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?
The most important thing you can do is take a long look in the mirror and ask the question: "Am I ready for fiscal year 2017?" Maybe not - status quo may not be enough to be ready. You know a surge in government spending is on the horizon, but you may not have everything in place within your organization to ride the wave.
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.
The government budget is limited to the amount of taxes collected, plus the amount of debt our country creates, which means there are only so many dollars to go around. With all of the rhetoric surrounding military build-up, it is likely the new budget will have significant changes to spending initiatives. To keep your business bringing in those important and lucrative government contracts, you need to look at likely areas for a budget boost.
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.
Industry best practices become the SOP because they consistently yield the best results. Capture management best practices help create a repeatable, scalable process that generates the highest probability of a win for every prospect.
As you develop your internal processes to maximize your government contract opportunities, you need to keep these items in mind.
A new year means a new opportunity to take a look at what you did wrong and what you did right in previous year. As you think about your capture management efforts of 2016, jot down some resolutions that might help to improve your success rate in the coming year. Creating a repeatable and scalable capture management process often starts by resolving to install better habits.
Take the time to prioritize the following seven resolutions to push your prospects through the pipeline to an award.
Many companies dream of performing contract work for the federal government. After all, the federal government typically spends more than $500 billion in contracts each year. However, the reality is that getting a job with the government is easier said than done. And that's because expectations are high.
If government contracts are an important source of income for your company, reviewing your capture management process is an important part of keeping it stable. Capture management is an ongoing process that starts years before you finally submit a proposal.