The dramatic downturn in the global economy and a change in government administration have created an unprecedented business environment for today’s government contractors. Whether you are just getting started or preparing for an increasingly competitive marketplace, it is critical for government contractors to have well-structured processes and technologies in place, especially when it comes to business development – that is, new business development.
Government contracting opportunities can seem so plentiful that the prospect can quickly become overwhelming. The federal government alone spends hundreds of billions a year in a normal year. After the stimulus plan passed, those numbers just got boosted by several hundred billion more.
Of course, to be successful in your government contracting effort, you are going to need to follow some sort of well-defined process. You still have to target the correct prospects (agencies) and qualify the correct leads.
We’re not saying that your process has to be a complex process, we’re just saying that you need one. It isn’t just us that’s saying this either, according to an article in Harvard Business Review (Understanding What Your Sales Manager is Up Against), using a standardized, well-defined, business development process increases a company’s ability to accurately target prospects by 20% and properly qualify leads 30%.
Truthfully, only the largest (and most successful) government contractors have invested in a “well-defined” process and a technology solution that helps their business development people follow the process. That doesn’t mean you have to be a large company or even a successful government contractor to have this magic of a “well-defined process.” Even small companies CAN be successful if they follow a few basic rules:
- Start now. Last month there were over 15,000 new federal opportunities submitted. These are real leads with a value greater than $25,000. The opportunity is there but you need to get started.
- Choose wisely. Easy to say, we know. You will not win using a shotgun approach. Read the RFP and decide if it makes sense. Keep track of who the contracting officer is and ask them questions. Keep track of the questions. Keep track of the answers.
- The “Hail Mary” approach does not work. You cannot paste together a bunch of company boilerplate, pick a price based on what you’d LIKE to be paid, and expect that the contracting officer will pick you because you know that you can do the job. You’ll have to invest a little time, simple as that.
- Find out why you didn’t win. So you didn’t get the contract? Ask why. Every. Single. Time. In fact, contracting officers are required to “de-brief” you on their selection. You’ll have to ask nicely but most of them are humans and are willing to fill you in. So ask. And, keep track of the answers.
- Write it down. That response document you just spent a week working on is valuable intellectual property. Keep it around – somewhere safe and where it’s easily shared. You should also keep exactly one copy – the FINAL one.
- Expand your thinking. Federal opportunities aren’t the only government contracting available. Every government entity – state, local, city, county, even local civic centers and libraries, have some sort of procurement process. Sure, it can be a little overwhelming to find this data, but it’s out there and once you have it, the process is exactly the same.
- Get some help. If you run your own small business then you are probably already smart, capable, and really, really busy. So take the help where you can. Our suggestion – start by using Bidspeed. Four reasons: One: it’s super simple. Two: it’s part of a “well-defined” process. Three: it’s cheap. Four: it works.
