By Kathleen Sievers and Nick Schiffler, Guest Contributors (Deltek)
Small businesses have a lot to look out for as they set their businesses up to navigate their way through 2021. With so much uncertainty ahead, successful small businesses will be planning their business strategies to be flexible, diverse and ready for anything.
Navigating Opportunities in the New Year
Contractors and project-based businesses know that every advantage they can get against the competition can be valuable. For small business, one of these advantages can be gained when they receive eligibility to win or partner with larger companies on projects—which, by broadening their pool of potential future opportunities, can provide a huge competitive advantage. With an increased number of contracts being set aside for businesses that fit into specific categories like 8(a) or HubZone, being prepared for opportunities that have been earmarked for small businesses can be the key to success.
|Kathleen Sievers, a senior research manager at Deltek, recently joined Washington Technology to provide her analysis on small business opportunities government contractors will be able to count on in the coming months. During the discussion, Kathleen covered data that shows where government agencies are spending and what some of the trends are to watch for going into 2021. (If you missed it, you can still watch it on-demand!)
Here are a few of the most valuable spending areas that small businesses should watch for in the year ahead:
- Federal Strategic Sourcing Initiative for Building Maintenance and Operations Small Business Phase 3 Zones 7 through 14 – valued at $20.3B
- Polaris (the replacement to Alliant 2 Small Business) – valued at $15.0B
- First Source Information Technology Commodity Solutions III (FirstSource III) – valued at $10.0B
While these three spending opportunities are especially valuable, small businesses equipped with the right tools and resources can find plenty of ways to expand their business—even with the uncertainty of whatever 2021 might bring.
Three Strategies for Small Businesses in 2021
Supporting small businesses is something that Deltek’s solutions do every day, providing valuable resources and solutions that can help firms with 8(a) status, veteran-owned businesses, women-owned businesses, and small businesses of all shapes and sizes to adapt, evolve and grow.
Each of these types of small businesses can best position themselves for success in 2021 by following a few basic steps: acting proactively, making data-driven decisions, and budgeting and spending for the future as well as the immediate present.
#1 ACTING PROACTIVELY
While there are a multitude of opportunities for small businesses to take advantage of spending geared towards their companies, there are also many competitors in the marketplace looking to get in on the same opportunities. Arming yourself with more information and the visibility to see where the market is going months, or even years, in advance can put you in the position of being ahead of your competition.
#2 MAKING DATA-DRIVEN DECISIONS
When you have a clear line-of-sight into the performance of your own company and your own projects, and data that reinforces your level of performance, you will be better positioned to make smart decisions in real time. This can empower your team to improve productivity by identifying potential problems before they make a major impact, saving you both time and money down the road.
Contractors and project-based businesses know that every advantage they can get against the competition can be valuable.
#3 SPENDING FOR THE FUTURE
Uncertainty can create a perception of needing to act in ways that only provide short-term benefits – why worry about tomorrow when you don’t know what’s coming beyond today? In fact, when small businesses make investments in tools and resources with both the present and the future in mind—even in times of uncertainty such as during this pandemic—they set themselves for success by developing a sustainable pipeline of revenue and sales opportunities.
To learn more about how Deltek can help power project success for your small business, click the link to view more small business resources and solutions.
Kathleen Sievers is Senior Research Manager of Federal Information Solutions, Deltek, and Nick Schiffler is Senior Marketing Specialist, Deltek. Learn more about the company at https://www.linkedin.com/company/deltek.