hand, combine your personal credit score and business credit score, together with a lot of other factors when it comes to loan approval.
Keep in mind that your personal credit score is affected by a lot of factors. These include outstanding debts on personal credit cards, history of bill payments, late payment history, as well as the number of credit lines opened. While your personal credit score is associated to your Social Security number, business credit score is linked to the business tax ID. These differences can help you and your business get the financial boost you need.
A damaged personal credit score can affect how banks or lenders see your loan application. Hence, you need to consider obtaining a separate business tax ID number to link with your account. This is possible but you need to be very careful when doing this.
Apart from getting a separate tax ID number, making sure that your business has a distinct identity is crucial. Here are some tips:
These administrative tasks may look minor and unimportant, but they play a crucial role in distinguishing your personal accounts from your business.
3. Slowly build the credit score of your business.
Now that you have a business tax ID number and a legal business name, you can now start building the credit score of your business. Doing this helps your business establish a way to qualify for a business line of credit from suppliers and other sources of capital.
Starting a Business is Not Always About Good Credit
Keep in mind that anybody can start a business, regardless of how good or bad their credit scores are. If you need some funding and cannot go to banks and big lending facilities, you can opt for other ways to fund your business. You can ask family and friends to lend you personal loans. Just make sure to thoroughly talk it over and discuss with them the payment terms or the risks that they are about to take. Also, you can use credit card loans to help you with your startup. Although it is not the best way to do it, it is a much better option than not starting at all because of lack of funds.
Remember that nothing should stop you from building yourself to success. You may have a bad credit score now, but slowly, with the help from the right institutions or the right persons, you will be able to start the business and eventually make that business grow.
Mentors and the Self-Made Individual
/in Professional Development/by StrategyDrivenEncouragement Goes a Long Way
Everyone that has started a project, begun a business, or created a charity knows that no matter how hard you work to make that dream a reality, there are times when you feel like you hit a brick wall. When that happens, your mentor can help you discover what the problem is and encourage you to try a different approach to the challenge.
Creativity Can Be Its Own Problem
As an experienced mentor, Eyal Gutentag knows the importance of working with creative people. However, creativity can be explosive, and when that happens your mentor can help you create boundaries that you don’t realize you need. Establishing self-discipline can be challenging but solidifying your focus can help you recharge your drive.
Goals Help Stimulate Personal Growth
You may believe in setting goals for yourself, but most people don’t realize they sometimes set goals they know they can accomplish. A mentor can make goals for you, explain why the goals are important, and then help you establish a plan to accomplish each goal. Not only can your mentor help you stretch your potential, but he or she can identify goals that stimulate your personal growth.
In this data driven world, having a mentor is not a weakness; it is a sign that you know where you are going and how to get there. Once you make your dream a reality, don’t forget to become a mentor to someone else that may be in need of a gentle push in the right direction.
An Office Safety Checklist Everyone Needs
/in Risk Management/by StrategyDrivenProtect the body
The most important tips to consider are the ones which will directly help to keep you safe and protected all year long. Here are the top tips you need to follow to keep yourself safe at work:
Equipment and Furniture
As well as us, the second most common reason for accidents at work is issues surrounding equipment and furniture in the office. It is important for us to take the chance to make the office safer in this regard:
These handy safety tips will keep you happy and healthy in the office all year long.
Branded building: does your workplace match your message?
/in Marketing & Sales/by StrategyDrivenHowever, preserving consistent branding throughout, not just your online presence but also your office can pay off handsomely – here’s why, plus what you can do to align your branding in this way.
It’s easy to lose track of your supposed mission
Even if you have typed out your company’s mission statement, printed it out in large text and then framed it all for prominent display, your staff’s promotional efforts could still veer off-course surprisingly easily. After all, there’s so much of which you need to keep track…
That “much” includes not only the digital content we have just mentioned but also ad campaigns and marketing materials such as posters, flyers and brochures. If you have different people working on different aspects of the branding, it can soon drift into incoherence, perhaps before you notice.
Consequently, your brand – or whatever it still comprises – could confuse customers, clients and even people inside the company, right up to the executive level. Hence, as advised in an Entrepreneur article, you should put together – and, across all of the company’s departments, distribute – a brand guide touching on subjects like the brand’s voice, tone, colors, iconography and fonts.
In your office, the little things can make a surprisingly large impact. Consider the words of New York-based digital communications professional Betsy Rohtbart in a Forbes piece; she posits: “If your logo is a circle, why put it on a square door? If your logo is a square, why put it on a rectangle tag?”
Along the same lines, she asks: “If your name is long, why shrink your font to make it fit the sign on the building?” The implication is that you shouldn’t feel under pressure to decorate your workspace in the “traditional” way, as succumbing to this pressure could see you missing out.
Your company’s culture should be reflected in the workplace design – and that culture concerns the firm’s values and beliefs, not simply its logo or branding colors. Perhaps you could put up a photograph from when your team participated in a charitable endeavor?
Why is workplace branding so important, anyway?
That question could still have played on your mind if few consumers or clients visit your company’s offices or make it past the reception area. However, as indicated on the Metropolis magazine’s website, office branding can imbue your workers with a sense of identity and connection.
Therefore, it can help to ensure that those workers are all moving in the same direction – and, in this way, genuinely helping consumers or clients. You can further encourage this by investing in luxury office design to create a space that reflects a specific lifestyle and where people truly aspire to work.