Early capture is key to growth in the federal market. Rising competition, including many other hurdles, contribute to little return on investment, making large B&P budgets a major target of cost savings. Integrate the following tips and guidelines with your current capture plan to raise p(win) and thrive in the federal sector.
Identify Strategic Business Opportunities
Before diving straight into the first opportunity “up your alley”, gain knowledge and strategize. Establish what information about the buyer is needed and how it will be obtained. Important aspects include their business background, need, information on their need, and their budget. Don’t forget to evaluate your personal investment, return on investment, and how quickly the solution will pay for itself. Apply this research to formulate a winning capture strategy or to decide to move on to the next opportunity.
Quality over Quantity: Bid Fewer Opportunities
Avoid those you cannot satisfy, those who are out of budget, and highly crowded areas of the market. “Me too” bids can quickly become losing proposals. Success isn’t defined by the amount of projects in your portfolio but rather by the quality of the projects themselves. Those willing to embrace the risks of maintaining a smaller portfolio raise their probability of generating outsized returns.
Defining Qualifications against an Opportunity
Ensure your comparative advantage is clear, concise, and distinctive. Shape the opportunity to compliment your company capabilities and experience. Express understanding and identify with the opportunity. Demonstrating security and confidence is important. Prepare strong rebuttals in lieu of answers to questions or reasons of doubt. If you find yourself at a loss of qualifications, regardless of how great the opportunity, walk away but don’t give up. Be patient and monitor all upcoming opportunities. The right soil is needed to plant the seed of healthy growth.