In this episode of Contracting Chatter, Luciana Turner discusses the concept of contract readiness. She explains that contract readiness is not just about winning a contract, but also about performing on a contract and meeting the client's needs. She emphasizes the importance of having a business ready for contracts, including an accounting system that can capture costs on a project level. Luciana also highlights the need for policies and procedures, understanding industry terminology, knowing your role in different contract phases, delegating tasks, and having an advisory team. She concludes by mentioning the upcoming Contracting and Business Week event.

Takeaways

Contract readiness is the ability to perform on a contract and meet the client's needs.
Business readiness is an important aspect of contract readiness, including having an accounting system that can capture costs on a project level.
Policies and procedures are essential for contract readiness, as they provide guidelines for compliance and record-keeping.
Understanding industry terminology is crucial for effective communication and successful contract execution.
Knowing your role in different contract phases is important to ensure you are performing the right tasks at the right time.
Delegating tasks is necessary for contract readiness, allowing you to focus on your core competencies and avoid micromanaging.
Creating an advisory team, including legal counsel and compliance experts, is beneficial for contract readiness.
Contracting and Business Week is an upcoming event that provides valuable insights and resources for government contractors.