Distinguishing Traits of Successful Small Businesses vs. Mere Hustlers: Three Key Factors

As a business owner, your quest for innovative strategies to propel your business forward is unending. This holds equally true for government contractors. BidExecs works with small business owners to help them with their business strategy and on-going business development services. Here are three noteworthy distinctions we’ve identified between successful small businesses and others.

1. Thorough Requirement Analysis: Successful companies, particularly in business development, begin by meticulously examining the agency’s requirements. Many, including business development professionals, often skip this crucial step. However, the key lies in scrutinizing these requirements with an initial focus on one critical question: “Do we have the technical expertise for this project?” Opportunity pursuit should only commence after this critical assessment. In contrast, other small businesses fixate on secondary factors like incumbency and competition, often overlooking the core requirements. Our recommendation is to have qualified leads reviewed initially by technical individuals to determine your ability to address the challenge at hand. All other capture type considerations should follow this initial but extremely important determination.
2. Competition in Focus: In today’s bidding landscape, it’s likely that every contract opportunity has an incumbent, even if it’s categorized as new by the government. This is often because the work is currently handled by agency staff, or the scope has significantly evolved. In the competitive world of government contracting, your primary competition is usually the high-performing incumbent and literally all companies in your industry registered in SAM. The playground is vast and it’s only growing bigger. Particularly on SB bids, conducting comprehensive competitive analyses has become nearly impractical. Our recommendation is to shift your focus towards evaluating the bid requirements and determining if your company possesses the necessary technical expertise and can you deliver at the lowest possible rates. Combine this by outlining three unique value-additions your company can provide to the government (the most challenging exercise). This approach can help you stand out and boost your chances of success in a crowded field.
3. Art of Teaming: Let’s discuss teaming. Many small businesses make the mistake of expecting consultants to quickly find teaming partners, often within hours or days. Often, these companies cannot define what or why they are looking for a teaming partner and worse, what is your value proposition as it relates to the bid. What we’ve observed is that these businesses rush into teaming without addressing a fundamental question: “Do I actually need to team, and if so, why?” Successful small businesses set themselves apart by reading the requirements, understanding their gaps rapidly without wasting time on building outdated “gap analysis matrices” and reaching out to their pool of dependable teaming partners characterized by diverse capabilities, a shared commitment to collaboration, and a mutual drive for growth. In contrast, other small businesses approach teaming transactionally, neglecting the effort required to develop genuine relationships. It’s vital to understand that relationships are the foundation of successful teaming efforts, and investing in them yields long-term benefits. Find your tribe and grow independently and together.

Government contracting is a marathon, not a sprint. Approximately 80% of successful small businesses in this field have business development led by owners who possess both technical acumen and business savvy. On the other hand, other businesses simply outsource BD and expect it to magically result in contracts. The hustlers, we find, often seek excuses instead of recognizing that it’s ultimately their company’s growth on the line.