Preparing for the Fiscal Year End in the Trump EraPosted: July 12, 2017
Judy Bradt of Summit Insight wrote a popular guest post for us back in 2015, with her expert tips for how to prepare for the fiscal year end. I asked her if she had any updates, and she had this to say:
These are all just as relevant today. I would add this:
While the White House has proposed spending cuts in every agency except DHS, DoD and VA, Congress is pushing back hard. That means federal buyers are uncertain about what FY18 will bring…and are eager to spend every last dollar they have in the current year’s budget! So get a jump start on Q4 with the tips in this article. If you haven’t started doing these things now, you can bet your competitors have!
Preparing for the fiscal year end (in the Trump era)
In a series of three blog posts, Judy Bradt of Summit Insight put together a list of things government contractors can do to prepare for the fiscal year end. Here is a snapshot of her points, along with my own thoughts that build on her recommendations.
- Revisit your forecasting
- Ask for referrals from your best customers
- Stay top-of-mind
Bill says: These points go back to what Judy and I have always been preaching – success in federal contracting is about building long-term relationships.
Revisit your forecasting – that’s the FOCUS – see who you can really touch and make a part of your business. Referrals are what I’ve been calling “nearest neighbors” – friends of your customers’ friends.
And finally, this is a continuing process, so stay with these folks. See them on drop-bys and wherever they are. For example, if you notice they’re speaking at an event, show up – even if only to listen and say hello.
- Give the golden leave-behind: gratitude
- Plan multiple touches, tactics, channels
- Update and share your capability statement
Bill says: TAPE leaves behind little chocolates branded with our logo, but the key here is to make sure you express gratitude to your customers for their business. Build those relationships (see above) with the multiple touches of being where your customers are.
Maintain your currency by keeping up with your customers’ hot buttons. Does your one-pager (description of your company’s capabilities) hit those hot buttons?
- Refresh and maximize your online presence
- Leverage customer feedback and testimonials
- Expand thought leadership
- Be ready to sell the way they want to buy
Bill says: Maintaining and keeping your website fresh is critical. People look at that and if the visual picture doesn’t align with what you’ve told them, you can lose out. Include a prominent display of your CPARs (ratings in the Contractor Performance Assessment Reporting System) – especially the really good comments, and your kudos letters. Leverage these positive testimonials in call-out boxes on your website as well.
The best road to thought leadership? Blogging! You can always think of something to say about your industry, and the problems you solve for your customers, even if once a month. Feature your best staffers as bloggers also – they’ll love the publicity.
Always sell what your customers want to buy – your people, your best product ideas and innovations, and keep it up. Never forget what you’re selling, and what your focus is, that’s how you’ll succeed.
Lastly, remember to keep your certifications and small business status handy – sole sources and simplified purchase opportunities can be leveraged handsomely.
Thanks to Judy Bradt of Summit Insight for pulling together these crucial points!