Written by Tunisha W. Walker, Senior Vice President, Capalino+Company
Whether you’re a smaller subcontractor that just received its MWBE certification, or a prime contractor preparing for another set of projects, it is important to have goals and objectives in place at the start of the new year. This planning is crucial for both MWBEs and companies that work with MWBEs – both the City and State are working harder than ever to employ MWBE firms and the prime contractors who commit to working with them.
Here are a few important tips to keep in mind as you set your MWBE Resolutions for the New Year.
Tips for MWBEs
Reconnect with Primes
Target specific prime contractors from your contact list or those that you’ve met at events. Sending out holiday cards is a great way to reconnect and remind them about your company. They might need your help on a project in the New Year!
Lay Out A 2018 Plan Of Action
Review your business plan and marketing tactics from 2017, and debrief on what worked and how you can improve. Lay out specific goals for 2018, and highlight tactics for getting there. Look at a variety of buckets: increasing your revenue by 20%, finding new procurement opportunities, creating new partnerships, being strategic with new events, and more. Compile all this information in your “2018 Action Plan” that you can use as a roadmap and checklist throughout each quarter.
Update Your Website
Update your website with the latest information about your company, certifications, and services. Add recent case studies and success stories. Ask clients for testimonials about your work to include on your site and share in your marketing materials. When applying to an RFP, procurement officers do check your website against your proposal to ensure verification.
Update Your Pitch
Make sure your elevator pitch accurately reflects your value proposition, and every member of your team should be ready to give it. Sometimes you’ll only have a minute to introduce yourself and explain what you do, so when you’re meeting with Agency Chief Contracting Officers (ACCOs), tailor your pitch to highlight exactly how your company can be helpful to their bottom line.
If you need help with any of these tips, feel free to reach out to the Capalino MWBE Team.
Tips for Prime Contractors
Commit to a New MWBE Goal for 2018
The City and State are specifically looking for companies that are willing to help them reach their 30% MWBE participation goal. Set a new goal for your company regarding MWBE participation, and hold yourself accountable in 2018. Finding new ways to build relationships with more minority and women-owned business will open the doors to these opportunities and improve the chances of achieving these participation goals.
Increase Partnerships with MWBEs
With a certified MWBE in nearly every field, you have a major opportunity to create partnerships that will help you meet your MWBE participation goals for the year and give you a better chance of winning government contracts.
You should take stock of innovative MWBEs that are entering the market, as well as industries where you have not previously partnered yet, and figure out how to utilize their services.
Finding a shortlist of MWBE suppliers to partner with can be daunting. Capalino+Company has created an MWBE Directory for our clients that includes certified MWBEs from a variety of industries that have a proven track record of reliability and success.
Compliance is Key
Compliance monitoring and tracking can become a time consuming and overwhelming process, especially for businesses in New York’s complex regulatory environment. City and State agencies have different protocols and requirements for prime contractors, so it’s crucial that you have a clear understanding of what the law requires.
For assistance in identifying your compliance requirements, or with managing the paperwork, feel free to reach out to the Capalino MWBE Team.
Connect with Local Elected Officials and Government Agencies
The New Year brings a shakeup of new faces throughout all levels of City and State government. New faces mean new opportunities for you to re-introduce yourself and your business to the decision-makers who have the power to open the doors to profitable opportunities and partnerships.
Although the New Year brings changes in leadership, policies and regulations, the City and State have each expressed their commitment to supporting this diverse business community. Following these recommendations will put you in a stronger position to capitalize on the vast network of opportunities New York has to offer.
Working the city and state can be difficult, but Capalino+Company can help. Our MWBE team provides a comprehensive array of services to help both MWBEs and non-MWBEs navigate challenges, build capacity and mitigate risk. Contact Tunisha W. Walker at firstname.lastname@example.org or 212.616.5837.