Harnessing the Power of Forecasting in Government Contracting

Navigating the complex world of government contracting can be daunting for small businesses and government contractors. This new episode of the FedBiz'5 Podcast, hosted by Jesse Sherr with guest Frank Krebs, a seasoned government contracting specialist, shines a light on the indispensable skill of forecasting for success in this competitive sector.

Forecasting is likened to a business's GPS, guiding companies through the competitive landscape to identify and prepare for opportunities before they become visible to the competition. This proactive approach is crucial, especially for small businesses aiming to gain an edge over larger firms.

Krebs emphasizes the value of the Market Intel Database, a tool that democratizes information, allowing businesses to make rapid, well-informed decisions. The agility of small businesses, coupled with such powerful intel, can level the playing field against bigger competitors.

The discussion delves into practical applications of the database, illustrating how it can aid businesses in anticipating market demands, understanding policy changes, and preparing strategic bids. Competitive analysis, another feature of the database, provides insights into competitors’ activities, revealing market gaps and helping tailor unique business strategies.

As we approach 2024, Krebs advises businesses to focus on adaptability to technological advancements and policy changes. Forecasting is not a one-off task but a continuous process of learning and adaptation. His parting advice encourages resilience and the use of available tools to refine forecasting skills over time.

For government contractors and small business owners, this podcast episode is a goldmine of strategic insights. It not only underscores the significance of forecasting but also offers a guide to staying informed and competitive in the ever-evolving domain of government contracting.

To those looking to master the art of forecasting, remember that like any skill, it requires practice. Utilize resources like the Market Intel Database, and embrace continuous learning to navigate the future of government contracting with confidence.

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FedBiz Access (“FedBiz”) has an experienced team that works with small businesses and takes the time to get to know your business and ask questions to ensure you have a solid contracting plan. FedBiz is a leading government contracting business development and marketing firm that provides engagement strategy coaching, SAM & DSBS registration, set-aside certification registrations, GSA Schedules, and targeted market research.

FedBiz has over 22 years of experience working with thousands of companies worldwide to help them win over $35.7 billion in awards. From registration to award, FedBiz helps businesses succeed in the government marketplace.

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Transcript

FedBiz’5 Podcast_Episode 53_Forecasting

Tue, Nov 07, 2023 5:31PM • 4:57

SUMMARY KEYWORDS

forecasting, jesse, small businesses, government contracting, database, frank, policy, tool, market, informed, intel, competitors, radars, competitive landscape, prepare, continuous learning, fastest route, shaped, monitor, listeners

SPEAKERS

Jesse Sherr, Frank Krebs

Jesse Sherr  00:00

Hi. My name is Jesse and I work with small businesses and the Government Marketplace. You're listening to FedBiz'5, where you Get Informed, Get Connected, and Get Results on Everything Government Contracting. 

Jesse Sherr  00:15

Hello, and welcome to another episode of FedBiz'5. Today we're talking about a skill that's often overlooked but critical for long term success... Forecasting. 

Jesse Sherr  00:25

Joining us is Frank Krebs, a seasoned government contracting specialist, Frank, it's great to have you back. 

Frank Krebs  00:31

Hey, thanks, Jesse. It's a pleasure to be here and talk about something that I'm so passionate about.

Jesse Sherr  00:36

Excellent. So let's just jump right in forecasting. Why is it so essential for small businesses looking to break into government contracting?

Frank Krebs  00:45

Well, Jesse, think of forecasting as your business's GPS. Without it, you can still drive, but you might miss the fastest route or gets stuck in traffic. Well, in government contracting, that traffic is your competition. And forecasting helps you to stay ahead of them by preparing for opportunities before they're even on most firms, radars.

Jesse Sherr  01:09

That makes sense to me. Now, you've worked with the Market Intel Database, how critical is a tool like that for small businesses in particular?

Frank Krebs  01:20

Jesse, our market Intel database is truly a game changer. Small businesses don't have nearly the resources of large companies. But what they do have is agility. A tool like the Market Intel Database levels, the playing field, as it provides comprehensive data and real time insights, allowing small businesses to make informed decisions and to do so quickly.

Jesse Sherr  01:45

Can you walk us through how a small business owner might use this tool for forecasting? 

Frank Krebs  01:49

Absolutely! Let's say you're in the IT sector, with the market Intel database, you can look at past contracts, find out when they're coming up for renewal, and what kinds of services are currently in demand. You should also monitor all policy changes. Now this is crucial, because as we know, tech regulations are always evolving. All of this information directly feeds into your strategy for what bids you should prepare for

Jesse Sherr  02:20

Okay, so you've mentioned monitoring policy changes, but what about the competitive landscape? 

Frank Krebs  02:27

That is where engaging in competitive analysis comes into play. Understanding the movements of your competitors gives you insights into where they there might be market gaps, the market Intel database shows you the contracts awarded to your competitors, which will help you and tailoring your own approach.

Jesse Sherr  02:47

So basically, it just helps with forecasting but also with strategic planning.

Frank Krebs  02:53

You hit the nail right on the head, Jesse. It's not just about predicting the future, it's about actively shaping your business strategy to align with that future.

Jesse Sherr  03:03

Right on. So, with 2024 on the horizon, what should small businesses focus on? 

Frank Krebs  03:08

Jesse, we're looking at a landscape that's going to be shaped by technological advancements and policy changes. Small businesses need to be flexible. They need to use tools like the market infill database, and remain adaptable to these changes. Forecasting isn't just a one time effort. It's an ongoing process that involves continuous learning and constant adaptation. Okay,

Jesse Sherr  03:36

so what final piece of advice would you give to our listeners who you know are just starting with forecasting? 

Frank Krebs  03:43

First, don't get discouraged if your forecasts aren't perfect, as they will improve over time. Make sure you're using all the tools at your disposal. Stay informed, and always learn from the outcomes. Forecasting is an art and like all arts, Jesse, it takes practice to master.

Jesse Sherr  04:04

Well said, Frank, thank you for sharing your insights with us today. 

Frank Krebs  04:07

It's my pleasure, Jesse. And thanks again for having me. 

Jesse Sherr  04:10

Absolutely! Always fun to have you and to our listeners. 

Jesse Sherr  04:13

Remember, in the world of government contracting, being prepared isn't just about having your paperwork in order. It's about forecasting the future and being ready for it. Check out the market Intel database and other resources to give your business that competitive edge. Frank, we'll catch you next time. 

Frank Krebs  04:28

All right. 

Jesse Sherr  04:29

This concludes this week's episode of Fed Biz by where you get informed, get connected, and get results. today's podcast sponsored by FedBiz access government contracting mates, visit them at FedBiz access.com. Contact them at 888-299-4498