Businesses that depend on government contracts should have been happy with the all the discussions about military build-up spending in the 2016 presidential election. Now that the United States knows who will be in office, it's time to take a deeper dive into what kind of changes you'll see in the government sales landscape.
As mentioned before, President-Elect Donald Trump said he would increase military spending during his campaign in a number of ways. But while the details have yet to emerge, and some plans are certain to evolve or change on Trump's end, it appears a lot of opportunities will be there for government vendors and contractors.
Where Will Spending Increase?
Businesses serving industries where government spending is believed to increase under Trump should be preparing for a surge in business opportunities. The question is: Is your business ready? Plan for it now — or miss out.
Discussed below are the main areas where Trump wants to increase spending.
Throughout the campaign trail, Trump called for bolstering the military, as he's pledged to remove the defense sequester and establish a new budget. From enhancing the Missile Defense System to improving Cyber Security, Trump has been talking a lot about the need to improve.
Only time will tell what exactly happens, but it appears the nation is going to be spending more on defense. Over the next decade, the president wants to spend an estimated $500 billion to $1 trillion more on our military.
Here are some other specifics Trump has called for:
- 100 new Air Force planes
- 13 new Marine battalions
- 70 new Navy warships
- As many as 160,000 more troops
Clearly, from IT to weapons engineering, there will be opportunities for contractors and vendors working with the Department of Defense. Which is all the more reason to assess and polish your CaptureExec sales and pipeline process, gather the appropriate consulting resources and personnel and start looking for potential capture opportunities.
Civil engineering firms, construction companies, raw materials suppliers and other associated businesses should have taken note of President Trump's ideas on infrastructure. While campaigning, Trump repeatedly highlighted the need to improve the country's roads, bridges, ports and airports.
By some estimates, Trump wants $1 trillion spent on infrastructure over the next decade. This could undoubtedly offer lots of revenue to businesses in sectors that are associated with infrastructure development, like components suppliers, equipment manufacturers and mining companies.
While military and architecture certainly stand out as two areas where government spending will increase, there are still other areas government vendors can look. For instance, Trump has said he wants to invest in improving water quality, telecommunications and the U.S. electricity grid.
Another area where you may see big increases in spending is in energy. Trump wants to make America the dominant player in energy production, which will certainly result in more government spending in the sector. From natural gas and coal to renewable energy, this could create equal opportunities for lots of different players.
Capturing the Opportunities Ahead
Now is the time to make the changes within your organization—not later. Review the steps touched upon in the election 2016 preview post because you want to be ready when the time comes. Stay agile and scalable. You absolutely don't want to see a huge opportunity missed, so now is the time to take action.
Most of all, don't be afraid to ask for help from a capture management consultant. A good consultant can help you ramp up more quickly, given their experience, which will make you more likely to win a government contract and enjoy steady business over Trump's presidency.