The dawn of a new fiscal year brings with it a fresh array of opportunities for companies looking to capture new government business. Establishing a well-structured government pipeline is a crucial part of a successful business development strategy. In this blog post, we will provide guidance on the process of creating a government pipeline for Fiscal Year 2024 and beyond. We'll discuss the key steps, what websites to monitor, how often to do it, and how to effectively manage the information you gather.
Before diving into the process of creating a government pipeline for your organization, it’s essential to define your teams’ objectives and goals. What types of contracts or funding are you targeting for FY 2024? Are you interested in federal, state, or local opportunities? Are you on the right contract vehicles to meet and exceed your objectives? Understanding your goals will help you narrow your focus and make your pipeline creation more efficient and effective.
To capture government contracts, you need to know where to look. Start by identifying your target market, which includes the agencies, departments, or entities that align with your business's products or services. This also includes, as noted above, making sure that you are on the right contract vehicles (I.E. GSA, NASA SEWP, SLED contracts, etc.) to ensure you are able to conduct business in your target market.
Research and create a list of your ideal clients within the government and ask yourself: who is my ideal government customer? It is vital that you understand where your organization’s deliverables align in the government marketplace so that you can focus your sales efforts and monitor the right sites for opportunities.
Now that you have your target market defined, it's time to monitor government and industry websites for opportunities. Here are some key websites you and your team should keep an eye on:
SAM.gov is the primary portal for federal government procurement opportunities. It's a treasure trove of information on contract opportunities, contract data, wage determinations, federal hierarchy, entity information, and entity reporting.
If you are a GSA Schedule holder, or partner with an authorized reseller, you will be able to access a myriad of opportunities that are potentially relevant to your organization on GSA eBuy and GSA Advantage!.
GSA eBuy is an acquisition tool used by thousands of eligible federal, state, local, and education (SLED), and military government clients to purchase products, and services from GSA Schedule contract holders. GSA Advantage! is essentially equivalent to Amazon for government, where customers can access online supporting and ordering system that houses thousands of contractors with millions of products and services for purchase.
Depending on your focus, monitor the relevant state and local government websites for contract opportunities. Each state and locality may have its own procurement portal, which have different login requirements, etc. It’s important you understand the various terms and conditions that may be associated with these various websites and portals, as they will likely differ from state to state, etc.
Research websites specific to your industry or niche, as some government contracts are posted on industry-specific platforms that may not be accessible elsewhere.
This also entails networking with government and industry to locate opportunities that may not be accessible via other platforms or websites. Researching websites specific to your industry in government contracting is crucial for building a robust business development pipeline. These websites provide valuable information, updates, and opportunities within your niche.
If you are looking to make the process of finding government opportunities more seamless for you and your team, a subscription-based market intelligence platform and database that is specifically designed to serve government contractors and companies looking to do business with the government may be the next move beyond manually hunting and pecking for opportunities.
These subscription models often provide comprehensive information and tools to help businesses identify government contracting opportunities, track government procurement activities, and gain insights into the federal, state, local, and education markets.
Government opportunities can emerge at any time. To stay competitive, it's crucial to establish a regular monitoring routine. Set up alerts or subscribe to email notifications on these websites to receive updates on new opportunities as soon as they are posted. Check these sources at least once a week, if not more frequently, to ensure you don't miss out on any potential contracts. It is our recommendation and experience that daily monitoring is the best way to stay ahead of your competition and find/win government contract opportunities.
As opportunities roll in, gather all relevant information, and organize it effectively. Create a database or spreadsheet to track key details, including contract numbers, technical descriptions and requirements, deadlines, and point of contact information. Keeping everything in one place will help you easily manage, reference, and win opportunities as you move through the pipeline.
Not every opportunity will be a perfect fit for your business. To make the best use of your time and resources, prioritize and qualify the opportunities that align with your business goals and capabilities. Consider factors such as contract size, location, and eligibility requirements. You will also want to consider the competitive landscape of each individual opportunity and what your differentiators are when submitting a bid to help set yourself apart from the competition.
Once you've identified and qualified potential opportunities, it's time to develop a winning strategy for each. Tailor your proposals to address the specific needs and requirements of each contract. Highlight your company's strengths and demonstrate how you can deliver value to the government agency.
Persistence is key when it comes to government contracting. Building relationships with government buyers and engaging in industry events, conferences, and seminars can help you establish your presence and increase your chances of success. While remaining persistent is certainly the goal, it is important to remember that you do not want to bug your buyer or contracting official with constant follow-up as this may actually hurt your chances of winning business.
Creating a government pipeline for Fiscal Year 2024 requires dedication, organization, and an understanding of the government contracting landscape. By defining your objectives, identifying your target market, monitoring key websites, and staying organized, you can position your business for success in the government sector. Remember, staying informed and adapting to changing circumstances are essential for a thriving government pipeline.
With the right strategy, your business can capture valuable government contracts and funding opportunities in the year ahead and beyond. Winvale’s team of experts have extensive experience with finding and winning government contracts, so if you have any questions, please feel free to contact our team of experts today.