Nowadays, small businesses are facing problem in Federal Government Contracting. In absence of the proper assistance of experts in the field it can also be unsafe to a small companies fiscal prosperity; however, the risk is worth the rewards!!
Below the 5% of the businesses in the United States are involved in doing business with the U.S. Government. As per the survey, the 1195 Federal budget was $ 1,518.3 BILLION DOLLARS! Approximately $ 1 billion in new opportunities in the services sector of Government contracting were available to tender on by private business every day. The services range from Food Services and Janitorial projects to complex space flight systems development.
These time companies which won were awarded this amount in new contracts daily. Government follows two techniques to obtain products as well as services which have values over $ 25,000.00 per year, Invitation for Bids (IFB’s) and Request for Proposals (RFP’s).
The IFB is an advertised procurement in that contract award is based on upon award to the lowly priced conscientious bidder. The bid must offer concert as well as delivery at least equal to the minimum standards established by the IFB.
The RFP will often need a full Scope of Work (SOW) response, the key personnel who will be assigned to the project and full company qualifications package. This is the right time to begin to get involved in Federal Government Contracting. Companies currently involved as well as successful; because Federal Government Contracting started out with smaller contracts and worked their way into larger.
Much of the new Source Selection Board criteria are stand upon past performance, not only in Federal Government Contracting; however, in commercial contracting as well. The use of our current contracts as references is essential to a successful proposal to Government agencies.
In review, Government contracting lets many businesses to have a multitude of profitable, long term contracts in your corporate receivables catalog. This allows for steadiness and volume increases. So, prepare your company today for long term growth in the expanding Federal Government Marketplace.
Ashok Mehan is the sole founder and creator of FEDMINE.US, a company he started in 2004. FEDMINE.US is the only real-time federal contracts and opportunities data in the federal sector, and it is the largest premium quality federal reporting suite on federal spending, with over 20,000 reports updated daily. FEDMINE is an advanced web-based business intelligence tool focused on the federal contracting market that seamlessly aggregates up-to-date contract data from numerous government sources and makes it available to users via a powerful, easy to use, intuitive user interface.
