Matthew Enekwe readily acknowledges that he’s still on the path to becoming a federal contractor and helping government agencies improve their financial management.

But the president and CEO of Crystal Star Associates, an accounting and financial consultancy in Ellicott City, Maryland, has learned since starting his business in 2011 — while also in graduate school — that to grow requires never standing still. And, in essence, it’s about doing double-duty.

“You’re also a small business owner. You also have to manage your own books, so you’re doing double work. You’re taking care of clients, and also you have to focus on yourself,” he said. “You have to take some time out, work on your administration, work on your build-out.”

During an interview for the Society of Defense Financial Management’s The Business of Defense podcast on Federal News Network, Enekwe shared the tips that he’s learned in preparing Crystal Star to take on its latest pivot: expanding into federal financial management work.

#1: Be a leader not just a worker

For Enekwe, finding the ideal balance between doing the work for clients and leading the company is his number one takeaway. But that’s a fundamental internal struggle for most small business owners, he said.

Entrepreneurs want to build something that they like to do — that they like to work on, Enekwe said. But to grow a company or expand into a new sector requires looking up from that work, he pointed out.

“You have to be a leader, not just a worker,” he said. “You’ve got to split your time between doing some of the work but also focus on growing the business.”

#2: Take advantage of state and local economic development services

Enekwe found that one way to do that is by taking advantage of available state and local resources.

“You need to get involved. You need to tap into those resources because the resources are there,” he said. “Unfortunately, a lot of small businesses don’t know the resources are there, and also it takes time.”

Crystal Star is in Howard County, so Enekwe turned to the Howard County Economic Development Authority. He took part in an eight-week incubator program that provided leadership training but also exposed him to a host of additional resources that his business could use to help it continue to grow.

#3: Be willing to take the small steps

Because he’s Nigerian by birth and because he was also studying to get his master’s in business administration when he founded Crystal Star, he first looked to businesses serving the Nigerian population in Maryland. He knew there were many small medical and dental offices that needed accounting help. The company got its initial start by being their go-to financial provider.

But it’s tough to grow by solely helping other small businesses, even if you help many of them, Enekwe realized.

Once out of graduate school, Crystal Star began to expand to midsize businesses and organizations. “Now, I’m working with more established business owners, with public charter schools, union organizations, contracting companies, law firms — also giving advice here and there about helping start a business, structure their business and building an accounting function within it,” he said.

The progression takes time, he acknowledged. “It’s about what you put in. How much time are you willing to invest in yourself?”

#4: Tap into networking organizations

One investment of time that Enekwe has found valuable is joining industry associations. Those memberships let him attend events, network with other business and government leaders, and gain access to additional educational opportunities.

It’s been a critical part of learning about the federal contracting world, he said. In addition to SDFM, Enekwe is a member of the Howard County Chamber of Commerce and IMA (Institute of Management Accountants).

“Sometimes it means you’re taking time off, reducing your revenue and just focusing on the internal growth and structure of your company,” he said.

#5: Partner with a mentor federal contractor

Taking part in the industry organizations also has helped him meet mentors.

Enekwe said the value of a mentor cannot be understated and points to his own father as his original mentor. His dad founded a business in Nigeria that supplied goods to the Nigerian government. That company is the namesake for Enekwe’s own. “Crystal Star — it’s a name that’s very meaningful to me.”

As he continues on his journey toward becoming a government contractor, Enekwe said the next step for Crystal Star is to partner with an experienced GovCon through the Small Business Administration’s Mentor-Protégé Program.

“This situation is perfect because someone like me — looking to grow and go into the federal sector — having a mentor, that’s priceless. A mentor has more resources than you. All you’re going to do is watch what they’re doing, follow their steps, and that will get you where they are. At the end of the day, hard works pays off.”

To listen to the full discussion between Matthew Enekwe, CEO of Crystal Starr Associates, and Rich Brady, CEO of SDFM, click the podcast play button below:

Discover more stories about how to thrive as a federal contractor. Find all episodes of The Business of Defense podcast.

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