Thursday
December 31, 2009
Filed under: Tip of the Day
Like most customers, government agencies seek vendors that can clearly define why they are a better choice than the competition. The ability to articulate a value proposition is an important element to success in government contracting, and with an annual budget of $500 billion and an additional $787 billion in stimulus funds, no business owner can write off the opportunity to capitalize on government spending.
We talked to Lourdes Martin-Rosa, American Express OPEN advisor on government contracting, to learn about her three strategies that companies can implement in order to stand out:
- Rebrand to promote a specialty. Perform a self-audit and figure out what makes your business better than others. “Find out how you can improve your business,” Martin-Rosa says. “Your best source to find this out is a customer. Ask them what they liked and disliked about their most recent purchase from you. If there are no complaints, you can ask them to write up a testimonial to post online about something specific they enjoyed about your services.”
- Look beyond existing core competencies. Monitor www.fbo.gov for trends in government spending. As the government shifts focus from one area to another, figure out how your business can fit in. “You have to get your company ‘contract-ready,’ ” Martin-Rosa says. “F.B.O. stands for federal business opportunity and that’s exactly what it is – an opportunity for your business. The Web site is great because it will post any contract over $20,000. And if a contract is posted over $100,000, a federal agent will award you a no-bid simplified acquisition.”
- Seek ways to solve customers’ emerging challenges. Keep in tune with key issues and propose a new solution. “If you have a critical problem at your business, discover a way to solve it,” Martin-Rosa says. “Let’s say there’s a management problem or someone is not operating your machine properly; hire someone that can execute that job the right way and it will increase your revenue. By having a shift in focus, you’ll leap ahead of your competitors.”
From Wearables Style
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