What Would It Mean to Your Business if You Won Just 1 Extra Contract This Year?
- Increased revenue/profits
- Able to hire new employees (or not fire ones from a contract you lost)
- Career advancement, growth, or promotion
- Foothold into a new client
- More follow on work and tactical sales (future revenue growth)
- An additional Past Performance Reference to improve future proposals
Why Has It Been a Year Since the Last Time You Did a Big Contract Database Research Deep Dive?
- I don’t have time.
- I hate/don’t know how to use [insert government contract database].
- We won’t find anything anyway.
Those are the 3 most common things I hear when I ask my new client about when they last did some contract opportunity research. I get it. Thinking about keyword searches, massive excel spreadsheets to dig through, and fruitless hunts for more contract information makes my head hurt.
But my most successful clients do a deep dive at least once, many of them twice, a year.
Now, I’m not advocating for listing and going after every contract under the sun. That’s a different recipe for failure.
I’m saying that it is important to top off your opportunity pipeline periodically. Here are 7 critical signs that it may be time to do some new research.
- No contracts in your pipeline today that will be due for an RFP in the next 12 months (so you have bandwidth to do capture on a new opportunity)
- You added a service offering since your last research deep dive
- You added new employees with new skill sets or networks you can tap into
- Your company gained a new socio-economic class
- It’s been a year since you last researched the contracts out there in your strike zone
- You set growth goals and haven’t identified the contracts that will let you reach those goals
- If you don’t win any of the contracts currently in your pipeline you’ll have to lay people off
If you need a tool to help you fill up your pipeline, download the Government Contracting Goals Planner today.