A lot goes into running a successful business. To remain successful, business often needs to seek out new ways to add growth to their companies. Whether that rests in purchasing and installing new systems and software, like pricing software, proposal management software, rfp management software, or even considering acquiring a government contract, there are many ways businesses can grow.
RFPs are one great way for a company to grow and are often used by companies who have a product or service that other companies can benefit from. For example, many technology companies apply for things like a government contract by submitting carefully written RFPs and ultimately end up competing with other technology companies vying for the same government contract. The process itself has two parts, the vendor selection phase, and the negotiation phase. The vendor selection phase is completed once a client chooses a winning RFP and awards the contract to a vendor. During the negotiation phase, the two parties, the vendor, and the contractor determine the details of their agreement.
Sales are another popular, effective way to grow a company. A lot goes into the sales process, though. There’s tracking down a list of prospects, cold calling, follow up calls, negotiations, and more, all just to secure one sale. Despite this, companies have to be diligent when it comes to closing sales and maneuvering through the sales cycle, something that has increased an estimated 22 percent during the last five years because of a greater number of decision makers involved in the buying process. Additionally, when you consider that it can take up to eight cold calls to reach a prospect and that nearly 80 percent of initial calls require up to five follow-up calls, and it’s no wonder that sales can seem a bit daunting. However, it has its rewards. In fact, salespeople who excel at their jobs and actively seek out prospects and referrals can earn up to five times more than other salespeople.
So if your company is struggling, it may be time to consider ways to boost growth. Whether it’s bidding on government contracts, or if you decide to increase cold calls to potential prospects, know that there are options available.