10 Ways to mitigate pursuit phase risks
At the 2011 APMP International Conference, Lohfeld Consulting Group’s Managing Director Brenda Crist presented an informative session on mitigating proposal risks. Here are Brenda’s identified Pursuit Phase Risks and recommended Mitigation Strategies:
- Is the bid a strategic fit for your company? If no, consider not bidding.
- Do you understand the customer’s requirements? Use the time during the pursuit phase to learn more about the customer’s requirements.
- Do you know who constitutes your competition? Use this time to learn more about the competition through open-source documents, employees, partners, vendors, and hired consultants.
- Do you have advocacy with the customer? Use this time to introduce your solution to the customer and demonstrate how it will benefit operations. If you are the incumbent, demonstrate how you add value to the customer’s current and near-term operations. Make recommendations for improving long-term operations during the course of the contract.
- Does the bid meet your company’s financial objectives? Determine whether your company will make sufficient profit or if your company considers this a strategic bid and is willing to take minimal profit or just break even.
- Does your company have sufficient funds to conduct the bid? Determine if your company can afford the bid and if not, how it can procure a partner or financing.
- Does your company have a viable solution for performing the bid? Determine if solution gaps occur and try to fill them.
- Does your company have sufficient resources to pursue the bid? Obtain the most highly qualified business development and capture resources to bid the job.
- Can your company demonstrate expertise or past performance in the area of pursuit? If not, see if you can fill the gap with past performance of partners or staff.
- Can your company manage the job once the contract is awarded? If not, hire the most highly qualified resources and procure the internal business systems or facilities to support the job.
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