Some years ago a distinguished preacher said, "If you don't know where you're going, you'll probably end up someplace else."
This same idea applies to obtaining government incentives. If you don't know what you want, you'll probably get something else, or maybe nothing at all.
The biggest and most common mistake companies make is that they often fail to realize the powerful impact of a properly negotiated incentive award.
While many firms view incentives as "icing on the cake," the reality is that incentives can create a real, sustainable competitive advantage.
In many regions throughout the world, it is not uncommon to negotiate an incentive package equal to 50 percent of a project's capital cost.
Many incentives are lost because companies fail to properly pursue these opportunities.
Wrong assumptions
Many companies believe they will receive the same treatment as their competitors. Nothing could be further from the truth.
Our experience has shown that firms that are knowledgeable about available incentive programs and government awards obtain significantly larger incentive packages.
Another common and costly mistake is to only pursue incentive opportunities when building a new or "greenfield" operation, failing to recognize that expansions of existing business operations can often qualify for the same level of valuable government assistance. And as we all know, there are far more expansions than new plant
start-ups.
Negotiating is key
To maximize your incentive opportunities, your company must take the initiative.
Seldom does the government seek out firms to give away money, especially when it comes to expansions of current operations.
| The biggest and most common mistake companies make is that they often fail to realize the powerful impact of a properly negotiated incentive award. |
Therefore, once you have properly researched all available incentives and established priorities for your business operation, it's time to put together a comprehensive business proposal.
Unfortunately, many companies simply pick up the telephone and inform the government of their intentions by saying, "Hey, we're building a plant in your region. Can you do anything for us?"
The only thing less effective than that would be to announce that you built a plant in the region six months ago and now wanted consideration. If you are already there or committed to the region, the government has little incentive to win you over.
Asking the right questions
With many government incentive packages growing increasingly generous, incentives must be an integral consideration in any investment decision, not just for new business start-ups.
To compete effectively in the area of government incentives there are a couple of key questions companies should answer: (1) What incentives are available? (2) What types of incentives are most important to my business? (3) When should I make application? (4) Do we have an effective business proposal for the government to consider?
By following these steps, your business can take a big first step toward creating a sustainable competitive advantage.
Cameron J. Hutchison is president and Douglas K. Brennan is senior executive vice president of the Mintax International Group. For the past 20 years Mintax has identified and secured valuable government economic incentives for its clients, which represent approximately one half of the Fortune 1000 companies in the United States.
You can reach them at (732) 723-9000.
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