Small Business Opportunities: How to Bid on Government Contracts
Many people are not aware that government contracts are not just for large companies but also for small businesses. You might be surprised, but small businesses can also engage and win government contracts on a regular basis. Unlike bidding with local government entities, federal government contracts are subject to a specific process, but you can be successful with the right preparation. It helps accessing the small business administration guide to help you with the policies and procedures you must know and adhere 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.
Set up your business 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, and take it like your sales pitch. In your SAM profile, it is important to include your capabilities, skills and special equipment that 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. Be ready with your taxpayer identification number and a DUNS number for your business, that refers to your business physical address, and you can apply online for free 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. The details of the contract are indicated on Invitations For Bids government website. It is also good evaluating your company and how it can match up with the job offer indicated in an IFB. Before bidding, be confident that your company can execute and complete the job excellently. 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. The likelihood that you will win a government contract will increase by utilizing helpful data analysis tools and techniques.
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