Is your company looking to gain a contract with the federal government? These lucrative federal contracts are an excellent goal for a smaller company that wants to secure government work, increase credibility and boost income. But wanting a federal contract and acquiring one are two different things. Here, we outline how these federal contracts are awarded and how you can gain an edge on the competition.
Register Your Business
Before you can obtain a federal contract, you have to be sure your company is a known entity. This can be done by registering the business and then searching for opportunities. These sites will be an invaluable resource in your search for federal contracts:
- System for Award Management (SAM) is where to post a business profile.
- Dynamic Small Business Search database (DSBS) is populated by SAM. The database can be used to search for other small business to develop joint bids.
- FedBizOpps: Federal Business Opportunities lists opportunities for contractors that are valued in excess of $25,000.
Write the Bid
Once you’ve registered your company and identified the opportunity you’d like, your next step is to write and submit your request for proposal (RFP) or bid. When you submit documentation to the government, you need to follow the regulations to the letter. Review all of the specifications and confirm that your company can meet them. At this point, you may be asked to submit a complete cost analysis, so be ready with facts and figures to support your quote. This can take a while to put together, so make sure you plan accordingly. You cannot win federal contracts without putting in the necessary time and energy to do things right.
Your goal when writing a bid is not just to have the best price but to provide the best value. The government is looking for top quality to fulfill its federal contracts, so you will want to create a bid that is full of value and delivers a high ROI.
Getting Federal Contracts
Submitting a bid or RFP doesn’t mean you’ll get the contract immediately. There is typically a review process and a bit of negotiating before any deal is sealed. And the likelihood that you will have some competition in winning the bid is high, so be prepared for that, too. But, you can increase your chances when you have provided complete and thorough information, including your financials.
Trust Techeon Business Solutions to help make sure you are compliant and following all of the federal regulations. We know you aim high, so we do too!