Startups, innovators, and corporations are all driving change within the Federal Market, despite significant headwinds to finding new opportunities and ways to positively impact different agencies missions. The Federal Market is a challenging and complex system to navigate filled with different rules and regulations and is often not-transparent.
To stay ahead of the market and drive more meaningful change, the most forward thinking entrepreneurs and corporations leverage a few tips.
Here are three ways that any founder, business development professional, or c-suite executive can stay ahead of the curve:
1) Automate Your Intelligence: Great leaders work smart and hard. By automating intelligence gathering, leaders can gather cutting edge insights instantaneously and on a regular basis. Many leaders receive the latest insights and reports on a daily basis to stay on top of the latest business challenges and opportunities for the day ahead. In the Federal Market, new opportunities from grants to contracts are posted everyday, but not all are going to meet your companies capabilities.
Drive change by creating a map of the contracts and opportunities that your company can deliver on based upon the key capabilities you can compete on. Then create a daily notification that informs you of new contracts, procurements, grants, SBIRs/STTRs, and challenges posted.
2) Assess Your Competition: “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”
― Sun Tzu, The Art of War
Knowing your competition and assessing them on a regular basis will ensure you are able to innovate faster, compete better, and win consistently. In the Federal Market, you can identify and groups that have won contracts in adjacent spaces, assess their market size, and see when contracts are up for re-competes. Knowing the key capabilities that your competition delivers on, lost business on, and how they position themselves to federal clients will help your company deliver differentiated value and win more contracts.
3) Engage Partners: Driving change across agencies is challenging. Doing it alone is even more challenging. The best organizations know their key value propositions to clients and then bring in additional capabilities to create the strongest opportunities to drive change for their clients. Finding the right partner is a combination of understanding key capabilities they can deliver from a technical perspective, but also understanding if their organization will be the right cultural fit. Create a strategy to identify the key technical capabilities you need and a process to source, vet, and select the partners. Be sure to include cultural alignment in the vetting process of selection.
Stay ahead of the market and create new business opportunities by automating your intelligence, constantly assessing and evaluating your competition, and engaging partners to compete. By leveraging these three action items, you and your company will be poised to accelerate your business growth.
Looking to accelerate your business growth in the Federal Market? Learn what Ratio Exchange can do for you and take a tour of the exchange. Ratio Exchange helps leaders and the largest system integrators assess their competitors, find partners, and discover new opportunities.