Posts Tagged startup

Your Elevator Pitch Needs Work

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… or you wouldn’t be reading this.

Yes, you. The “small, woman-owned company established in 2008, located in Alexandria, VA, that prides itself on excellent customer service and always striving to do best for our clients“.  Because if that sounds like you, you just wasted 20 seconds of everybody’s time for no good reason.

A truly great elevator pitch takes planning, practice, and precision. Especially in government contracting, where industry events are comprised of many companies of similar industries, you need to stand out, or you may as well be invisible.  Here’s what I mean:

  1. Planning. Know your audience.  Who is going to be in the room? What is the key takeaway you want them to remember? How will your 30-second opportunity set you apart from everyone else?  The point of the elevator pitch is for the listeners to spark an interest. Not to pre-emptively answer all their questions.  Naturally, your elevator pitch will be different in an open forum, in a 1-on-1 with a government agency, a potential teaming partner, or a banker.
  2. Practice. Every time you say “umm” or “you know” or “as I said” – you’re stealing seconds from your allotted time; losing the listeners’ attention; and killing your credibility as an expert.  Know what you will say ahead of time. Run it by a few people – a family member, friend, partner, a PTAC or SBDC counselor.  Be sure to test on people that don’t know the technical specifics of what you do, because if you’re speaking in code (or jargon), your customers may not understand what you’re saying.
  3. Precision. What are the key elements you want to convey that would want your listener to want to ask you more questions?  Look at a few templates for constructing the pitch, You can start  with this guide or this one. A generic, 1-size fits all blurb will fit no one. An appeal targeted specifically for the present audience will be more productive.

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Before You Start… (and how to make the best use of your PTAC)

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Virginia PTAC (and our nationwide colleagues) are happy to welcome you to government contracting. We will do our best to help you succeed at selling to state, local, and federal agencies.

Some businesses, however, aren’t ready for government contracting, and your meeting with a PTAC counselor, or your attendance at a class can be frustrating, overwhelming, and (let’s be honest), disappointing.

So let’s get this secret out of the bag: PTAC is not intended to help you start a business. That’s outside our mission, that’s something our grant funder (Department of Defense) specifically frowns upon, and that’s the kind of assistance we recommend you seek from our resource partners, such as the Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers, and SCORE.

In fact, before you meet with a PTAC counselor or attend even our introductory “Basic Training” class, we recommend that your company obtains:

Legal Requirements (for any business)

  1. State entity registration if your business is anything other than a sole proprietorship (LLC, Corp, LLP….)
  2. Federal Tax ID Number (TIN / EIN) from the IRS
  3. Business license from your state / locality (in Virginia, it’s called a BPOL)
  4. Business Plan

PTAC Counselors won’t usually ask to look at your documentation, unless they’re helping you submit a certification that requires above-mentioned paperwork.  However, in order to start registering as a vendor to any government entity, businesses must meet certain basic requirements.  If you are sure that you are going to pursue government work, get these out of the way.  And as far as the Business Plan – again, while we don’t require written proof that you created one for your business, we do want to ascertain that you are serious, that you have considered the pros and cons and financials and business structure and have a plan.  We will absolutely help you refine it, give you a reality check, and assist with a proof of concept; but if you’re not serious about your business, there really isn’t much we can do to overcome that.

Government Contracting Specific Pre-Requisites

  1. Identify your NAICS and PSC Codes (Federal)
  2. Identify your NIGP Codes (State / local)
  3. Register in SAM = obtain a CAGE Code & UEI.

This is a bit more of a chicken-and-egg category.  Yes, we can help you figure out all of these codes and numbers and what you should select.  However, the best advice at the outset is that you try to identify the codes that apply to your business. See if you can register in SAM.  If you get those steps out of the way without a snag, then your meeting with your counselor can cover more in-depth, “next step” material.  And if you do have questions or run into technical difficulties, that’s absolutely an area where a counselor’s perspective will be invaluable.  (Hint: make sure the physical address for your Virginia SCC registration, Tax ID, and SAM is *identical* down to the letter and abbreviation).

You and your counselor should review your registrations during your session, and we will have some insight into additional / related / adjacent codes to consider.  You’ll hear tips and tricks in classes.  We’ll explain the purpose and utilization of all of these by your target customers. And we’ll give you next steps, like competitive and customer analysis, DSBS profile creation (and much more!) — built on the foundation of the basics you have completed.  There’s a lot more to government contracting, so the sooner we get these “pre-requisites” out of the way, the sooner we can do some real work.

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Common Federal Procurement Acronyms

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Download: Common Federal Procurement Acronyms

ATO – Authority to Operate
B&P – Bid and Proposal
BAA – Broad Agency Announcement
BAFO – Best and Final Offer
BD – Business Development
BDO – Blanket Delivery Order
BOA – Basic Ordering Agreement
BPA – Blanket Purchase Agreement
CA – Cooperative Agreement
CAC – Common Access Card
CAS – Cost Accounting Standards
CDRL – Contract Data Requirements List
CFR – Code of Federal Regulations
CLIN – Contract Line Item Number
CO – Contracting Officer
CONUS – Continental United States
COR – Contracting Officer Representative
COTR – Contracting Officer’s Technical Representative
COTS – Commercial Off-the-Shelf
CPAF – Cost Plus Award Fee
CPFF – Cost Plus Fixed Fee
CPIF – Cost Plus Incentive Fee
CRADA – Co-operative Research & Dev’t Agreement
DFARS – Defense FAR Supplement
DLH – Direct Labor Hour
EDI – Electronic Data Interchange
EDWOSB – Economically Disadv. Women Owned Small Biz
FAR – Federal Acquisition Regulation
FAS – Federal Acquisition Service
FFP – Firm Fixed Price
FOIA – Freedom of Information Act
FOUO – For Official Use Only
GFE – Government Furnished Equipment
GFM – Government Furnished Materials
FFP – Firm Fixed Price
GFP – Government-Furnished Property
GOCO – Government Owned, Contractor Operated
GWAC – Government-wide Acquisition Contract
IDIQ – Indefinite Delivery Indefinite Quantity
IFB – Invitation for Bids
IG – Inspector General
LOE – Level of Effort
LPTA – Lowest Price, Technically Acceptable
MATOC – Multiple Award Task Order Contract
MILSPEC – Military Specification
MOA – Memorandum of Agreement
MOU – Memorandum of Understanding
OCONUS – Outside the Continental US
ODC – Other Direct Costs
OIG – Office of Inspector General
OSDBU – Office of Small & Disadv. Business Utilization
PCO – Procuring Contracting Officer
PEO – Program Executive Officer
PII – Personally Identifiable Information
POAM – Plan of Action and Milestones
RFI – Request for Information
RFP – Request for Proposal
RFQ – Request for Quotation
SAP – Simplified Acquisition Process
SBLO – Small Business Liaison Officer
SBU – Sensitive but Unclassified
SCIF – Sensitive Compartmented Information Facility
SDLC – Software Development Lifecycle
SDVOSB – Service-Disabled Veteran Owned Business
SIC – Standard Industrial Classification Codes
SIN – Special Item Number
SOW – Statement of Work
SSN – Sources Sought Notice
TS – Top Secret
TS/SCI – Top Secret, Sensitive Compartmented Information
T&M – Time and Materials
WOSB – Women Owned Small Business

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