Although we are not facing the budget uncertainties of 2013, many 8(a) government contractors are still dealing with significant business challenges this year, causing “survival mode” to continue to be the norm.
Fortunately, there are some tried and true business strategies to help contractors survive during these challenging times – from “going back to basics” to maintaining their small statuses to avoiding falling into the Lowest Price Technically Acceptable (LPTA) trap. Financial benchmarking is also an ideal way for contractors to know exactly where they stand, and how to effectively sustain their operations.
In addition, by operating in “survival mode,” these 8(a) contractors will be more poised for success in the future.
These are some of the key insights that Lynne Gummo, a Director of Tax & Advisory Services at SC&H Group, shared on a panel at the recent National 8(a) Association Winter Conference.
Following is a podcast interview with Lynne, who provides deeper insights into how 8(a) contractors can truly survive today’s budget climate, and how there are potentially better times ahead.