By Doña Storey, President & Founder,
OK- you made it through the Q4 craziness and September 30 is behind you. Take a deep breath and start to contemplate the road ahead for fiscal 2015 plans. As you look forward you may be asking yourself. What can I expect? How should I prepare? How can I be more successful?
Moving forward in 2015 should have a focus on changing policy and those regulations being put in place that have the greatest economic impact on federal contracts. One of the more exciting issues for women in business is the potential for sole-source contracts in the federal marketplace. Most business owners do a great job at marketing but government compliance isn’t as exciting as the thrill of the chase. Understanding the regulatory environment is the next big step after ramping up your marketing and capture management skills.
Take a look at your network that you have been growing and know where to access resources that can provide guidance needed in order to be compliant in the regulatory arena. Take time to research those areas where regulations have changed. Be sure to evaluate and fully understand those impacts on your contract management compliance and risk mitigation plans. Changes in regulations mid- stream during a contract can have negative effect on profitability. The time spent in a professional organization and network where regulations are a part of their education to members can be of great value.
Because regulations and funding is constantly changing you should sit down and evaluate any strategic plan that you had developed in the past making sure that you revisited those elements where you have seen change in the marketplace. Because the competition is getting stiffer every day just having a great capture management plan may not be enough to win contracts in your future. Mastering skills in managing your proposal process to create winning proposals and fine-tuning your pricing in a Lowest Price Technically Acceptable (LPTA) world can make a huge difference not only in capturing more contracts but in stabilizing and growing your profitability.
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Doña Storey is a WIPP National Partner appointed to the SBA’s Regulatory Fairness Board serving her second term. She is an award winning entrepreneur in both the federal and commercial marketplaces. Doña has played a role in impacting public policy and is an author, popular speaker and moderator. As a subject matter expert on federal and corporate procurement her current business GOVtips provides insight to those who want to scale up their business.
Give Me 5: Does the Government Buy What I Sell?
Discover how to determine whether the Federal Government buys the product or service your business offers. Learn the who, what, when, where and how of the buy-sell cycle of the federal government. This information will be key in your "go to market strategy" to land the world’s biggest customer.
Course Instructor: Dona Storey, President, GOVtips, LLC
www.wipp.org