We breakdown the key elements your 2018 strategy has to have for success next year and beyond.
What is your fiscal 2018 Strategy?
If you are a smaller government contractor, are your plans in place? Do you have goals supported by a strategy?
If not, are you just going to continue to tread water by looking for bids to go after, or are you going to map out a strategy that gives you a better chance at winning more business?
For over 30 years I have watched smaller businesses struggle to grow from fiscal year to fiscal year, including those who won spots on coveted contracts alike SEWP, Alliant, CIO-SP3 Small Business, VETS, 8(a) STARS and others. There are always under-performers and many of these wonder why.
So I would like to offer a few things for you to think about.
1. If you own a spot on any of the IDIQs or MACs, like the ones mentioned above, are you fully exploiting the value of the contract? If you are on an IDIQ or MAC and are simply responding to RFQs and RFPs but not winning a significant percentage, perhaps your bidding strategy needs to be revised. There are a number of reputable firms that can help you improve your bidding process.
Or perhaps you need to partner with other companies that bring different strengths to the bid, still using your contract.
These contracts are coveted and there are many ways to grow your business if you are a prime.
2. Are you looking at other IDIQs to see if you can bring something to the primes on those vehicles that would make them more attractive in the bidding process?
If you bring a unique skill set or strong agency relationship to the table, you may be able to open the door to better sub-contracting opportunities.
3. Have you looked at your top government clients to determine if you need to focus more on fewer agencies?
Account or agency based marketing can be quite effective. Selling in an agency where you are known is much easier than attempting to break into new agencies.
4. Are you looking to better utilize LinkedIn and fully develop your social selling skills?
Social selling is the art of leveraging social networks to find key influencers and get on their radar, and it works. There are 1.6 million feds on LinkedIn representing all agencies, and more than 15 percent have IT titles. Another 30 percent to 40 percent have program and project related job functions. Odds are the people you need to reach and influence are on LinkedIn.
5. Are you developing and sharing content that helps define who you are and what you bring to the market?
Content marketing is an increasingly valuable tool in government contracting. Saying you are an expert is one thing, but developing and sharing content to support the claim helps you establish your company as a legitimate player.
These are just a few of the things you may want to consider as you move into what promises to be an interesting year in government contracting
So ask yourself, what are my goals for fiscal 2018? I hope you have an answer.