In the coming years, there will be lots of opportunities for businesses that depend on government contracts. But how do you find the ones you can successfully capture?
Budget is a big barrier when looking at your capture management process. You need to invest a lot up front in the hopes of scoring contracts at the end. With publicly-available sources offering a lot of the information you need to strategize for opportunities, it can take a lot of man hours to aggregate the information.
For most businesses, that's where paid services come in.
As President Donald Trump's first 100 days draws to a close, it's important to recall that every new president brings new energy and ideas to the office.
With those ideas comes new focus and changes to where and how government funding is spent. Identifying changes early allows you to capture needed intelligence to help boost your capture management process.
Does This Sound Familiar?
If you own your own business, you know what it feels like when every item that requires your undivided attention demands that finite reservoir of focus all at once. But what if multiple government sales opportunities you’ve been tracking all coalesce simultaneously, and your existing personnel are not able to effectively run capture on these prospects?
What options do you have to continue with this forward momentum if you're strapped for resources?
Political change leads to economic change. Every election cycle sees new initiatives move to the forefront of the budget, as well as process changes that can lead to big opportunities. By being proactive about your capture management process and creating a repeatable ISO-like sales process, you can get your team ready for the changing landscape.
A lot of information circulates about government contracting. The media talks about billion-dollar government contracts, particularly in the defense industry, but that does not always translate into direct dollars pouring into your company.
When you win the pot in a poker game or trounce a friend at a game of golf, your euphoria doesn't always lead you into deep analysis about what worked or what led to your win.
Professionals spend a lot more time analyzing every step they take along the sales cycle so they can find out where they went right. The same is true when they lose. Professional sports teams invest millions on post game analysis, practicing repetition of strategies that worked and finding ways to resolve weaknesses.
While it is fine to just enjoy the win or bemoan the loss during friendly competition, you need to pay more attention to your win/loss analysis for success, and to create a repeatable capture management sales process.
Take a look at the habits of successful leaders in your industry or your company's area of expertise. By cultivating these same habits or by looking for them in your employees and consultants, you can identify employees most likely to lead your business through a successful capture management strategy.
Everyday, regular tasks become habits because they are recognizably and predictably essential for success, and you should always stock up your company's cupboard with everything you need to improve your capture success rate.
Topics: capture management