Full Lifecycle Management
Full lifecycle management in government contracting refers to the management of a contract from the initial planning and procurement stages, through the execution and delivery of the contract, and finally to the closeout and evaluation of the contract. It encompasses all of the activities, processes, and decision-making that are required to successfully complete a government contract.
The full lifecycle management process in government contracting typically entails the following steps:
Planning: This involves identifying the requirements of the contract, developing a statement of work, and identifying potential sources of supply.
Procurement: This involves developing a request for proposal (RFP), issuing the RFP, evaluating proposals, and selecting a contractor.
Execution: This involves managing the performance of the contractor, overseeing the delivery of goods or services, and monitoring compliance with the terms of the contract.
Closeout: This involves finalizing all aspects of the contract, including financial closeout, contract file closeout, and final inspection.
Evaluation: This involves assessing the performance of the contractor, evaluating the effectiveness of the contract, and identifying areas for improvement.
Full life cycle management in government contracting is important because it helps ensure that contracts are executed effectively, efficiently and in compliance with the regulations and laws. Additionally, it helps ensure that the government’s requirements are met, and the best value is obtained for the taxpayers’ money. It also helps identify opportunities to improve the process for future contracts.
Our Key Focus Areas
Business management consulting firms can provide a wide range of services under the Planning & Preparation stage for a company that is looking to get into government contracting. These services can include:
Marketing research: This involves researching the government contracting market to identify opportunities and potential customers. The consulting firm can help the company identify the best markets to target, the types of products or services that are in demand, and the best ways to reach potential customers.
Business planning: This involves developing a comprehensive business plan that outlines the company's goals, strategies, and tactics for entering the government contracting market. The consulting firm can help the company create a plan that takes into account the specific requirements and opportunities of the government contracting market.
Researching NAICS and SIC codes: This involves identifying the appropriate codes for the company's products or services so that they can be correctly classified when bidding on government contracts. The consulting firm can help the company research the codes and ensure that they are using the correct ones.
Certifications: The consulting firm can help a company identify the certifications that are required to do business with the government, such as Small Business Administration (SBA) certifications, Service-Disabled Veteran-Owned Small Business (SDVOSB) certification, and others.
Set-asides: The consulting firm can help a company identify the set-aside programs that are available to them and help them to qualify for those programs.
Filing in the databases: This involves registering the company in the government's databases, such as the Dynamic Small Business Search (DSBS) and the System for Award Management (SAM). This is a requirement for doing business with the government and the consulting firm can help the company navigate the registration process.
Business management consulting firms can help government contractors improve their systems and operations in a number of strategic ways, such as:
Process improvement: Consulting firms can help government contractors identify inefficiencies and bottlenecks in their systems and operations, and develop and implement solutions to improve performance. This can include implementing Six Sigma methodologies, Lean management, or other process improvement techniques.
Organizational design: Consulting firms can help government contractors assess the current structure and design of their organization and recommend changes that can improve efficiency and effectiveness. This can include reorganizing departments, redefining roles and responsibilities, or streamlining decision-making processes.
Change management: Consulting firms can help government contractors manage the change process and ensure that employees are prepared and able to adapt to new systems and operations. This can include developing communication strategies, training programs, and other support mechanisms to help employees adapt to changes.
Cost reduction: Consulting firms can help government contractors identify areas where costs can be reduced and recommend solutions to achieve cost savings. This can include outsourcing non-core activities, implementing automation and technology, or reengineering business processes.
Performance management: Consulting firms can help government contractors develop and implement performance management systems that can help them measure, manage, and improve performance. This can include setting performance targets, developing key performance indicators, and implementing systems to track progress and identify areas for improvement.
Supply Chain management: Consulting firms can help government contractors improve their supply chain management processes, which include planning, sourcing, making, delivering and returning of goods and services. This can include identifying and implementing new technologies, finding new suppliers, and re-negotiating contracts with existing suppliers.
Working with a business management consulting firm during recruiting human capital and management can bring a number of benefits for a government contractor, including:
Staffing and management expertise: Consulting firms have specialized expertise and experience in staffing and management, which can help government contractors identify and recruit the best talent for their organization. They can also help government contractors develop and implement effective management systems and processes to ensure that the new hires are integrated into the organization and perform well.
Access to a wider pool of candidates: Business management consulting firms have a wide network of contacts and can access a large pool of potential candidates for a government contractor. This can help the contractor find the best candidates that fit the specific requirements of the position and align with the company's culture.
Better sourcing of candidates: Consulting firms use sophisticated sourcing techniques, such as online recruiting, social media recruiting and professional networking, to find the best candidates. They also have the ability to conduct pre-screening, background checks, and other pre-employment assessments, which can help government contractors identify the best candidates quickly and efficiently.
Cost savings: Business management consulting firms can help government contractors reduce the cost of recruiting and hiring new employees by providing cost-effective solutions and streamlining the hiring process.
Outsourcing Accounting & Tax Consulting to an expert can provide government contractors with a range of benefits, such as compliance, specialization, time and cost savings, access to technology and tools, scalability and risk management. This can allow government contractors to focus on their core business operations while the expert handles the accounting and tax aspects.
Government contractors may prefer to outsource accounting & tax consulting services to an expert for a variety of reasons, including:
Compliance: Government contracting companies are subject to a wide range of regulations and laws, including those related to accounting and taxes. By outsourcing to an expert, government contractors can ensure that their accounting and tax practices are in compliance with these regulations and laws.
Specialization: Accounting and tax consulting firms specialize in these areas and have a deep understanding of the complexities and nuances of government contracting. They can provide specialized advice and guidance that may not be available from internal accounting and finance staff.
Time and cost savings: Outsourcing accounting and tax consulting can save government contractors time and money, as they do not need to hire and train additional staff. Additionally, outsourcing allows government contractors to focus on their core business operations while the expert handles the accounting and tax aspects.
Access to technology and tools: Outsourcing to an expert can provide government contractors with access to the latest technology and tools, such as cloud-based accounting systems and tax software, that can improve efficiency and accuracy.
Scalability: Outsourcing allows government contractors to scale their accounting and tax consulting services as needed, depending on their business needs and growth.
Risk management: Outsourcing accounting and tax consulting to an expert can help government contractors mitigate financial and compliance risks by ensuring that their financial records and tax returns are accurate and in compliance with regulations.
View our 2023 brochure for an easy-to-read guide on all of the services offered.