We’re almost at the half way point of 2019. That means that you and your team should have FY2020 planning on your radar. Developing a good target strategy can be overwhelming and its often difficult to know if you are going after the right bids for you and your team.
There are a few key things you can focus on to help make this process more efficient and effective. We gathered some do’s and don’ts to keep in your back pocket as you go heads down into target planning.
- Plan based on your averages. Planning as if you are going to win your normal percentage gives you a baseline to apply to your pipeline for the rest of the fiscal year. If you stick to this, you can only go up from there.
- Start making a presence now. Make sure you have a Small Business Administration profile page and update it if you haven’t recently. You can have the best target strategy in the world but if you aren’t coming up in contracting officers dynamic small-business searches you are already at a disadvantage.
- Consider outsourcing. If you are really struggling with coming up with a target strategy, it will most likely be less expensive and significantly more efficient to outsource your efforts.
- Shy away from new customers. Make sure your target strategy includes your typical customers as well as some new ones you have interest in working with. Re-asses your answer to the question “who buys what I sell?” and explore opportunities with potential customers that weren’t initially intuitive.
- Cast too wide of a net. Going broad can leave smaller teams paralyzed and unsure about their next move. Focus your efforts down to a few key agencies and target your efforts to them.
- Underestimate your capabilities (but don’t overstate them either). Sometimes the NAICS codes contracts are classified under are not entirely intuitive. Get creative with what you go after and remember that your capabilities aren’t always a perfect one-to-one match with a contract classification. However, make sure you are still only planning to target projects that are within your capabilities to avoid wasted time and effort.
What are your company’s do’s and don’ts for target strategy planning? Throw them in the comments and we’ll highlight our favorites!