Targeting, Engaging, Winning and Sustaining Business with the U.S. Federal Market
Mr. Kevin Young, adjunct professor with George Mason University (GMU) School of Business, joined PVBS to discuss how businesses, from start-ups to established government contractors, can leverage their strengths in this market while turning their weaknesses into opportunities. Mr. Young noted research that successful businesses make a much more significant investment of time and money in pursuing Federal contracting opportunities than less successful counterparts.
Certainly, the Federal Marketplace is not for the weak hearted or frugal owner. It takes time to build relationships and foster contracted work. As such, active contractors estimate they committed, on average, more than $115,000 per year in cash and staff resources seeking contract opportunities with an average of 20 months to win their first Federal contract.
Mr. Young talked about how leadership needs to view the business pipeline of government contracting differently than a traditional business model. There are many “minefields” that new entrees to the market must learn and changes in each administration that established government contracting companies need to stay informed about. Not just regulations but contract slippages, protests, ethical and legal issues make government contracting that much more complex and fraught with risk.
When it comes to opportunity pursuit and capture, Mr. Young offers some insight into a proven pipeline development process and how to properly screen such opportunities. Using a metric approach to each stage of the process, business leaders can monitor and control their pipeline better. This is especially important in government contracting when it can take much longer to begin a project even when the contract has been won.
Mr. Young offers several other tips and strategies to streamline the targeting process and increase the odds that your company wins those contracts. To learn more, download the full webinar below.