Government Contractors: Thriving, While Surviving COVID-19, Step #1
During times like these, it’s easy, and acceptable, to stop looking at tomorrow and focus on today. You worked hard to get where you are, you don’t want to lose it.
However, thriving in the midst of chaos comes in many forms, and using this moment to focusing on today and survive could actually help you better align yourself for your goals looking forward.
For example: trying to use a Mall map in finding your way to Macy’s wont do you any good if the, “You are here” dot is missing.
Step #1. Gut Check – Be honest with yourself
Take inventory of where you are now; both your business as well as your pipeline (remember my mall map analogy).
There is a LOT more to this step (as well as the others) than what meets the eye, and if you want to dive deeper into this, please let us know.
At a high level: there are two parts to Step #1, both of which you can either DIY or work with a professional firm on.
Part A: Taking inventory on your business
Also known as a business valuation, allows you clear insight into 3 things.
- Where you are now (really). This gives you the actual value of your business, because revenue does NOT equal value, and not all revenue is created equal.
- What needs to be fixed today.
- What levers need to moved in order to increase your enterprise value (quick hint: growth, earnings and risk).
Part B: Taking inventory of your pipeline
Also known as a GAP analysis, will look at your business development life cycle processes, including and not limited to your resources, tools, and templates, beginning at pipeline development and management, through capture/opportunity maturation, bid/no bid and proposal development.
PS – If you worked with a valuation firm worth their salt (like Quantive for instance), this should have already taken place.
Hope this was helpful – you can find Step #2 here.