Understanding Government Contracting - Payments and Papework

Have you ever taken a class where from the very start it seemed like a foreign language?

I mean the stuff you were hearing sounded like something you’d never heard before. Like a foreign language!

When you look at transitioning from private sector work to government contracting it feels the same way, like a foreign language. Yet, when you get into government contracting you think one contract from the next will be the same. It’s just not so.

As you’ve ventured off into government contracting you’ve realized that right? Of course, that’s why you’re still reading this.

 Government contracting is a beast all within itself.

The government pays slow...

Unlike the private sector you’ve heard that the government pays slow. And know you’re questioning if you want to do government contracting.  

You do know the government has money. And after visiting the Federal Reserve, I believe if they ran out of money they’d just print some more! Once the contract is awarded the money is allocated and set aside for that contract. Do the work and you’ll get paid.  

In the private sector, you don’t have that guarantee. Come on - be honest. Are you telling me you’ve never had to beg and wait to be paid by a client? Maybe I’m the only one.

The government doesn't work like that. Once you meet the necessary requirements which you know beforehand and submit the necessary paperwork you’re paid as outlined in the contract.

Have you heard of net 14-days? That’ll be your homework to go research and learn how you can get net 14-days on your government contracts.

Bet you don’t get that with your private clients.

There’s too much paperwork...

You’ve heard that there's too much paperwork with government contracting so you're hesitating with getting started.

Sounds like you’re being lazy!

Yes, there is a lot of paperwork. So yes it’s going to be a lot of work and it’s going to be time-consuming, but yes, it’s very rewarding. You can overcome the paperwork. Take the time to learn how to do the paperwork. There are companies that will help you with getting your business set up with government contracting. You don’t have to figure it all out on your own. Resources are available. You just have to be willing to invest the time and money.

Do the math and you’ll see that the time and money you invest to get your business setup and ready to receive government contracts will be well worth the investment.

Truth bomb: Stop being lazy and cheap. Where you’re at right now will be where you’re at next year, if you don’t do something different today.

 Here are just some of the benefits of government contracting:

  • Limited competition
  • Paid on time
  • Plenty of contracts
Game Changer Tip: Have a kick-off meeting for all key players when awarded a contract will help facilitate you making sure all contractual requirements are met. PLUS you get paid on time!

You’re looking at the whole picture wrong. Yes, there is a lot of paperwork with government contracting, yet they do pay on time. And I’ve never heard...we don’t have the money to pay you! Bet you've heard that from your clients before. 

What are you going to do? Stop being lazy and get in the government contracting game. You can use the government to take your business further faster when you commit to doing the work, investing the time and investing the money to get help especially if you’re in the same spot today you were in last year.

What are you going to do?

If you need help you can check out the Contractor’s Edge Bootcamp. We’re here to help you stop begging for clients and start landing government contracts. We’re going to embrace you where you are, educate you with proven strategies, and empower you to position your business to land government contracts.

If you need help and are looking for someone to learn from where you can tap into their knowledge, lessons learned, and proven success strategies, I want to be your teach.

Here’s the link to learn more and join us for the next Contractor’s Edge Bootcamp!

How To Get Your First Government Contract

Do you know what you can do to get your first contract? No. You’ve probably been trying without success. You're not alone in asking that question.

The mistake most people make is these three things:

  • Thinking you can go straight in as a prime contractor
  • Thinking prime contracting is the only way to a government contract
  • Not accessing your capability to perform

Let me explain...

The government spends more money with small businesses than anyone else. Trillions of dollars every year. It's the government just like taxes, there's a lot of paperwork and the government has their own beat that they dance to.

Who's Your Customer?

Do you know who's your government contracting customer? Have you ever asked yourself that question?

Most people don’t. Most small business owners jump all around the necessary questions and steps to getting their first government contract.

You don’t know what you don’t know. I give you that but how long do you really think it should take to get a government contract one year, two years, three years? Seriously, how long do you think it really should take? Come on? After a year of spinning your wheels, you have to know that something's not right. If you’re doing everything you know, it's what you don't know that is hurting you.

You may even ask people “how can I get my first government contract?”

3 Critical Answers to Questions You Don’t Know to Ask

3 Critical Answers to Questions You Don’t Know to Ask When Tapping Into the Trillion-Dollar Government Marketplace

The government spends trillions of dollars each year with small businesses and there’s an equal amount of people interested in government contracting.

I know this because I get so many people coming to me, wanting to pick my brain. Some have a lot of questions of which I answer and teach in my Bootcamp. Here are two questions most people ask:

  1. Does the government buy what I sell?
  2. How can I find out if they have contracts for the products and services I provide?

So You Wanna Do What Your Friend Is Doing In Their Business? And So You Shall...

Your friend has shared with you what they're doing. They've quit their job, no more being a slave to the man, punching someone's else's clock, helping someone else live their dreams while theirs are on hold, and living paycheck to paycheck. Your friend has a business and now they're living the life they've always craved and have used the business they’ve always desired to make it happen.

Your friend is a government contractor and they're making more money than they would EVER have the opportunity to make on a JOB!

Being An Entrepreneur (It Ain't Easy!)

Do you go around believing that you need to have everything in place before you get started with something new?

I get asked often about my journey with coaching and mentoring as the student and not the teacher. Which is why I’m going to share with you what I’ve learned from the coaches I’ve worked with over the last 3 years.

I’m sharing this so that you can see that having a coach or mentor that can help you when you struggle, hit a roadblock, or feel overwhelmed with it all is totally worth the investment. I'm even sharing some numbers. 

The Government Never Really Runs Out Of Money!

I think I was more excited than the kids about our field trip to the Bureau of Engraving and Print Facility in Fort Worth, Texas.

