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?
As your company starts looking for new opportunities, you'll realize how much information you need to make smart business decisions about which opportunities to pursue. The federal government awards thousands of contracts worth billions of dollars each year.
Narrowing down the list to something manageable requires a lot of information. Thankfully, virtually every bit of information surrounding government contracts is publicly available.
Hiring a consultant can save your company a lot of money on your capture management process, but only if you find the right one. When you hire employees, you have control over how they spend their working day. However, when you work with consultants, they often have more autonomy.
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.
The capture process can be a long and arduous journey, sometimes taking years from initial lead to final sell. It is vital that you manage your team the whole way through. Because the process involves a myriad of details and shifting client needs, it is your responsibility to monitor your team’s capture process and ensure accounts are being moved through the system appropriately and efficiently.
The first step in creating any process is ensuring repeatability. Anyone can luck into success once, but being able to keep the momentum going depends on having a tested process in place that works. Your opportunities will change every year, but your analysis of those opportunities should remain the same. Because the same questions come up for every capture, you should store key information and analysis.
Topics: capture management process
Government contracts offer an important potential revenue stream, if you can land the deal. But capture management with government agencies can't be compared to run-of-the-mill B2B sales, wherein you locate the right person and make a great pitch. There is a long and winding road between identifying an opportunity and securing a government contract.
Employed during the capture management phase, Black Hat review processes may vary in implementation between companies and people, but the overall goal remains the same: to find the top competition for a government contract and analyze the strengths and weaknesses of those businesses, so you better understand how they will bid against you.