How Government Contractors in Education Can Plan for the Future
While government contractors are incredibly diverse, I want to highlight a particular type of government contractor: Childhood education, which has recently been in the news as part of some recent federal legislation. Government contractors in education advance humanity’s progress in this world by providing diverse goods and services.
Here are a few types of childhood education government contractors:
- Early childhood education and school readiness consulting to give future students a solid foundation for the challenges they will face in school
- Equity, anti-bias, and inclusion education
- Child development and youth leadership programs to empower the young to create new realities
- Community education resources like financing, assembly locations, crisis instruction, and therapy services
- Specialized training programs to give students a unique edge in the job market
- Internet use and cybersecurity
- Research into new ways to serve the educational needs of children and the general community
Contractors that make and sell school supplies are where methodology meets manufacturing. Government contractors in education produce physical items like these:
- School computers, from towers to tablets
- Audio systems
- Sports supplies
Landing the Big Fish
With needs like these, contracting for the government in the education sector is a huge opportunity. Annual government education spending budgets are waiting to be earned by education contractors.
The United States federal government spends at least $400 billion each year on goods and services. These can be anything from landscaping to furniture to paper towels. The yearly objective is to reserve 23% of that money to spend on small businesses, a sum of around $80 billion. With numbers like these, the United States government is a highly sought-after client. But, before great profits can be had, great requirements must be met.
To the chagrin of countless business owners, there are a lot of details and requirements during the proposal phase and the invoicing process that require a lot more information than the average commercial invoice. Business owners must provide a myriad of details, often down to the penny. For example, receipts showing that no funds were spent on alcohol and expenses are within per diem limits. Lots and lots of information that is tough to put together in a rush. You did not start your business to stress for hours over form after form when you’d rather be preparing to bid for the contract.
Sometimes much effort is put into this process, only for the contractor to find that they haven’t yet met the qualifications. Having expected outcomes brings peace of mind and a basis for learning how to improve practices.
Anticipatory CFO Services in Montgomery County and Beyond
Government contractors face unique challenges that need a strategic, forward-thinking approach. My services for contractors include:
- Navigating reams of forms, dotting every “i” and crossing every “t.”
- Understanding the language of law and bureaucracy
- Quantifying and accounting for costs, indirect, overhead, and more
- Possessing the right equipment and storage methods for the job
- Up-to-the-moment understanding of how to stay compliant with government regulations
No business is too small to be a government contractor. Every business should have a fair chance at bidding on government contracts, but to do that, they need to have their financial documents in order, and that should not happen just before attempting to bid.
Unique needs call for unique services. This is why I’ve been a virtual, outsourced CFO from the beginning. There can be no one-size-fits-all approach to CFO services for government contractors in education.
To get a financial management plan tailored to your needs, contact our virtual Maryland-based team on our website or call (301) 942-5989.