Ready, Set, Procure! The Podcast Episode 2

Episode 2 

This episode of Ready, Set, Procure digs into the beginning stages of developing a procurement strategy.  It answers the question what is procurement strategy, advises the research and information you will need to capture while conducting market research and we talk about the different types of government solicitations.  

For more Ready, Set, Procure!, check out our website at www.tuckertrained.com.  

Transcript

Introduction to Ready Set Procure.
0:00

Which of these products or services could you sell to the Government?
1:26

How to sell your products and services to the Government.
2:48

Hello, and welcome to Ready Set procure the podcast. I am Yolanda Tucker your host. Ready Set procure is an online procurement training program that helps small and medium sized businesses understand and conquer procurement. procurement strategy is generally referred to as a long term plan to acquire services and supplies at the best price from a list of efficient vendors who deliver quality goods and services on time coincided with the terms of the purchase agreement. In my opinion, this is a good definition for larger companies, micro small and medium sized business procurement strategy should not be just about cost savings. Cost savings is very important. But learning how to sell your products and services to other companies and to the government, which equals contracts, and how to manage those contracts is the first step in developing your business procurement strategy. Once you make some money, then you can get to reducing costs, mitigating risks, and expanding organically. One of the first things a small business must do to create a robust procurement strategy is to identify the products or services your organization delivers. So you probably identify that in your business plan. So go pull your business plan out, and let's take a look at it. Put let's pull the products and services out of your business plan. Now, which of these products or services could you sell to the government or to another company? If you say it all or a few of them, that's awesome. Now, how can we sell this awesome solution to a company or to the government? You'll need to do a little research market research is a big a large, large, large part of procurement and creating a procurement strategy that's going to be unique to your company. If you want to sell your product or service to another company, then you will first need to identify the types of companies that will benefit from your product or service. For instance, this morning while I was out on my morning walk, I saw the lamps unlimited truck making a delivery and I thought to myself, wonder when lamps unlimited started in 1984. If they knew 38 years ago, they would sell light bulbs to commercial and government customers. Probably not which makes me wonder how did they get where they are today. I'm sure procurement strategy helped lamps unlimited reason the potential they enjoy today. But a little research will tell us their story. And I'm sure it's going to point back to procurement strategy. If you want to sell to the government, you'll need to understand how to sell your product or services to the government. The government usually issues a solicitation called an RFI, which stands for request for information, or an RFP, which stands for request for proposal, or an ITB, which stands for invitation to be these solicitations are issued to find the product or service solutions at the best prices. We have an entire course on understanding and responding to solicitations long before you get to reviewing a new solicitation. Use it you should research the awards for the past solicitations. Some of the things you are looking for while your research and past solicitations are one who was the last award awarded to two How much was the last award? Three, how long was the contract awarded for and for check to see if there are any performance notes available. When you find out who won the last award, go research that company. You also want to know how much the last award was for so you can determine if you are comfortable selling your product or service in that price range. getting locked into a long term contract could be a dream or it could be a nightmare. Depending on a number of variables such as material costs increase, equipment costs increase, gas costs increase or other energy costs increase excetera just be sure you understand the term or how long you are committing to before you sign a contract. Performance notes can give you an idea of what went really good or what went really bad in the last contract. If you can identify pain points that your service or product will solve be sure to let it be known in your proposal response. Okay, family that's it for this episode of Brady said procure go to our website at WWW dot Tucker trained.com. That's www dot Tucker t u c k e are trained t r a ined.com and check out our Ready Set. Go I registered for cure pro program as well as some of the other offerings that we have out there. And the holidays are coming up. So we're going to put out a special surprise for those that subscribe to our newsletter. So please go to the website and subscribe to that newsletter so that you can be a part of our special holiday surprise. I hope this information helps your organization level up. And remember, you been Tucker trained. Have a wonderful day.