TAMPA, Fla., March 11, 2019 – Solvability, a small business federal contractor accelerator, has announced the dates for the fourth annual Florida GovCon NextGen Summit. The two-day event will be held on March 27-28, 2019 in Tampa, Fla.
Building on the success of past summits and the popular weekly podcast Navigating GovCon, the summit seeks to grow and amplify the Florida small business communities that support the defense and aerospace industries across the state. The two-day summit will feature sessions led by national experts from the federal government, the technology sector, the business community and other professional fields. Following GrowFL’s focus on the second-stage business as the engine of the economy, the summit offers a unique program of advanced topics, teaming and matchmaking.
Based on over 30 years of experience in the federal contracting industry, Jenny Clark of Solvability identifies the challenges faced by small businesses at GovCon, grouping them into stages called Traction, Growth and Acceleration. During the Traction stage, the company performs successfully as a subcontractor and focuses on systems and scalability. During the Growth stage, the company builds on capability and past performance to execute as a prime contractor, while becoming more cost competitive and efficient. In the Acceleration stage, the company leverages its contract and agency customer base to expand rapidly in revenue and profitability.
Showing these federal contracting businesses, many of which are veteran-led, how to move to the next level of growth in their organizations is the goal of the Florida GovCon Summit. Top challenges for small businesses in GovCon are: 1) Working Capital 2) Long selling cycles 3) Infrastructure investment for sales and operations 4) Program Funding risks.
Working Capital and Credit Risk: Access to funding is a major issue in federal contracting, especially in services, because there is no collateral for lending. GovCon small businesses need working capital to fund initial payrolls for a new contract for 60 days while waiting to invoice and collect on the receivables.
Long Selling Cycles: Relationships and market intelligence are key to success in federal contracting. Starting with federal agencies in their local market allows them to gain a foothold, but growth requires consistent investment of time, travel and expense for industry days, conferences and high-level meetings.
Infrastructure Investment: To successfully operate in GovCon, small businesses need business intelligence tools, to provide a constant stream of agency opportunities and track their pipeline as well as maintain visibility over their current contract base. Specialized accounting software, recruiting subscriptions, contract databases, program management databases and customer relationship management tools require major investments and ongoing maintenance.
Program Funding Risks: The flow of federal funding affects small businesses significantly during the early stages of development, from delays in funding authorizations to federal government shutdowns. Bid protests have impact, extending the already long procurement cycle on major contracts. Meeting compliance requirements from contract administration agencies from DISA to DCMA to DCAA contribute to workload and risk of delays.
Solvability developed GovCon to encourage teaming connections for established small businesses. GovCon has expanded each year to offer more educational sessions focused on federal contracting and navigating business growth as well as networking and matchmaking opportunities.
“Last year we saw record attendance at GovCon and expect that number to grow, reflecting the strength of our community,” said Jenny Clark, founder of the summit. “GovCon creates more teaming connections for economic expansion fueled by federal contracting and innovation investment across Tampa Bay, the state of Florida and other regions.”
GovCon’s focus on practical knowledge for federal contracting business growth includes sessions covering OTAs, Business Intelligence, Teaming, Protests, Cyber, Selling to Special Ops, Rate Targets, Marketing Small Business Certifications, Acquisition Strategies and Systems.
Registration for the event is open at http://www.govconconference.com. Registration options include Small Biz VIP packages with one or two attendees and an “Insider” option, featuring additional promotional opportunities. A limited number of Sponsorship opportunities for the Summit are also available.
Solvability shows small businesses how to leverage business intelligence and market knowledge to accelerate GovCon growth. We work with second stage federal contractors and small businesses serving the defense and aerospace industries that have 10 to 100 employees, $2-10 million in sales, are committed to the long haul, are ready to grow and are beyond the startup stage. Visit Solvabilty’s website for more information: www.solvability.com.