Step 1: Do a quick time to effort assessment:
Consider the amount of time you have, and the effort to create a response (proposal length) and decide whether you have the time.
The number of days you have to respond
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The work to create a response
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If you think you can build the proposal in time go on to step 2
Step 2: Decide if the juice is worth the squeeze
Consider the amount of time you have, and the effort to create a response (proposal length) and decide whether you have the time.
A: Assess your chances of winning:
Answer the questions in the P-Win calculator.
NOTE: If you are a new GovCon you probably wont know the answer to a lot of the questions, just make your best guess, this is a rough cut.
As you answer the questions the "Corrected P-win" will update
Open the P-Win calculator
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Answer the questions
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B: Assess the value of pursuing this opportunity
FedScout estimates the financial value of an opportunity but if you are a new GovCon there is a lot of potential value from building a library of proposal content and from the government and partner relationship building
Open the value calculator
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Adjust the financial value
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Adjust the non-financial value
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C: Assess the cost of pursuing this opportunity
Open the cost calculator and answer the questions to get a sense for the financial cost of going after this opportunity
Open the value calculator |
Adjust the hours and cost per hour
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Step 3: Get rid of the losers
The mathematically correct way to do this is to:
Multiply the value by the P-Win and if that number is larger than the cost to pursue then you should pursue the opportunity
If the value is lower then mathematically you should probably pass on it