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For DBEs Planning & Promoting Your Business to Win Contracts Speaker: Mark Vaughn, CPA.

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Presentation on theme: "For DBEs Planning & Promoting Your Business to Win Contracts Speaker: Mark Vaughn, CPA."— Presentation transcript:

1 for DBEs Planning & Promoting Your Business to Win Contracts Speaker: Mark Vaughn, CPA

2 for DBEs Marketing 101 Who owns the company? –Nobody will sell your company better than you will. –Nobody has a passion for your company like you do. –Nobody knows your company better than you. –YOU ARE THE MARKETING DEPARTMENT!

3 for DBEs Marketing 101 (contd) What do I say? –Tell about past accomplishments, projects, successes. –Dont exaggerate or overstate your qualifications. –Explain the benefit the contractor will realize by adding you to his team.

4 for DBEs Marketing 101 (contd) When do I market my company? –Social gatherings –Conventions –Marketing meetings –Trade shows –Civic organizations (Rotary, Lions, Chamber of Commerce) –Constantly

5 for DBEs Marketing 101 (contd) Where do I market my company? –Set geographic ranges – 25 miles, 50 miles, etc. –Where can you travel and still make a profit? –Are there locations with minimal competition? –Are there locations with an abundance of work?

6 for DBEs Marketing 101 (contd) Why do I market my company? –Contractors need to know your company exists. –Contactors need to know what services you can provide. –Name recognition is key. –The bottom line – you want to grow, make a profit, and eat.

7 for DBEs Marketing 101 (contd) How do I market my company? –Strategy will vary and tools will differ. –Joint ventures / strategic partnerships –Mentor/Protégé Program –Building relationships

8 for DBEs Joint Ventures / Strategic Partnerships Roles need to be clearly defined. What is the purpose of the venture / partnership? –One job? –Series of jobs? –Ongoing relationship? Who has control? Seek legal counsel to avoid pitfalls. Can be a DBE or Non-DBE firm.

9 for DBEs Mentor/Protégé Select a Prime contractor to mentor you. Mentor and Protégé must be approved by IDOT. Mentor must have at least five (5) years experience. Protégé must have at least three (3) years experience.

10 for DBEs Mentor will provide guidance and advice to protégé. A DBE protégé will naturally receive a benefit when bidding with the Prime. The Prime receives a 5% goal credit for using the protégé. Mentor/Protégé (contd)

11 for DBEs Create marketing materials. –Website –Brochures –Cut-sheets –Business cards Look for grants to help. –Southern Illinois Entrepreneurship Center –Other Building Relationships

12 for DBEs Contact Prime contractors. –Review IDOT bulletins to see who is winning the work. –Set up meetings to talk one-on-one about the services you can offer. –Take letters of reference. –Dont be shy, but dont lie either. –Process may take several months. Building Relationships (contd)

13 for DBEs Building Relationships (contd) Be proactive. –Submit bids even when youre not asked. –Follow up on your bid. See how it compared. –Dont wait for Prime contractors to find you.

14 for DBEs Building Relationships (contd) Your work is your reputation. –Provide a quality service. –Dont cut corners just because youre a DBE. –Ask for feedback from the Prime throughout the job. –Once the job is over, the marketing continues based on your work.

15 for DBEs Mark E. Vaughn, CPA Hutson & Associates, Inc College Avenue Alton, IL Contact Info

16 for DBEs Mark E. Vaughn, CPA Hutson & Associates, Inc College Avenue Alton, IL Contact Info


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