(1) Make the proper investment in time and resources to support the full BD lifecycle.
For a small business, making the proper investment to support Federal Government BD is the hardest lesson to learn. Small business owners typically wear multiple hats, performing a variety of functions. Priority is usually placed on managing the day-to-day operations of the business. Unfortunately, many small business owners are not able to dedicate or find the time needed to effectively perform the various functions of BD.
Sometimes small business owners believe they are doing well if they can wade through the daily opportunity sweeps, to review the results of their saved searches to identify potential bids. This quick review of new and updated business opportunities often leads to poor pursuit decision making (resulting in wasted time and resources), or worse, causes critical business opportunity news to go unnoticed.
BD is more than just opportunity identification, it’s all about doing your homework (research), gathering business intelligence, and building relationships. If there is not enough time for small business owners or principals to perform these functions and dedicate the time needed, then it is essential to invest in a dedicated resource to perform this function. Each business should desigate or hire either a full-time or part-time BD Lead, and be prepared to invest in the necessary tools and Bid & Proposal (B&P) resources to not only identify opportunities, but to support the capture management and proposal development activities required to WIN opportunities.
Companies that make the proper investment in BD staff, tools, and B&P resources for winning Government contracts may win up to 90% of the contracts they bid, while
companies that don’t invest have a win rate as low as 10%.