[ Business Products & Services ]

Case Study: My Experience With Tips

Small Business Opportunities: How to Bid on Government Contracts

Didn’t you know that government contracts are not just for large corporations? It might surprise you, but even small businesses can also engage and win government contracts on a regular basis. Unlike bidding with local government entities, you can be successful with federal government contracts that are often subject to a specific process, with the right preparation. You can access small business administration guide to help you in adhering with the policies and procedures when bidding on government contracts. It is highly advisable to consult your federal procurement office or organizations that include your local or regional Chamber of Commerce or nearby university or college offering seminars, online classes, tutorials and other means to guide you through the bidding process.

You can set up a System for Award Management (SAM) profile for your business, that acts as a master list of all kinds of businesses that wish to work for the federal government. Specify your business capabilities, special equipment and skills which you can take into account to the job you’re bidding on. Your experience as a business is a crucial factor in winning a bid especially if you are able to relate it to the contract. The government considers business stability and wants to know if you have been financially sound over that past years, which is a reflection of where your business is heading to. It is a must to obtain a DUNS number for your business, referring to your business physical address, you can apply for a number free online and be handy with your taxpayer identification number. Don’t worry SAM registration is totally free, and right after you are done completing your profile, it is posted within 72 hours.

You can check for IFB or Invitations For Bid through government agencies which are posted online. IFB indicates the details of the contract. You have to do thorough evaluation of your company’s capabilities to gauge how it can match up with the job offer as shown in the IFB. Be proud and confident that your business can finish the job and strive to do your best before bidding. Bear in mind that if you fail to finish or complete a government contract that has been awarded to you, it will likely be your last project with the government. It is important to follow guidelines and procedures in writing a bid, so it is better to utilize your local procurement office, small business administration, consulting firms and other helpful resources. It really helpful researching past bids which are public record, and ensure that your bid is low yet realistic. Utilizing data analysis tools and techniques to hit those government contracts will increase your chance of winning.

Cited reference: article source