“Our business isn’t growing.”
“There aren’t any opportunities out there.”
“I feel like we’re doing okay… but I’d like to know for sure.”
I hear these comments all the time as I meet with business owners in commercial and federal markets. If one of these statements reflects a concern of yours, be comforted in knowing that you are not alone.
Many businesses are infected with the same disease. They have traded a focus on “business” for “busy-ness.” It’s a common malady among employees, particularly those assigned responsibilities for business development, marketing, or sales. Instead of accepting a metric for the production of new revenue, they place attention on their timecard, their calendar, or their email, somehow assuming that busy-ness is a good metric for success in business. It rarely is.
Can you tell your team when your backlog ends and how much backlog you need every quarter to meet your growth goals for the next five years? Can you tell your sales staff exactly what their win percentage is for their bids, what their conversion rate is for sales from “contact sheet to signed contract?” Can you project the revenue impact of your contact plan or business pipeline by quarter for the next five years? Will you hit your growth targets?
If you can’t, you need help. Remember, “hope is not a strategy,” and “a goal without a plan is just a wish.”
Busy-ness is not a replacement for good business. The fact that you’re headed to a business lunch every day this week does not mean that you will convert those lunches and relationships into revenue. The fact that you “feel good” about the direction your business is headed does not mean that you can quantify your potential for success in the coming years. Whether it’s understanding how well you perform in converting lunches to revenue dollars, or turning good ideas into winning bids, every business needs a strong focus on “metrics-based business development.” That’s the core of the Whitespace Innovations business growth strategy. We can help you measure your success, and point you in the right direction.
You may think that you have enough potential bids in your pipeline. We can tell you whether you do or not. In one day, we can meet with you and come to understand the breadth of your business pipeline—whether it’s a contact plan, a sales prospect sheet, or a list of federal business opportunities. With less than a week of work, we can produce a quantitative listing of every one of your business opportunities using our Whitespace Innovations “Pipeline Metrics” tool. We can project the revenue impact of your proposed work as far into the future as your potential wins will take you. This tool process is fast, and the tool is yours to keep. Our “Pipeline Metrics” tool provides a quantitative score of the potential success of your business pipeline, as measured against your business goals. Don’t just “feel good” about your potential for success. Measure it and be sure.
How many bids do you need to submit to hit your targets? We can tell you. Based on your win probability, your pipeline status, the average size for each closed deal, and your future year business goals, you can know with confidence what it will take to grow. Every business I have met with to evaluate this metric of “how many bids do I need?” is astounded to discover that the company would never meet its goals using its current bid profile. We can help.
“How can I lower my overhead? I don’t want to fire anyone, or cancel my lease and move.” I hear that all the time, particularly as federal contractors seek to bid and win the new “lowest price technically acceptable” (LPTA) procurements. While it’s true that some businesses may need to remove overhead personnel, or restructure their facilities plan, there are other solutions to this seemingly intractable overhead problem. Whitespace Innovations specializes in solutions to overhead challenges, with unique options to lower your overhead cost by 20% without discharging a single employee or changing a facility lease. It’s an unconventional approach but it’s very effective. Another Whitespace Innovation. Give us a call to find out how you can lower your overhead without trimming your personnel roster. You can improve your employees’ quality of life at a lower cost to your business. It’s counter-intuitive, but it’s true.
Anxious to grow, but not sure why you can’t? You’re not a lone ranger. You probably have chosen to focus on “busy-ness” and measure your sales team’s efficiency by how much they are out of the office. Let’s change that focus. Let’s put a microscope on the numbers, and put a quantitative grade on the quality of our pipeline, our backlog, our bid processes, and our overhead management. Once you do that, you can sleep easy at night. We can help.
Put your focus on the numbers. Metrics-based business development can transform your business. Call and ask us how.
We’re in this together.