Entrepreneur Soundoff!
Your first source for UNvarnished, politically-INcorrect information about how to launch a startup and manage a profitable small business!
Podcast host, Randal Wimmer, is a serial entrepreneur who has stepped on EVERY landmine in the startup minefield, at least once and some of them more times than he cares to admit! However, these hard-learned lessons were instrumental to his success.
Randal's companies have made hundreds of millions of dollars in revenue, been listed on both the INC 500 Fastest Growing Companies List and the Washington Tech Fast 50 List on multiple occassions, and culminated in successful market exits. Randal is also the author of the Amazon Bestselling book, GOOD ENOUGH! To Launch Your Company. (Author website: RandalWimmer.com )
Presently, Randal is helping aspiring entrepreneurs launch successful companies. He helps people avoid the "franchise trap" by providing entrepreneurs with franchising alternatives with all the benefits of a franchise and none of the royalties, constraints, and hassle. ( ReadyforRevenue.com ) He helps GovCon companies rapidly grow in the FedGov contracting space. ( GovernmentContractingAcademy.com ) Plus, he helps startups and small businesses obtain the corporate credentials to achieve market penetration and rapidly grow. (ISOCertificationGroup.com )
Entrepreneur Soundoff!
48-Risk Management--The Difference Between a Bid Win and Loss
Many small business bidders don't really know how proposals are ACTUALLY SCORED. They read the Statement of Work (SOW) or Performance Work Statement (PWS) in the Request for Proposal (RFP) and their eyes get really big. WE CAN DO THIS! Then they write, what I call, an "I love me" proposal, stating how great they are at doing what was stated in the proposal.
In this euphoria, they never consider how their proposal is going to be scored. As such, they have ZERO concept that RISK is literally HALF of their Combined Technical/Risk Rating!
Most small business owners would be aghast if they knew how most Source Selection Board members...the people who are evaluating their proposals...think about small businesses. Small businesses are un-branded, un-known, and with a very checkered past regarding performance. Objectively, small businesses ARE high-risk! So, if risk is "technically half" of a large business bid's score, then it's "REALLY HALF" a small business bid's score!
Admittedly, risk is a difficult topic for any bidder to address, especially small businesses without large past performances to point to and say, "we didn't screw up on these!" Without significant contract performance, corporate credentials are the only way to validate a small business's corporate maturity. Regarding risk, ISO 9001 Quality Management System Certification is likely the easiest and best credential to obtain. Here's why.
The ISO 9001 Standard provides your company with fully documented management programs that are globally-accepted, industry best practices. One of these management systems is a robust Risk Management program. Possessing ISO Certification, a small business bidder can repeatedly cite various aspects of their "ISO 9001-Certified Risk Management Program" and how it virtually eliminates contract performance risk.
With only 1% of US companies possessing ISO 9001 Certification, now your company is playing into the Source Selection Board's fears about small businesses. You can now ghost the 99% of your "high-risk" small business competitors without ISO Certification, while playing the role as the "mature, responsible, low-risk bidder."
To learn more about ISO Certification and how it can help your small business win more...and much larger bids...visit www.GCACampus.com
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