It was on my list of places to visit this summer and then my son’s class had a field trip there!  I was like I’m going. Had my t-shirt and all.

The only down fall is there’s a no cell phone or electronic devices rule. I’m gathering they don’t want you to take pictures or record the layout, process, and machines in their facility.

If you ever had a question of will your client be able to pay? Will they pay on time? Will they see the value in what I offer. This will no longer be your reality. The government is different than most!

5 Reasons Why You Need Contracts In Addition To Clients

Ever had a brain fart? I’ve been living one myself for well over a year! Now for my clients, they can say they didn’t know. I don’t have the same excuse. I’ve lived on the other side. I know better.

I’ve been exhausting myself chasing clients to provide bookkeeping services and training. Of course, everyone needs to either learn how to do their bookkeeping themselves or have someone do it for them. You remember the IRS, taxes, yeah we all must file every year. It’s required, right.

The profit margins just aren’t there. Clients want to pay by how many hours it take to do the work, like $25-$50 an hour.

Are you ready for this? It’s just as good as having the cure for cancer!

What's up!

I’m gearing up this week for my next live training. And I was hoping you’d join me. Being honest, I’ve had the cure for cancer and I haven’t been sharing it with you.

Okay, it’s not the cure for cancer, but it’s the cure for you if you’d like to stop chasing clients.

THE “WHAT IF’S” YOU KEEP SAYING IN YOUR HEAD WILL KILL YOUR BUSINESS

I can’t tell you how many brilliant ideas I come up with. I even share them. And I know they’re brilliant ideas because they are out there in the marketplace. Lots of money is being made.

The only problem is I'm not making any of that money! The reason why is because I never brought it to market! I allowed the “WHAT IF’S” and “SHOULD OF’S” stop me.

Looking back it was nothing more than fear of the unknown. It’s no different than the woman staying in a bad relationship because she’s afraid of what could be.

STOP TREATING YOUR BUSINESS LIKE THE CAFETERIA LINE AT SCHOOL!

Your business is not like the buffet line where you get to pick and choose what you want.

Ever went to a restaurant to order your food and get that gut reminder that this is not Burger King, you know “have it your way.”

Tools And Strategies To Help With Tax Time

Feeling a little overwhelmed this time of year even with the anticipation of a tax refund, yet dreading the process required to get you to that refund? Or maybe you’re just dreading the process of getting your taxes filed.

It’s not as daunting as you might think. Preparation is key. And here I’m going to share with you tools and strategies to make the process a little less painful.

Wait! Before you outsource your bookkeeping!

If you're making less than $100K in your business, it’s a good idea to wait until you’re able to pay for the services you REALLY need.

Paying less than $500 a month for bookkeeping services won’t get you much more than:

Tired Of Giving Your Money To The IRS? READ THIS!

Talk about my eyes about to pop out my head!

It sure felt like they were about to when I’d filed my taxes by the tax extension deadline back in 2009.

Did I read that correctly? Did it say amount owed $153,495.60.

OMG! Stupid, stupid, stupid. That’s me hitting myself upside my head.

I knew better. I should have:

The FASTEST way to KEEPING more of the money you make

If you EVER plan to jump into the role of CEO of your business and stop being just a work-a-bee. Then you’ve got to change your mindset from employee to entrepreneur and employer when the time comes

You can’t continue to do the things you’ve been doing around your money management if EVER plan to build wealth from your business.

There are 5 secrets to keeping more of the money you make so that you have more money than you have month instead of the other way around.

Money 1.0 - Every Business Owner NEED A BASIC Understanding of Your Business Number

Time to get your money right.

Bookkeeping is just as important as getting clients and customers, if not more. Think about it. What’s worst? Not having enough clients or not having anything to show for your hard work. Never having any money left. Having to work until the day you can’t work anymore. Living paycheck to paycheck and client to client. That’s not cute!

It even goes far beyond this. Here’s 9 reasons why bookkeeping is important to your business, but you just don’t know it...

3 Hacks To Preparing And Filing Your Taxes On Time + Eliminate Paying Late Fees

Tax season will be upon you quicker than you think! Especially if you’re not prepared. “I’m not going through this late filing deadline and spending 2-days before the deadline having to input an entire year of transactions into quickbooks next year, nope, not gonna do it!”

  • Sound like you?
  • Do you file your taxes by the April 15th deadline every year?
  • Have you filed business taxes before?

If you’re a business owner, you MUST file taxes every year, so this is for you.

Lost that loving feeling in your business? Here’s what’s missing...

I’d had my head in the sand for months as to the reality of my business. I’d achieved my income goal 3-months in a row. I had not even realized it until my daughter pointed it out.

I was too busy grinding and hustling to even notice. Sad right?

So for 3-months I had not celebrated not once my achievements. I did not reward myself. Shame on Felicia!

Since, I’ve created my money plan, which includes...

    STOP TRYING TO FIGURE IT OUT ON YOUR OWN!!

    Social media is a beast. There are so many platforms. New ones popping up all the time. I had questions like…

    • Which platform to use
    • How many times to post a day
    • Best times to post
    • What to post
    • What's acceptable
    • Should I be doing videos
    • Should I be adding pictures to my post

    Those were just some of the questions I had until...

    DO YOU EVER GET LOST IN YOUR WORK?

    Yea, I did last night. I looked up it was 2 am!  I was so into doing a client's books that the clock was just tick-tocking away.

    I don’t usually stay up that late but I’d gotten home around, I guess 8 pm after catching an early movie with the family.

    After seeing the previews I was waiting for this movie to come out, 'The Accountant.'

    He wasn’t your average 'Accountant'. He did things with numbers that only some could not even imagine. He had another set of skills that he only used when needed.