EP264: How Contractors Are Making Money With Government Jobs (Inside Peacock Floors with Daniella Devine)

Diversify your client base to layer profitability and reduce reliance on a single type of project or payment term.

Actively seek out government contracts by contacting local procurement offices and inquiring about all available bidding opportunities (vendor lists, JOCs, repair/maintenance).

Understand that government contracts often have higher margins but may involve extended payment terms, so plan for significant working capital or a line of credit.

Focus on building long-term relationships and being dependable; consistently 'doing what you say you're going to do' is a strong competitive advantage.

Leverage your unique advantages, such as local presence or quick response times, to differentiate from larger competitors.

Educate clients thoroughly, especially during change orders, to maintain trust and ensure fair compensation for unforeseen issues.

Delegate low-value tasks like bid scraping and payroll reporting to free up your time for high-value activities, potentially using overseas or family help.