Established Businesses and Growth

Recently, I participated in a small business roundtable with the Asian-American Pacific Islander community in Philadelphia. The event was co-hosted by the National Association of Asian American Professionals and the Mayor’s Commission on Asian American Affairs, and we were joined by 40 small business owners for a lively discussion on how to do business with the Federal Government.

Part of our mission at the General Services Administration (GSA) is to make sure that small firms across the country have the opportunity to do business with the government, and we were able to pass on several strategies that small businesses can use to successfully compete in the Federal market.

First, FedBizOpps is an online tool to help businesses learn about upcoming opportunities with the government. Small businesses can use this tool to preview what the government is looking to buy in the near future. GSA also posts a Forecast of Contracting Opportunities, informing vendors of anticipated contracts offered by GSA for the current fiscal year.

Here are a few things your can do – at no cost – to jump-start your business continuity plan:

Determine your greatest risk potential.  It might come from loss of heat, frozen pipes (which can burst, causing water damage), or loss of access caused by icy conditions.  What would happen if you had to shut down your business for several days?  Look at the building where you do business and assess the property damage risks. If you do this early enough, you’ll have time to make structural upgrades that can prevent possible future storm, wind, water or earthquake damage.

Calculate the cost of business interruptions for one week, one month and six months.  Once you’ve done that, you’ll be able investigate insurance options or build a cash reserve that will allow your company to function during the post-disaster recovery phase. It’s also a good idea to develop professional relationships with alternative vendors, in case your primary contractor can’t service your needs.  Place occasional orders with them so they regard you as an active customer when you need them.

Review your insurance coverage.  Contact your agent to find out if your policy is adequate for your needs. Consult with a business insurance expert to advise you on the right coverage for your situation.  When buying insurance, ask “How much can I afford to lose?”  It’s a good idea to know the value of your property.

As the economy continues to gain traction, many small retailers are forced to put more of their economic eggs in the holiday season shopping basket.  Hoping to take advantage of an uptick in consumer confidence, a three-month end-of-year holiday splash is possible, but may be more difficult this season.

So hiring extra help for the hoped-for push should be thought out more than ever.  Here are some ways to help make short-term hires pay off.

10.  Have a Staffing Plan

Know what it takes to get specific tasks done, and how long it should take for a competent person to learn what you want them to do.  Resist the temptation to be over-optimistic about what you will need to handle holiday season volumes.

9.  Know How Much a New Hire Really Costs

Recruiting, hiring, training, employment taxes, wages, etc., all have costs.  Compare these costs against the expected benefits in increased revenues or saved expenses.  Are you making a wise decision versus paying some overtime to existing staff?

Small businesses in emerging industries – like clean energy – have cutting-edge ideas that are strengthening our country and changing the world. Today, we’re helping them continue to do just that in two major ways.

First, unlike larger firms, many small firms don’t have the staff or time to search for all of the federal opportunities that can help them grow and create jobs.

We’re pleased to announce that they’ve got a new tool with green.sba.gov, where they can find all federal opportunities in a single location.