There are plenty of questions that federal contractors have. How do we win more federal dollars? How can we grow and expand into new markets over the next decade? While these are great and important questions to ask, but they address a much broader approach. The questions you should ask of yourselves should help bolster your internal strategies to understand where you are positioned and where you are headed. Rather than ask why it is taking so long to expand into new markets, analyze if you can expand into that specific one, are there better ones, and if not, is there a pool of teaming partners who could help. You can ask broad questions but the answers provided should paint a much more detailed picture.
Top Questions Asked by Federal Contractors
Why are we not winning more? Do we have bad opportunities or is it our pipeline management?
It is possible that it is a combination of both, but more often than not, internal processes break down when multiple systems or internal and outside teaming partners have to collaborate. If you use one platform to manage your pipeline, another to find opportunities, and one more to analyze data, there is a lot of room for error and bottlenecks to form.
Having strong process management helps prevent painful, manual processes that are clunky and slow down key decision-making. Strong pipeline management helps ensure that time-specific items are managed properly, because if not, countless hours of work and resources could be wasted. Identify if important deadlines are missed, is there a central knowledge repository for people to access, and are decision-makers able to access important data on the fly? This will help identify if it is your opportunities or pipeline management that is failing you.
Are we properly leveraging existing teaming partners? If not, how do we find new ones?
For quick analysis, two important questions to ask about your existing teaming partners are:
- Which markets can your partners access that you cannot?
- What benefits can you provide for your teaming partner, and they you?
Your teaming partners are meant to fill the void that you cannot fill alone. If there are certain areas of your business you are looking to expand but need guidance or a partnership, a teaming partner should help satisfy that need. Get started by identifying a pool of potential partners who are in a space that interests you and thinking about how the two of you could benefit each other.
Why would we use paid federal market intelligence when we can get all the information for free?
While there is a lot of free information available, there is a large commitment of your resources to find what is relevant to you and how it impacts your team. A paid solution, like Federal Compass, pulls data from over 50 federal government databases and breaks it down into a digestible format that is personalized to your business and its unique needs. This ensures that you are looking at information that directly relates to you rather than having to filter through the clutter. It helps you find better information faster so you can make more accurate critical decisions.
With so much data to analyze, how do I know what I am supposed to be looking for?
It all starts with your company and what you do. Analyzing your market, your customers, buying trends, your past performance, and most importantly, what you can actually perform, are your highest priority data points. With a tool like Federal Compass 360, you get a full picture of your business, your existing markets, potential teaming partners, and more. Lots of data is good, but knowing what it can do for you is vital.
We’ve been using the same process for over 20 years and continue to grow each year. Why would we pay for a solution that accomplishes what we’ve already been doing?
The goal is not to replace or change your business operations. It is to help you find and win more federal dollars. At Federal Compass, we help you identify weak points and fill them so you can refine your processes and continue growing and expanding your business. Streamlining and increasing efficiencies of existing processes helps save you money and resources so you can then allocate that to new markets, new partnerships, and other growth opportunities.
A value-based federal contract management solution
At Federal Compass, we provide you with personalized federal market intelligence that provides you with a true competitive advantage. We help you better identify and leverage teaming partners so you can continue expanding into new markets and growing. There is also pipeline management to ensure that all of your information is centralized in one location that is easily accessible by everyone who needs it.
We help put you in a prime position by providing you with a full-suite solution that meets the needs of today’s federal contractors. Learn more about our full-suite solution for federal contractors today.