Effective communication practices can help a business reach its goal of increased productivity.

It is important to recognize the status of how open and fluid communication from employee to employee and employee to customer are within your workplace. A lack of communication creates misunderstandings, conflict and gaps in task and projects. In fact, research by US firm Gartner shows a whopping 70% of business mistakes are due to poor communication. Strong communication improves team building, boosts company growth, and increases innovation. As Cisco managing director Alex Goryachev writes on Forbes: ‘People listen mostly to respond rather than to understand. However, digitization demands active listening to the ecosystem in order to survive and develop collaborative strategies with startups, partners and customers around the world’. Companies with good communication practices encourage employees to speak up and employees tend to feel more comfortable in these settings. You never know the hidden talents of your employees or fellow co-workers until you communicate with them. The best companies don’t wait until disaster strikes to start communicating. If the company’s been honest and communicating effectively all along, they have a valuable reservoir of trust built up. At Sabre88 we have lunch meetings with the whole back office staff bi-weekly where we get to chat and get to know our co-workers a little more. Effective, honest communication can bind employees together. If the staff is talking with each other on the job, it is a strong indication you are building a good team. Employees who look forward to talking with their colleagues are more enthused about coming to work, and more willing to participate in group projects. According to a Watson Wyatt study, companies that communicate the most effectively are 50% more likely to report low turnover levels compared with the industry average. With the right communication applications, a leader can influence initiative buy-in from their team. Additionally, building strong communication with coworkers gives a leader more information about their employees, and often information they would have otherwise overlooked. This information can help a leader make more strategic decisions on delegation, employee development, team development, and strategic initiatives to drive business success.

If you think your company’s communication status is lacking or not where you want it to be, don’t be discouraged. There are many methods in which a team can strengthen their co-operative communication. Here are some of the best methods for strengthening team communication that may prove useful to you.

• Feel out the other person’s preferred communication style:

Maybe some of your team members are rarely on their email, whereas others respond to emails instantly. Some prefer in-person communication while others feel more comfortable calling into the video conference, are comfortable How do your employees and teammates communicate on projects best? Do they prefer email, in-person chats, or phone calls? You can learn this by asking them directly and also through observation.

• Keep workflows transparent:

If your team is working on a big project together. Is everything clear? Does the entire team know the project’s deadline, individual responsibilities, and when they’re expected to hand those parts off to other teammates?

• Set up Weekly or Monthly 1:1s:

By setting up a recurring meeting to touch base with coworkers, you’ll learn more about the inner workings of what’s going on the office and have a better idea on how to avoid misconceptions

• Stay Consistent with Expectations and Follow up:

It’s easy to forget about regular check-ins when work gets busy, but it’s one of the best ways to maintain effective workplace communication. Consistency creates clarity.

• Offer Constructive Feedback in a Thoughtful Way.

Focus on the subject of improvement, not the individual’s character. Always, always give the other person an opportunity to share their thoughts and contribute to building a positive process moving forward

• Offer Compliments in a Thoughtful way:

If you tell an employee they did a great job, the compliment isn’t as helpful as you think. They may be left thinking, “But what was great about it? How can I replicate it if I don’t know?” Be specific instead — “You did a great job researching the contracting agency and taking valuable notes that will be used later.

• Follow Up in Writing:

No matter how compelling your meeting was, it’s probable that those in attendance will not remember everything that was shared. Prior to the meeting, designate a person to take notes. Assimilate this information into a bullet-pointed email to send to your team as a follow-up and refresher. Short, concise notes will keep important information fresh in people’s minds.

• Define Goals and Expectations:

Deliver clear, achievable goals to both teams and individuals, outlining exactly what is required on any given project, and ensuring that all staff is aware of the objectives of the project, the department and the organization as a whole.

• Explain why you’re Asking your Employee or Coworker to do Something:

By doing so, you’re offering vital information and the opportunity to ask questions they may have hesitated to communicate otherwise. Perhaps more importantly, you’re also showing the employee how their work ties directly to business goals.

• Take Time to Listen:

Don’t dominate the conversation. After a while, Attention spans will wear thin. Be impactful with your words. Pause after important points to take questions or check for understanding. This will help your coworkers feel that they play an active role in the conversation.

Teamwork makes the dream work.

