What Can GovCons Learn from March Madness?
March Madness is almost here! For sports fans, this is one of the most exciting times of the year. March Madness brings next-level excitement – upsets, buzzer-beaters, intense competition, cheering for the underdog, bracket challenges, and the thrill of not knowing what each game will bring. Any team can win and create an unforgettable moment. The excitement of March Madness is not limited to just the sports world. The government contracting industry can also learn a lot from this action packed, thrilling, competitive tournament. When it comes to March Madness, businesses can take away a lot of relevant points from the tournament. We’ve provided a little March Madness reading so you can watch the tournament with a keen eye for some business takeaways.
Don’t Throw an Air Ball
In basketball, as in government contracting, preparation is critical to success. Coaches spend countless hours analyzing their opponents, studying game film, and developing game plans. In the tournament, anyone can win! In government contracting, nothing except a sole source contract is a guarantee. Do your research. Study the government agency, make the right contacts, understand the contract requirements, and analyze the competition. Preparation is a key point in government contracting just as much as it is in March Madness. Businesses of any kind, but government contractors in particular, are at a severe disadvantage if they don’t have all their paperwork in order. When it comes to contracts for GovCons, there’s no such thing as being overprepared.
Aim for a One-and-One
Basketball teams have different strengths and weaknesses, and the best coaches tailor their game plans to highlight their team’s strengths. Similarly, government contractors should focus on their areas of expertise and highlight their unique capabilities. Know your differentiators, focus on the strength of your team, and increase the chance of winning the contract. A good coach also knows when to swap out their players, and if you find yourself in that situation, it might be time to think about doing some GovCon recruiting and hiring.
Press When Needed
March Madness is all about the thrill of competition. Embrace the competitive environment of government contracting. Know your competitors, be frenemies with them, analyze their strengths and weaknesses, and develop strategies to outperform them. Or instead don’t box out your competition, but team with them instead and compete with others. Let your competitive edge shine. In March Madness and business, competition is what it’s all about.
Bang-the-Board Rebound
In March Madness, a loss means you go home. The best coaches use losses as learning opportunities, analyzing what went wrong and making adjustments for the future. Similarly, government contractors should view losses as opportunities to learn and improve. By analyzing what went wrong and making adjustments, contractors can increase their chances of success in future opportunities.
March Madness Business Takeaways
Embrace the thrill of March Madness! Try not to miss too much work while catching those daytime games at the beginning of the tournament. Prepare your game plan for the remainder of the year, determine your strengths, love the game, learn from your experiences and then go WIN! If you come away inspired with some March Madness business ideas, you’ve already won. If your team needs a little support, we offer back-office GovCon services of all kinds, including managed accounting, human resources, strategic pricing, recruiting and more! Contact us today for a consultation.
