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?
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 for last year, 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. Read More
Remember your first few months in business? You probably spent most of your time operating in the red, never feeling sure that enough clients would walk through your doors to keep the lights on. Since a significant number of businesses close their doors within the first five years, developing stable income sources should be a priority. Government contracts, when effectively captured, can offer exactly that – a guaranteed, steady stream of revenue, month after month.
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.
Contract spending by local, state and federal government agencies totals in the hundreds of billions each year. And while a good portion of this money goes to giants like Lockheed and IBM, the federal government has mandated that 23 percent must be set aside for small businesses.
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.
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.
In our industry, selling to government clients is the key to growing your business and achieving success. If you are struggling to succeed in government sales, it’s important to find out why and address the problem that is holding you back. There are three main reasons for a government sales process not working, but they all boil down to the same problem: a serious lack of visibility. If you don’t know what is going on with your sales pipeline, your sales team and your opportunities, your government sales process can’t work effectively.