In case you hadn’t heard, Boeing is building a shiny new facility in North Charleston.
While prognosticators are already working overtime to project the potential impact on our economy, I’m just going to go out on a limb and say that it will be huge. Gargantuan. Mammoth. Meaning there will be lots of opportunities for small and medium sized businesses to work directly with Boeing. And, let’s not forget all the business that will come from working with companies that win long-term Boeing contracts.
I’ve watched businesses already start trying to score a Boeing deal for the component parts of construction of the facility. Providing anything for a facility (almost 600,000 square feet) and workforce (over 3,800 projected jobs) once it is up and running will have a colossal potential impact on a contract winning small or medium sized business. If you’re considering throwing your hat in Boeing’s ring, this one’s for you.
Evaluate your business now. A Boeing contract down the road means big potential changes to your business. How you plan for them now can mean reaping the rewards of a successful expansion or closing the doors due to lack of preparation for expansion.
Many sources concur that businesses fail for several reasons. Insufficient capital; lack of planning; and overexpansion are high on the list. Yet, they are real possible outcomes for any business contemplating work with Boeing in Charleston.
Step back NOW and take a hard, analytical look at your business. Investing a few weeks and some funds in effective preparation for possible expansion or relocation may go a long way toward helping you achieve your desired outcome (money, success, growth, transformation, new target customers).
Here are just a few things that POSITUS recommends you consider before pursuit of work with Boeing:
- When was the last time you updated your business plan?
- What is the age of your primary service equipment?
- Have you had recent turnover in your workforce?
- Do you have capacity to expand virtually overnight?
- Is your facility big enough to handle the work?
- Do you have access to the capital you will need to bridge the gap between the investment in growth and the start of payments from Boeing?
- Is there enough talent locally to potentially double your workforce quickly?
- Do you need to invest in management and/or administrative positions because of rapid growth?
- Is your line of credit adequate for a projected expansion?
- Have you identified key strategic partners with which you can team to fill in gaps?
- Do you know whether or not your current customers are satisfied with your products/services?
- Have you conducted a cost/benefit analysis and ROI analysis for the projected expansion?
- Have you reviewed the supplier gateway information on the Boeing web site?
- To review what Boeing buys: http://www.boeing.com/companyoffices/doingbiz/esd/boeingbuys.html
- To review general information: http://www.boeing.com/companyoffices/doingbiz/esd/getstart.html
- To review supplier registration: https://app.suppliergateway.com/genreg/registration.aspx
- Can you do anything now to make your Company more competitive in the above process?
Clearly, this list is just a start, but we hope it will help you make a planned, educated decision about whether to pursue work with Boeing in Charleston or to locate an office in the area.
If you have questions about pairing your business with Boeing, or if you need x-ray vision to make your business ready, call POSITUS. We can help you be where you want to be.