Summary

This conversation discusses the three types of government contractors: revenue contractors, novelty contractors, and contracting businesses. Revenue contractors have established businesses that add government contracting as an additional line of revenue. Novelty contractors are consultants who stumble upon government contracts but are not interested in the heavy lifting of government contracting. Contracting businesses solely exist to do government contracting and have special needs. The conversation also highlights the importance of understanding government accounting and billing systems, with the regulations for unallowable and unbillable costs in government contracts.

In this conversation, Luciana Turner of the LT&A Consulting Group and Monica Morgan discuss the importance of proper proposal development in government contracting. They emphasize the need for a strong proposal team and the importance of following directions and compliance. They also touch on the use of AI in proposal writing and the potential pitfalls of relying too heavily on automation. The conversation highlights the foundational aspects of proposal development and the need for careful planning and management.

Summary

In this conversation, Luciana Turner and Dewayne Williams discuss the importance of proper tax structure and compliance for business. Dewayne Williams highlights the misconception of using Cash App for business transactions and explains why it is not a business-to-business transaction. He also emphasizes the significance of choosing the right business structure, such as a C corporation, to separate personal and business finances. Williams advises businesses to seek counsel from experienced professionals. He also emphasizes the importance of surrounding oneself with a business community for guidance and support.

The discussion on government contracts and community engagement, as outlined by Christine Edwards and Luciana Turner, offers valuable insights and strategies for small businesses seeking to access government contracts.

Christine Edwards' discusses how her journey began with subcontracting on a park project in 2018, utilizing her Hub certification to offer community outreach and engagement services, showcasing the potential for growth in government contracting.

The guest provides tips for success:

• Diligent tracking of work to demonstrate expertise,
• Humility while seeking partnerships, and
• Strategic planning.

By adapting quickly and leveraging existing capabilities, businesses can thrive in the government contracting space, particularly during times of crisis like the COVID-19 pandemic.

Title: Contractor Conversation Episode 7: Audit Readiness

In this episode of Contractor Conversation, Luciana Turner delves into the critical topic of audit readiness in government contracting. With years of experience in the field, Turner emphasizes the importance of being prepared for audits right from the outset, rather than scrambling to catch up later on. She highlights how many contractors overlook this aspect until they're deep into their business journey, potentially risking valuable contracts and opportunities.

Turner defines audit readiness as more than just having paperwork in order; it's about having robust systems, policies, and procedures in place to ensure compliance with regulations. She stresses that early implementation of these measures not only streamlines operations but also enhances the chances of securing significant contracts.

Throughout the episode, Turner discusses various strategies for achieving audit readiness, including understanding regulatory requirements, developing internal controls, comprehensive documentation, regular training, and effective communication channels. She emphasizes the importance of proactive preparation to mitigate risks and avoid costly corrections down the line.

In conclusion, Turner urges contractors to continually monitor industry regulations, assess their audit readiness, and seek assistance from consultants when necessary. Being proactive in maintaining audit readiness is essential for sustained growth and success in government contracting.

Don't wait until it's too late! Schedule an appointment today to start your journey toward Audit Readiness:https://LTACG.as.me

Technology was conspiring against us; however, it didn't stop the gems from dropping. Bishop Clark came through with wisdom and enlightenment concerning what the word reveals regarding business, profit, and what God says about the matter. Here are just a few words of wisdom: 💥Fear is a spirit that doesn't have power until you give it power. 👊Know the faces of your sheep. Translation - Know who is on your team. ✍️Wanting money isn't a bad thing. It's what you are willing to do to get the money that brings problems. ✍️You can't forget to add works to your faith. You have to sow. You have to till. You have to water. You have to reap. These are just a few of the gems dropped during the conversation. Join us on Day 4 as the conversation continues.

Returning to the platform, Master Mindset Coach & Leadership Specialist Shalonda Clark opens the week as only she can, setting the stage with, "Leaders do not bully." Shalonda L. Clark brought the house down. Here are just a few golden nuggets dropped tonight. 🔥Decisions determine destiny!! 🔥Leaders push thru! 🔥Sustainment is a part of your leadership! There were so many more! Pull out your contractor notebook and take notes.

On July 30th, I opened a week-long Intensive on faith, business, and government contracting. I interviewed industry specialists who are also faith-preneurs. The conversations held during the week with each specialist answered the following questions:

1. Do you have to leave your faith outside your business?
2. How can you have inclusion when you are telling some they are excluded?
3. How do you lead in faith without holding Bible study in business?
4. The evolution of leadership.
5. What is ethics?

And so much more

We are beginning with the pre-week episode.