The $400 Billion Dollar Clients You Need

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Almost every entrepreneur has the same ambition; to sit on top of the biggest stash of cash imaginable, and that’s because money is the only real scorecard in business. With this in mind, it is absolutely astounding that so many entrepreneurs never consider trying to win a government contract.

 

To give it to you in one simple number: the US government alone has shelled out over $445 billion dollars a year for over six consecutive years. That makes them the biggest employer in the world, and that’s just one government with a pie worth trying to get a slice of.

 

Now that you know that, you can see the attraction in winning a government contract. It’s lucrative. Very lucrative. It could change your business for the better. But, in case you are one of those entrepreneurs that need more than just money to motivate you, we’ve pulled together a list of other benefits that contract winners get to revel in.

 

1. The Compensation Is Compelling

Now, as a contractor, you may not get all the glamorous benefits that full-time government employees get, which makes sense. That said, as a contractor, you can be expected to get paid more than your full-time counterparts for doing the same job. And it isn’t just better than them, it tends to be better than the going market rate. That’s just part of it too. For more established vendors, the chance to enjoy other perks becomes more and more common, whether it be something as flamboyant as flying in private jets to accompany government officials on business that requires your experience on a subject matter or simply getting to enjoy the government seal of approval as a means of growing your business. You needn’t leap straight into private jets of your own to live this life - why not emulate the method employed with the Chinese presidential plane? Charter otherwise commercial jets, but just for your own use. Financial compensation is a great measure of success, but it isn’t everything.

2. Flexibility Nowadays Is Fantastic

What could be better than working for the largest employers in the world but on an agreement that suits you? After all, you are a contractor, not a full-time employee. Sure, you have to abide by the terms of your contract (which, more often than not, will be fairly strict), and you have to compete against a lot of other vendors that are vying for the same job, but there is a fantastic amount of flexibility that shouldn’t be ignored. For example, once the work is done, you have the option of renewing, cutting ties or focusing on another government branch. Essentially, you get to test the waters and enjoy generous compensation without having to shoulder much in the way of risk.

 

3. Preferred Consideration Could Be Perfect

No matter where in the world you live, governments should lead the way, especially in terms of fairness and equality, which is something a lot of governments have embodied through special designation businesses. Perhaps you are a woman-run small business or a company owned by a disabled veteran or disadvantaged business; whatever the case, a lot of governments have special designations that set you up for preferred consideration when it comes to applying for government contracts.

 

4. Can’t Put A Price On Reliability

Believe it or not, governments tend to have some of the best credit ratings around, as well as fantastic histories when it comes to paying invoices on time and without fuss. Now, that may sound like a tidbit of information that doesn’t hold much weight but, as any small business owner will tell you, having a client that pays on time - thus giving them a reliable cash flow - is a luxury that should not be taken for granted.

 

5. The Portfolio Is Looking Good

Just imagine how good it will look the next time a potential client is looking around your website and stumbles across a testimonial from the government. Come on, apart from maybe Apple or Google, there aren’t many better clients you could add to your list. You become instantly more attractive, and more attractive to the kinds of businesses that value trustworthiness and reliability above everything else - law firms and insurance companies to name just a couple. Yeah, a portfolio with the government at the top is a good portfolio.

 

6. Your Value Will Climb A Few Places

If you like to think about the long-run and have every intention of selling your business down the line, then having government contracts is a great way to add a healthy dollop of value to your business, and that’s because contracts can be passed on when a sale takes place, which is a roundabout way of saying your business becomes a very attractive acquisition to a potential buyer. But it isn’t just a benefit when selling; even things like applying for business loans or opening lines of credit will look upon you more favorably when you have the government on your list of clients (weird that!).