What Works to Reach Your Government Contracting Goals in 2024

As we kick off another new year, many small, emerging, and minority-owned businesses will be setting goals and resolutions aimed at increasing their success in securing government contracts in 2024. However, with so many of these firms competing for public sector opportunities today, it will take focus, a system, and determination to achieve measurable success.  The MBDA Federal Procurement Center wishes all MBEs a very happy and prosperous 2024, and we want to help you make it your best year ever in Federal contracting sales!

By setting clear objectives, optimizing your pursuit processes, leveraging relationships, and continuously improving your internal organizational discipline, your firm can win larger and more government contracts in the coming year.  Here are some key strategies to help you keep your 2024 resolutions and take your contracting past performance to new heights.

Set Specific, Measurable Goals

The first step to keeping your 2024 resolutions is to set clear, measurable goals. Rather than vague resolutions like "win more contracts," set quantifiable targets like "win 5 new Federal contracts worth over $500k each with a specific federal or state agency." Break major goals down into smaller milestones with deadlines. This makes these objectives more manageable and helps track progress.

Update Your Capabilities Statement and Improve Your Website

An up-to-date capabilities statement is essential for getting your foot in the door. Highlight new certifications, awards, specialized staff, and projects completed in 2023. Emphasize how you can provide unique value to government agencies. Revise your capabilities statement regularly to showcase growth.  Additionally, your website must match your capabilities and bring a clear emphasis to your greatest skill sets and accomplishments.  Focus on the NAIC codes that match the research that your firm has completed to support why your company is focused on specifically identified agencies.

Build Strategic Partnerships

Team up with complementary businesses to bid on larger, higher-value contracts. Partner with firms outside your regional, ethnic, or gender niche to broaden your appeal. Strategic subcontracting alliances can help you pool resources and expertise to win contracts you couldn't on your own. 2024, is the Year of Teaming, Partnerships, Joint Ventures, Mergers, and even Acquisitions.  2024 is the year to recognize the investment needed to make your company’s revenues scale significantly.  There has never been a time in history where funding is allocated to solve societal challenges that require contractor competencies such as the ones your company offers.

Get Recommendations and Referrals

Leverage your network to get introductions and recommendations. Ask satisfied government clients for testimonials and referrals. Seek references from prime contractors you've subcontracted for.

Promote Your Differentiators

Spotlight what makes your company stand out--niche capabilities, agility in meeting tight deadlines, top security clearance, etc. Promote your differentiators in marketing materials, outreach campaigns, and proposals. Highlight your unique value, not just credentials all MBEs have.

Increase Bid Activity

Reply to more RFPs and RFIs in 2024. Broaden the geographic radius you pursue opportunities in. Submit bids outside your comfort zone for higher-value contracts. Consider teaming up to pursue larger contracts than you could solo. Respond quickly to stay top-of-mind. Always remember, “You have to play to Win”.

Ace Proposal Writing

Sharpen your proposal writing skills or hire specialists. Submit meticulously written, compliant, compelling proposals. Follow RFP instructions closely. Use clear language to demonstrate you understand the requirements and can deliver real value.

Invest in Technology and Automation

Make processes like finding opportunities, bookkeeping, report generating, and proposal development more efficient through technology. Save time better spent on high ROI activities by automating repetitive tasks. Stay updated on the latest government contracting software tools.

Stay Visible After Winning Contracts

Don't disappear after winning a contract. Nurture relationships with buyers through regular communication and progress updates. Ask for referrals from other agencies or divisions. Highlight successes contractors can mention in future bids. Who knows who you are? How do you size up to your competition?

Learn from Setbacks

When you don't win a contract, ask for a debrief right away. Identify ways you can improve for next time by analyzing winning proposals. Update strategies based on why you fell short. Persist and sharpen skills for better results. Find a mentor – Quickly.

Following structured goals, leveraging relationships, promoting strengths, and constantly improving your brand visibility can help your firm succeed in securing more government contract awards in 2024. Resolve to implement some of these strategies now to make this year your best year.

To learn more about how the MBDA Federal Procurement Center can help visit www.mbdafpcenter.com.