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Key Strategies for Small Business Growth in Government Contracting: Insights from Deltek’s Chief Product Officer
Small businesses in the government contracting space face unique challenges and opportunities for growth. Warren Linscott, Senior Vice President & Chief Product Officer at Deltek, highlights key strategies for small business owners to successfully navigate the complexities of the industry.
One of the main challenges small businesses face is efficiently managing cashflow and resources, especially in today’s economic climate and labor market. Additionally, complying with government regulations adds an extra layer of complexity and cost to operations. To overcome these challenges and achieve sustainable growth, small business leaders must invest in upgrading their business systems and processes.
Linscott emphasizes the importance of leveraging enterprise resource planning (ERP) software to streamline operations and improve visibility into the business. By integrating project accounting, project management, and financial systems into a single ERP solution, small businesses can enhance cost traceability and compliance with regulatory requirements.
Automation plays a key role in maximizing productivity and minimizing costs across the project lifecycle. By utilizing technologies like intelligent character recognition and automating workflows, small businesses can streamline processes and focus on strategic activities that drive growth and profitability.
When selecting an ERP system, small businesses should consider factors such as industry expertise, project accounting capabilities, security measures, mobile accessibility, scalability, total cost of ownership, and customer service. By choosing a fit-for-purpose ERP that meets their current and future needs, small businesses can ensure their growth is not hindered by outdated business systems.
In conclusion, small government contractors can power sustainable growth by investing in a project-based ERP system that integrates key business functions and automates processes. By making the right choice in selecting an ERP system, small businesses can position themselves for success in the competitive government contracting market.
