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The Importance and Limitations of Supplier Diversity
July 26, 2023 | Business Development, Government
In today’s increasingly complex and interconnected business world, supplier diversity has emerged as a crucial element of corporate strategy. However, while it undeniably offers significant benefits, supplier diversity should not be a company’s primary value proposition. Understanding Supplier Diversity Supplier diversity refers to the strategic approach of sourcing goods from a range of suppliers that includes businesses owned by minorities, women, veterans, people with disabilities, and other underrepresented groups. It's an attempt to level the playing field and offer an equal opportunity for all businesses to participate in…
How to Craft Your First Email to a Prospect: Clear Messaging, Due Diligence, and Effective Time Management
July 19, 2023 | Business Development, Government
The initial email you send to a potential client can set the tone for your entire relationship. It's crucial to strike the right chord from the onset--and this applies in government sales as much as anywhere else. Here are three fundamentals to remember when writing your first email to a prospect. Clear, Concise Messaging with Value Proposition and Call to Action Your first prospect email shouldn’t be a full-blown proposal. Be brief. Prospects appreciate conciseness and clarity, which signal respect for their time and directness in communication. Begin…
Strategies for Effective Go/No-Go Decision-Making in Government Sales
July 12, 2023 | Business Development, Government
In government sales, deciding whether to bid on a given project is crucial for maximizing your chance of success. It involves carefully evaluating the opportunity and determining whether it aligns with your company's capabilities, objectives, and resources. While there is no one-size-fits-all approach to this process, considering key factors can help guide your decision-making. In this post, we will explore strategies for effective bid/no-bid decisions in government sales, focusing on essential questions before committing to a bid. When to Say No To arrive at a well-informed go/no-go selection,…
Addressing the Challenge of Employee Turnover
July 5, 2023 | Business Development, Government
Photo by Andrew Teoh on Unsplash Today, we're going to address a significant topic that impacts us all: employee turnover. It's a challenge, especially within the sphere of government contracting. While there is no specific evidence about turnover in our industry, I have experienced firsthand how it can affect government contractors. When we lose an employee, the cost goes beyond financial commitments like recruitment and training. It can actually amount to anywhere from 16% to a hefty 213% of annual salaries. Think about this: according to the…
