If you are like most small business, you are not winning enough of the proposals you are submitting.
In today's LinkedIn Live session, Neil McDonnell focuses on Pwin(probability of win) - the way you assess your chances for winning a business opportunity. You want the highest probability of a win possible.
WHY MIGHT YOUR WIN RATE BE LOW?
There could be a variety of reasons for why your aren't winning. The most common reason a business doesn't win a contracts is because they are not focussing on their true core competency. Too many firms pursue opportunities they can 'generally' do and clutter their pipeline with longshots.
Truly successful firms focus on work that they can perform better than their competitors.
Is there a Better Process? Government contracting is a process that leads to repeatable success. Neil explains this in detail in the video above.
Identify Task Areas you can truly do
Listen to Neil's personal examples using experience with SharePoint and MS
Learn how his small business stayed hyper-focused on their true expertise and because more qualified than Microsoft itself on SharePoint
Use a Gap Analysis (Tasks, Rating, PP)
Allow you to quickly evaluate whether the opportunity is right for your company, based on specific criteria
How to rate yourself with a Gap Analysis
Bid / No Bid decisions | Sometimes the right decision is to stop working on an opportunity! Don't clog your pipeline with bad opportunities
Beware of the danger of rationalizing bad decisions or overestimating your abilities
Prime vs Subcontract decision: Can your business do at least 60% of the work?
Value of using a Gap Analysis – When you are writing to your core competency, you can write faster, easier and more often
Watch the video and let us know what you think? Are you using a Gap Analysis?
Neil McDonnell spent 20 years as a federal government small business owner selling to civilian and defense agencies.
He shares his government contracting expertise in these blogs, focusing primarily on teaching you the process.