Author: Bobby Cottingham

Cited Sources:

https://bizfluent.com/about-6619247-importance-effective-communication-workplace.html

https://www.careeraddict.com/the-importance-of-effective-communication-in-the-workplace

https://smallbusiness.chron.com/benefits-effective-communication-workplace-20198.html

https://www.michaelpage.co.uk/advice/management-advice/development-and-retention/importance-good-communication-workplace

https://leadershipchoice.com/power-good-communication-workplace/

https://justworks.com/blog/19-easy-ways-improve-communication-workplace

https://www.sandler.com/blog/5-strategies-improve-communication-workplace

https://www.officevibe.com/blog/improve-communication-at-work

On June 25^th 2019 Deltek started their webinar series for the 10^th annual Deltek Clarity Government Contracting Industry Study. The results are based on a survey of more than 700 respondent in government contracting and designed to identify federal contracting trends and analyze market outlook, top trends in business development, human capital management, project management, information technology, manufacturing, procurement, contract management, finance, and compliance. The main takeaways from the study include…

1. Attracting qualified talent and retaining top performers continues to be a major factor for success—and a high priority among the most successful companies.

Reasons:

• High-performing talent is increasingly hard to find, hire, and retain in this economy. Firms are challenged by the ability to both match qualified candidates to open positions and retain top performers.
• Accordingly, employee retention has emerged as a competitive response. Businesses are now increasingly focused on improving the entire employee experience with new Human Capital Management (HCM) technology, continuous performance management and robust career development programs.

2. Cost of compliance for Contracting Purchasing System Review (CPSR) audits are on the rise.

Reason:

• CPSR audits were indicated as a significant cost for firms in 2018, with 83% of respondents indicating it as a “moderately” or “more costly” compliance to meet. This is a relatively significant increase of 17 points from respondents last year.

3. Growth and competition increase for most businesses.

Reason:

• The overall market for government contractors remains healthy as government spending has continued to increase. Businesses are seeking to make the most of the bullish spending environment by pursuing growth and profit-maximizing strategies. Competition is up as contractors are expanding into new government agencies and looking to grow their customer base.

Link: https://www.prnewswire.com/news-releases/delteks-10th-annual-government-contracting-clarity-industry-study-results-highlight-challenges-and-opportunities-for-contractors-300874789.html

From the time the personal computer became feasible in the 1980s to the present day, a great deal has changed in the tech industry. Names like Apple and Microsoft are still around, thriving in fact, but there are a few new players, the likes of Facebook, Google, and Amazon. With groundbreaking innovation comes the possibility of monopoly, which is what this blog aims to take a peek at. Specifically, the online services that we know and may or may not love, and how the federal government’s plans to delve into antitrust talks may affect consumers and small business owners.

The European Union has been going after American tech companies frequently as of late, as our President says, “Every week you see them going after Facebook and Apple and all of these companies … The European Union is suing them all of the time.” While this may come as a surprise, just think about how many viable alternatives you have concerning the services these tech giants provide. If you are a small business owner and want to advertise, the local paper does not quite cut it anymore. Or if you sell goods on the internet, you would be unwise to boycott Amazon. This type of control is concerning, which is exactly why the US Department of Justice and Congress have been making moves hinting at antitrust.

But who wins? Currently, consumers and small business owners can access free email with cloud storage and analytics with Google, but would that still be the case if it were split into five different entities with far less resources and capability? Would consumers and small business owners be able to reach each other efficiently if Facebook’s networking prowess was suddenly thwarted and split however many ways? And how about free next day delivery, would that still be a possibility if Amazon were broken up? These are all excellent questions that make us all say “Leave them alone!” But there is another side to the coin to consider.

The dark side of giving all of this power to these Big Tech companies would lie in the prospect of monopoly, which is why the federal government is considering the pursuit of antitrust legislation. Many small business owners already have trouble with competitor advertising on Google and Facebook, claiming that ads featuring their competitors show up on their website or next to their name when searched. If one company controls who sees what and for how much, small businesses may be in big trouble if no one takes action, as they could be monetarily bullied and unable to compete. If Amazon decides to charge vendors outrageous fees to sell their products on its website, it could put countless small businesses out for the count.

Regardless of our current situation, it is a very interesting technological time we are experiencing, and there are sure to be some big changes coming for in the near future. It is entirely possible that our favorite Big Tech companies may look completely different in five years’ time, or perhaps may not exist at all. With technology exploding at its current extraordinary rate, we are going to see some incredible advancements, whether the federal government gets involved or not.

