This week, I was asked to participate as a panelist with TX small business CEOs/Owners at the U.S. Small Business Administration annual 8a Small Business Summit (San Antonio, ATX, Waco, and surrounding areas District).
As the AvantGarde CEO, I am pleased to share insights regarding my experiences, strategies, challenges, and success factors during the growth of my company and my successful exit from the 8(a) minority certification SBA program.
Key takeaways include:
1. Have confidence in yourself, your business plan, and your abilities, even when facing numerous rejections initially. Persistence is essential; all it takes is one contract or client to initiate growth.
2. Focus on marketing, networking, and brand building while actively engaging in business
development calls to prospective clients. While business development personnel can be beneficial, they can also be costly and may not yield the desired revenue. No one can effectively communicate your story or showcase your capabilities like you can.
3. As your business expands, leverage your most valuable asset for further growth—your knowledgeable project managers and team members. Consider incentivizing them with commissions to foster growth. Existing client retention is crucial, comprising 80% of growth. Ensure competitive salaries to attract and retain talent.
4. Avoid cost-cutting measures; while government contracts may prioritize low rates, quality work, and skilled personnel come at a price. Investing in your team will yield high-performance ratings and repeat business. Charge fair rates to reflect the value provided.
5. Emphasize teamwork and collaboration. Success is rarely achieved in isolation; seek partnerships with experienced and reputable larger firms to foster growth. Building strong relationships and a solid reputation through collaboration is vital.
6. Finally, remain steadfast and do not lose hope. Establishing a business from the ground up requires significant effort. However, with dedication and a passion for growth, success is attainable.
I recently launched a webinar about the seven fundamental tools and tips to start and scale your business. To listen to each week (15-20 minutes each), listen for free here:
Rebecca Contreras
AG President & Chief Executive Officer
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