Tips for Winning Government Contracts for Small Business
More and more government contracts have been awarded to small businesses over the last few years. And the forecast is positive, with Congress openly pushing for the interests of small businesses and the federal government even defining procedures for micro-contracting (smaller contract processing).
Here are tips to help your small business through the process of winning a government contract:
Be sure that you qualify as a small business.1.
First off, incorporate your small business. The SBA defines "small business" with respect to the business' average yearly sales and its number of workers. On the other hand, the North American Industry Classification System (NAICS) determines these qualifications on an industry-to-industry basis.
Build a good standing.
Government contract eligibility for a small business is only possible if it is in good standing in their state or states of operation. That means they should pay franchise taxes, submit accurate annual reports, update their license, and meet other compliance requirements. If a small business fails to comply with these, it may lose its authority to operate in the state, which in turn makes it less eligible for click government contracts.
Register your business
If you want your small business to receive federal contracts, register it through the System for Award Management (SAM) website, which is where all potential government vendors signify their interest. This website is not only meant to store your pertinent information as required by government agents, but it is also lets you market your business and make it stand out above the rest in your category. Also required of all government vendors is a DUNS Number, which is basically a unique identifier for each of your business locations.
Establish a network.
Provided you have complied with all government requirements, this company is now eligible for a government contract. The SBA website has a feature that match small business owners with suitable government contracting opportunities. Also, you can take a look at the Federal Business Opportunities (FBO), which lists business opportunities above $25,000, including information that you need to bid.
Take full advantage of certain programs.
Some programs are actually designed for specific types of small businesses (for example, women-owned and veteran-owned businesses). The FBO website can provide all the necessary information, such as resources, regulations, systems and the others.
Government contracts can prove to be a lucrative and mostly untapped revenue source for a lot of small businesses. The process is not very simple and may take time, but fortunately, many resources exist to guide those who are interested in becoming government vendors. Of course, the credibility of these resources should be ascertained to avoid confusion.
Please visit https://www.youtube.com/watch?v=JYY2obXLPh8 for related information.