Sources:

https://www.theverge.com/2019/6/10/18659619/donald-trump-facebook-google-amazon-apple-antitrust-european-union-eu

https://www.inc.com/jason-aten/the-federal-government-looks-ready-to-pick-a-fight-with-big-tech-heres-why-there-wont-be-any-winners-if-they-do.html

With a number like $550 billion, how could you not be intrigued? Whether you are a curious tax-paying citizen or you are in the government contracting business, it is important to stay current on what the government is spending money on, and who got the money. With that being said, the Government Accountability Office (GAO) has released a snapshot of Fiscal 2018’s Federal Government Contracting numbers, so let us have a look.

At a glance, the Department of Defense spent the lion’s share, totaling about $358.3 billion in discretionary spending with the Navy being its largest contributor. Civilian federal agencies did measure up, however, spending approximately $195.8 billion. Some notable agencies scoring high in the spending column included the General Services Administration (GSA), the Department of Health and Human Affairs (HHS), the Department of Veteran Affairs, and the Department of Energy. Federal agency contracts for goods and services accounted for 40% of the governments discretionary spending.

Small businesses saw a good portion of the money spent in fiscal 2018. To promote small business participation in federal contracting, there is a government-wide goal to award around a quarter of contract dollars to small businesses. In 2018, one quarter amounted to approximately $124.2 billion, with $52 billion going to civilian agencies, and $72.2 awarded to defense agencies.

The amount of money spent annually in federal government contracting has risen around $100 billion since 2015. Given the current trend, it seems likely that these figures will continue to grow, leading to more opportunities for those in the contracting business, and especially for small businesses.

Source:

Federal Government Contracting for Fiscal Year 2018 (infographic)

The world we live in getting more complex, especially in the realm of data and business. As technological change continues to offer new, more efficient solutions to big business problems, the demand for cutting-edge tech is achieving astronomical heights. For the largest financial institutions in the world, revamping and modernizing data platforms and software is not as easy as writing a check and flipping a switch. Although change is coming, the financial behemoths are slow to move and act, allowing small business entrepreneurs the chance to swoop in and offer quick solutions to those in the market.

Having painted this basic picture of a truly multifaceted state of affairs, the point is to highlight the opportunity and consequent optimism for those small businesses and entrepreneurs who are investing in cutting edge tech. In fact, the small-business optimism index by the National Federation of Independent Business grew to a four-month high in April, rising 1.7 points to 103.5. According to the NFIB, earning trends had the largest increase of all ten components. Basically, small businesses are making money. But in this world, you need money to make money, so how are small businesses acquiring the funds to invest in industry-leading tech? Well, small business loans are experiencing record approval rates.

Basic economics tells us that investment in capital is one of the only ways to grow an economy, and with large and small banks alike lending to small businesses in record fashion, the result is a surge of success for small businesses getting their feet wet in the tech/software world. Specifically, FinTech (Financial Technology) entrepreneurs and small businesses are finding greater success. As illustrated previously, larger institutions are a bit more constricted when it comes to change, and in the realm of finance, time is money!

Small bank approvals of business loans increased from 49.4% in March to 49.8% in April, and that’s not all small banks are approving of when it comes to small businesses. In an interview with American Banker, former SBA Administrator Karen Mills said that the next wave of the evolution of banking will be partnerships between FinTech entrepreneurs and banks, mainly small banks. Mills, who had just written a new been entitled Fintech, Small Business and the American Dream, had this to say about the optimistic future relationship between banks and small businesses, stating, “We have come to a moment where banks want to partner with FinTechs for technology and for platforms without developing it themselves. They can access bank accounts, Amazon purchases, and eBay activity to determine if a small business is creditworthy.” The possibilities are endless!
There was a time when the thought of small business brought tears to the eyes of those who thought they were witnessing the extinction of the American Dream through the diminishing prevalence of the small business sector. Luckily, technological change has been known to shake things up in the economy, and in this respect, it certainly has. The American dream is alive and well, and opportunity and optimism are growing for tech savvy small business owners and entrepreneurs.

Sources:
https://www.forbes.com/sites/rohitarora/2019/05/15/small-business-lending-soars-at-banks-technology-is-a-big-reason-why/#53f763493e00

https://www.marketwatch.com/story/small-business-optimism-index-climbs-to-four-month-high-in-april-nfib-2019-05-14