There’s an old saying, “Be careful what you wish for… you may get it.” Similarly, be careful what you go after in your pursuit of business.
In Business Development, every opportunity isn’t necessarily an opportunity. For any opportunity you pursue, there is an opportunity cost which may be loss of money, momentum, the commitment of your people, or access to other business prospects. Every company has limited resources that can be invested. That is why organizations have a bid and proposal budget.
Before you consider investing B&P resources, ask yourself what the largest investment is that you are willing to make. Once you begin spending your resources, you get financially and emotionally invested in the opportunity. The further you get, the harder it is to cut your losses and walk away.
Before you begin pursuing an opportunity, ask if it is a must-win for the organization. If it’s not, you can be sure that it is for another organization. Your decision to pursue the opportunity should not be based on ego or competition. Pursuit is about making sound business decisions.
In our training workshops, we discuss how a valid opportunity must meet the following criteria:
- The opportunity is a potential customer requirement that will lead to a contract;
- You have a solution that will satisfy the requirement; and,
- The business case meets your organization’s financial hurdles.
Determine quickly whether or not an opportunity is a must-win for your organization. If it is, then go all-in. You will need this commitment to win.