UK based military tech manufacturers, Elbit Systems UK, know a little something about competing for business. There is no bigger or more long-lasting business than the military, and so, if you’re in, you’re in for life.
But, as you can imagine, in that industry, there is a lot of competition between companies trying to supply their country with the latest gadgets to make military operations more effective and safer. There is a lot to be learned from a company like that, that you can apply to your own businesses. When it comes to putting yourself forward for control of a project, there are a lot of tips to share.
We’re looking at the best tips that you can apply to your business when competing for a project. Read on for all the details.
Have your pitch ready
Make sure you have just about every aspect of your project idea ready before you go in. Don’t only offer up what your idea is, and then, when there is a question on the table, offer up a blank face.
Know who your customers are. Who is going to absorb or use your idea? Give them a profile and offer insight into their lifestyle to indicate how you will approach them and what you are appealing to.
Understand your competition and highlight what is different about you. Take a look at what the marketplace is doing generally and offer insight into why you are doing things differently. If you have a specific competition, you can bring up where you think they are lacking, but it’s more important to show where you are better.
If you’re struggling, you can take a course on sites like LinkedIn Learning, which offers courses on everything entrepreneur. From conducting an elevator pitch to graphic design for the sake of marketing, there is everything to be found in LinkedIn Learning.
Have your business plan ready
Make sure you have run the numbers on every element of your business plan, twice! You don’t want to be caught out fudging numbers or overestimating projections. You will only come across, at best, as naïve and at worst as lying to get ahead.
If your opponent’s numbers look better than yours, you’re simply going to have to persuade with other means, like control in the business, the potential for growth, etc. but don’t offer false promises.
Have yourself ready
A big part of convincing potential investors that you can do this is convincing yourself that you can do this. You have to speak with authority, even if what you are suggesting, you’re not certain of.
There are a lot of self-confidence tips out there, but they’re not going to work if you don’t believe they’ll work. Take a placebo effect over not trying them. If you need to stand like a superhero, say affirmations in the mirror, or sing along to your favourite song, then do that. You’re going to need to believe that your project can work in order for the investor to believe it will work.