As June comes to a close, most federal contractors are halfway through their fiscal years. It is a good time to reassess the company’s first-half performance and what changes need to be made for the second half of the year. Here are some areas to consider:
- Moola – have you made any? Are you in debt? What’s the profitability of the company? I’ve said time and time again; Top Line is for Ego, Bottom Line is Business – essentially, you can push all the revenue you want into your company, but if you aren’t profitable, it does notcount. Don’t sacrifice your bottom line.
- Multiplier – by now, most have submitted their incurred costs submissions for 2017. You should know exactly how well you did on your wrap rate and where you may have fallen short. Look at your forward pricing/wrap rates for 2018 and adjust now. Do not wait until there is a nasty surprise at the end of the year. Equally important, make sure your proposals are being bid at rates you can sustain and be profitable on.
- Pipeline – Got one? Dive into it and know what’s really going on and what you’ve just glossed over in pipeline review meetings that drone on and on. If you don’t know what you are bidding on this proposal season, then you’ve got a problem.
- Performance – How’s the team doing? Is there anyone that you have been giving too much latitude to or is dragging down performance? Have you documented and dealt with the problem? These folks tend to drag down the morale of the high performers. Stop avoiding the confrontation and handle it. Don’t let the rest of the team suffer.
- Look ahead – Opportunities for networking, events and sponsorships are planned months in advance. Do you want your name on the latest and greatest event boards? Do you want to be recognized at yearly award events? Reach out to your biz buds to see what they’re working on and how you can support one another as you continue in the year. Don’t be left in the dust because you didn’t reach out soon enough.
This time of year tends to be slower due to a lack of planned events and increased family vacations which means you have a unique opportunity to reassess your company’s performance. See where you need to make midyear improvements and start planning your next steps. If you’re looking for support within the areas of Strategic Pricing, HR, Recruiting, Accounting or Contracts– reach out to BOOST at [email protected]. Let’s blow the next part of the year out of the water.