In This Story
This timely discussion focused on how recent changes in federal contracting are impacting small business as they work to adapt and to remain competitive. There are many questions and today’s panel explored how businesses are navigating these challenges and finding opportunities. Many small businesses, for example, are tightening their belts to weather the upheaval. Others are just plain showing resilience during this time.
Moderator Nick Wakeman’s concluding questions of our panelists provide a snapshot of what you can find when watching the webinar video:
What should small business focus on?
What support should they be looking for?
What should attendees and viewers takeaway from today?
Mukta Pandit [6:33]
Nick asked, what is life like for you now? What is your day like? Intense. Entrepreneurs are used to change, change does not scare us; change is normal. But what I find unprecedented during this time is what I would call the "three S’s" right now: the Scale -- how big the challenges and the changes are; the Scope -- the fact that it is touching everything; and the Speed -- doing this at break-neck speed and everything is happening at the same time. We just have to make sure that our response matches that. We are playing defense as we continue to execute what we are currently working on. We are also playing offense our missions are critical to this country. . . . Small businesses are nimble, responsive, and efficient.
Mehul Sanghani [timestamp 54:18]
First and foremost, take a look critically at your contract portfolio. Use this opportunity to take a strategic pause to look at your capabilities, look at how you are positioned against demand aperture and where this Administration’s priorities are going to be over the next four years. For example, AI, cyber, Defense tech. If you have the opportunity to reposition, to pivot your portfolio toward those areas, certainly do that.
The same goes for companies that focus on the national security space. Where and how can you take some of your capabilities and apply those towards allied partners that now have significant demand aperture for a lot of the same capabilities that have serviced the U.S. government customer as well.
Secondarily, short-term financial flexibility through credit, receivable strategies, introducing liquidity at a time that you can use that to prioritize investment and reposition your firm internally, and/or have that as a war chest to weather the storm if there are delays in receivables, if there delays in being able to support your operations.
Lastly, flexibility in your teaming. If you are a small business, be more attractive to your large business partners. When it comes to other small businesses that you look to for opportunities, even if it is not consolidation to bring firms together from and M&A perspective, look to stand on each other’s shoulders to try and pursue opportunities that you otherwise would have pursued on your own. Teaming flexibility will allow you to be able to compete more effectively on opportunities that are now being consolidated and, in many cases, positioned toward large businesses.
Mukta Pandit [56:32]
Only thing I would add is to keep in very close contact with clients, empathize with the pace of change they are navigating, and surge support to both incumbent and incoming staff to proactively anticipate their needs.
Emily Murphy [56:52]
There is an enormous appetite for reform right now. I am hoping that participants today will lean into that and actually speak up with how to change things. I have not seen an appetite for reform like this in forty years. This is really a chance to change how we do things. The more informed that conversation is, the better it will be. This is giving a lot of these businesses a chance to talk about how we can do it better. It is going to shape the market for the next generation.
Greg Baroni offered the last word [57:26]
I would only add to Mehul, Mukta, and Emily by saying: Look, don’t lose sight of the technological wave. What is happening now is important. And the panels suggestions on what businesses should be doing is important, whether it is preparing their companies to pivot – as Mehul and Mukta shared – or reform – as Emily pointed out. The technological wave that is upon us right now is still in the very early innings of it. We have to make sure that we are mobile enough and that we ready for the destruction that will come through. How many years ago did we refer to taxis as a mode of ephemeral transportation and here it is now, we just say Uber. AI, generative AI, space, every frontier is going to be opened up. I am excited about what is coming down the pike. I am thrilled to have panelists like this giving us some guidance today.