Budgeting for GovCons 2022 – Do You Get December-itis
December starts a very interesting month for those in business. It’s usually the winding-down of a calendar year with holidays, celebrations, and a chance to breathe. This year, as we already know, is one like no other. With less opportunity to party or travel it allows for the time to look ahead, set new goals, budget for the coming year, and plan for new services, products, and opportunities. But where should you start?
Luckily BOOST is seasoned in transitioning to new opportunities and building your business from the last notes of Auld Lang Syne all the way through the new year. Here’s what we recommend and a hint: the central theme is Plan for Your Growth.
Budgeting for GovCons:
What are the things you’ve neglected this year that you wanted to add but didn’t because of “the budget” or more importantly because of 2020? Did you skimp on marketing, hiring, or company culture-building activities? Add these into the 2022 budget (if you haven’t already) to help make sure they happen. Also, over-shoot the budget just a little. Give yourself wiggle room for hiring that stellar BD person or to celebrate new milestones that you didn’t expect to hit just yet.
Growth is good. Growth also means you’ll need to work on delegating some of your, or your team’s tasks to new hires. Where do you find these new hires? Great question. We recommend working with a talent acquisition team that can be dedicated to finding and delivering the best potential fit for your team. Once you’ve welcomed your new hires on day one, don’t forget about the ongoing onboarding process. Solidifying your onboarding processes prior to hiring will help you and your new employees to have a stronger (and more loyal) relationship in the long run.
Let’s talk about lawyers, not many people like them, but everyone in business needs them. (We’re exceptionally lucky that our lawyer is amazing and if we like you, we might even share them.) Beef up your legal teams, your outsourced accounting, CPAs, bankers, your IT service professionals, and beyond to pick up the slack in places that you don’t excel. Partnering with companies who can feed you referrals and vice versa will help you sustain growth and mitigate time spent researching these areas before it’s a three-alarm-fire for your business. If you need recommendations across the GovCon industry, BOOST can help, just ask. We’ll be happy to make an introduction.
Even before the planning stage you’ll need to know where you stand with your current business. Are your books in order for tax season? Do you have an updated HR Manual? How are you reaching and signing most of your clients and customers? Do you have your newly awarded contract roles filled appropriately? Knowing where you currently stand in all areas of your business will help you to plan appropriately for the future in ways you can reach and exceed.
If this year has taught us anything, it’s that we don’t know, what we don’t know. Take time to survey the landscape of what your industry is discussing and read up on the pieces that matter, but don’t quite make sense. Do you need ISO or CMMC certifications? Are you adequately maintaining a secure cyberspace? Do you need a new accounting system? Join in on conversations, digital events, and information regarding the topics that matter to your business now and in the future you’re looking to build.
Take some time this month to reassess where you are, where you’re going, and where you’d like to be. BOOST can assist with introductions, assessments, and planning for your growth to help you kick off this next year in the best way possible. Goodbye 2020 (finally), and hello future.