Success is a lousy teacher. It seduces smart people into thinking they can’t lose. ~Bill Gates
What strengths do you attribute to your ability to win contract awards?
Are you winning because your leadership is strong or because your processes are on point?
While I’ll argue both are necessary, one is more sustainable than the other. The average tenure of an executive is less than 5 years. If your win rate is based more on a person than on your processes, you may want to start documenting what you can repeat so it can be duplicated by others in your organization. May not be the best idea to go all in on riding through the barrel of an individual’s pipeline. Processes can be modeled, documented, and duplicated.
Creating turn key operations based off of road maps that lead to success are able to stand the test of time far longer than any one person’s efforts.
Success in government contracting is achieved by accurately narrowing your search to pinpoint your buyers, proving quality past performance, and perfecting the art of responding to RFPs to suit the requirements of the mission and the goals of the buyer.
Important factors to note:
- Know your competition
- Know your buyer
- Ask questions while you can
- Build a team and strategy that includes: what you do that sets you apart and proof of financial capability.
With regard to financial capability to perform, a lot is changing in terms of flexibility and access to capital. While banks are still the least expensive form of borrowed cash, “bankability” standards are becoming increasingly more restrictive and are not always indicative of ability to access the funds you need to perform today and grow into the future.
We have seen rising interest rates over the last year that continue to level the playing field between banks and alternative access to lending. With the looming recession on the horizon, our banking friends are forced to scrutinize qualification standards for borrowers now more than ever.
For companies that are showing positive growth but have not ever sought bank lending before, you may run into difficulty accessing the amount you will actually need to meet your work requirements and operating expenses. And those with small lines of credit now may not get the boost that will support a robust season of awards.
What if you could increase your ability to win more by not only effectively marketing your capability to provide the goods and/or services requested, but also by proving your ability to financially perform?
Promoting your funding capabilities will provide a differentiator between you and your competitors.
Reach out to learn the steps you can take to provide your contracting officer or point of contact with the information that will set their mind at ease with regard to your ability to rise to the opportunity on all levels.