But moving generally in that direction is the goal, said Ryan Hebert, CEO of , an IT company providing services to the federal government at the highest clearance level.
鈥淕rowth isn鈥檛 always a 45-degree line that goes upward. There鈥檚 peaks, there鈥檚 valleys,鈥� Hebert said about leading the business launched by his father and brother-in-law in 2008.
That said, with an adaptable plan and good financial partner, it鈥檚 possible to achieve sustained steady growth, he said during 蜜桃视频app’s Small Business September. Since its start, Intrepid has turned to for financial advice.
鈥淚 can recall a period in 2016. We had an 80% win rate on our contracts. I had to call EagleBank and say, 鈥楬ey, we鈥檙e basically tripling the number of employees in our company. We鈥檙e going to need some support.鈥� And it wasn鈥檛 even an afterthought. It was, 鈥榃e鈥檙e there for you. We鈥檙e going to support you.鈥� 鈥�
A regular cadence of communications and learning from one another makes the relationship work, said Jeff Rubery, market executive for Virginia at EagleBank. 鈥淲e鈥檙e able to see the manifestation of the success that they create, through some of the efforts that we assist with,鈥� he said. 鈥淭hat鈥檚 valuable, and it鈥檚 impactful. It feels good.鈥�
蜜桃视频app asked Hebert to share his approach to how to strategically grow a business in the federal contracting industry. He defined an ever-repeating, four-phase approach that Intrepid uses: plan, measure, communicate, pivot 鈥� repeat.
Phase 1: Develop a plan
Annually, Intrepid reviews and makes adjustments to a three- to five-year financial plan for the business that it shares with EagleBank for feedback and advice, Hebert said.
As part of that planning, a business will want to make sure it鈥檚 identifying all the things that it needs and wants to build toward. The plan should attempt to forecast all of the business鈥檚 likely growth and investment requirements, he said.
Bonus insight: Your business plan helps you gauge potential financial vendors, Hebert said. 鈥淵ou鈥檙e really going to understand: Do they know your business, or do they not know your business?鈥� Work with the one that knows your business, he said, noting that it鈥檚 one of the reasons Intrepid has worked with EagleBank since its founding. 鈥淲e have folks that have deep connections within the market,鈥� Rubery added.
Phase 2: Track your progress against milestones
To be valuable, the plan must have measurable goals, Hebert said.
鈥淚 would always challenge any entrepreneur that is in the government space to plan, think of growth, continue to keep your entrepreneurial spirit invigorated and set big goals,鈥� Hebert said.
Metrics help an organization understand how it鈥檚 tracking against milestones and goals. It鈥檚 also how the business can determine if it needs to make strategic changes.
Phase 3: Communicate regularly with your financial partner
鈥淟ike any good partnership, communication should come from both sides,鈥� Hebert said, adding that 鈥渢he conversation should be candid and honest, bringing forward the strategies that were discussed in the past and reaffirming that they still are in place going into the future.鈥�
Rubery added that it鈥檚 worthwhile to develop that relationship before you need it. That way, the lender understands the business鈥檚 aspirations. 鈥淲e want to be able to begin putting a plan together,鈥� he said.
Phase 4: Pivot as necessary
Based on measuring and then regularly checking in with EagleBank, Intrepid adjusts its financial plan and business strategy as need be, Hebert said. 鈥淵ou get halfway through the year, you check in on your plan,鈥� he said.
The reality is that a business always has to be prepared to pivot, Hebert said. The economy changes or the business does, or something else changes the landscape. He pointed to the pandemic, as an example of something unforeseen. 鈥淲e pivoted very quickly during COVID.鈥�
And then the planning and conversations with Rubery and the EagleBank team start all over again, Hebert said. 鈥淓very year starts with the plan, a basic financial projection 鈥� what we expect to accomplish in the year.鈥�
To discover more insights for entrepreneurs, startups and SMBs shared during 蜜桃视频app鈥檚 Small Business September,聽click here.
EagleBank is an Equal Housing Lender and Member FDIC.
