Having an effective business strategy is the key to building business growth in the federal market and will provide longevity to the business. Each strategy differs and will change over time based on many things such as market conditions, or the need for your supply or service. In order for it to be effective there are several components to making it worthy. I will provide you three quick tips to get you started here:
Tip #1 Conduct an internal analysis of your company based on the federal market. This process consist of you being able to understand your companies capabilities and how you can fit the capabilities in the federal marketplace within your current business cash flow. This is my favorite part because I absolutely love analysis and research. Although I am just giving you a small portion of the analysis process this section alone can provide you an idea of where you fit in the federal arena and what the overall approach will be. The analysis process starts off internally and then moves to competition, then target agencies, and so on. Once you have completed your internal analysis you can then focus on your target agencies and programs that will build business success. As you move through each phase of the analysis process you become more defined of what the actual business strategy will be.
Tip #2 Weighing out the pros and cons for profitability and growth could provide for stable revenue streams so it is best that you focus on a recurring business model. These type of business models ensure that effective and repeatable sales and business approaches are used which results in building a solid, successful government focused business. Recurring business models are built to scale as you grow out your customer base. Some believe that this type of model is not appropriate for the federal sector but I tend to disagree it all depends on how it is used.
Tip #3 Have a clear understanding of the strategy and the duties that are to be carried out by appointing a leader who can keep track of the strategy process, it is also a good idea to ensure that that person is an effective communicator. I think there is nothing worse than working on a task that is not communicated well. An effective communicator allows for a project to become more simplified which results in achieving your goals a lot sooner and you want to work smarter and not harder in this instance.
As a final though make sure that your strategy is a detailed, milestone-driven, tactical plan that will allow you to achieve the right value propositions that resonate in the market.
I am Ilene Giles your, “GSA Proposal Maven” and I work with vendors who struggle with GSA proposals and its processes. If you want more helpful tips like this subscribe to ezine at http://ezinearticles.com/?expert=Ilene_A_Giles or visit me at gsaproposalmaven.com for assistance.