subject: Successfully Winning Billion Dollar Government Contracts by:Nigel LeBlanc [print this page] Its not surprising to see the amount of money spent by the US government in contracting with various businesses. Billions of dollars are spent each year in these contracts and the numbers are already on a rise with approximately 23% of federal government contracts being given to small businesses.
Around $240 billion is contracted to private firms and a good $55 billion to $60 billion is allocated to small businesses by law every year. So there is enormous money and financial opportunities that lie in procuring government contracts that can prove to be very lucrative if awarded.
It can be tough to win a government contract, especially if you have to obtain the contract for the 1st time. However, if you know how to and where to make a start to tap the potential in the contracting business, you can help your business grow significantly and also build a strong foundation for it.
You can easily bid and win billion dollar government contracts using the following guidelines:
Identify the products/services required by the Federal agency the basic step in getting a contract is to understand the needs of the agency you are targeting and how best your product or service fits into the agencys need. It is important to know that an agency does give significant consideration to your business history, past track record, references, etc.
Considering contracts from state and local government is also a good idea in addition to federal contracts since they provide more financial opportunities for start up small businesses when compared to federal government.
Registering with Central Contractor Registry (CCR) government contract bidding requires one to register with the CCR which is a federal clearing house specifically for the vendors and includes small businesses too. For registering with the CCR, you have to create your business profile indicating your product/service being offered.
Contacting a small business specialist a small business specialist is a connecting point to the federal agency and is the best resource to get in touch with to fix a meeting with the agency since each agency is tied to a specialist. Make sure you do not sell your product or service upfront to the small business specialist as this specialist is only meant to help you get connected to the agency which will ultimately use your product/service.
Product demo Once you have a meeting arranged with the agency, you can provide your product demo or give a service trial offer so that the agency can test it and will be more inclined to purchase your product/service. It is also a good idea to explain the uniqueness of your business to the agency and how the agency can benefit from it.
Certification by a national body sometimes the federal agency may look to contract with minority owned businesses to meet certain federally mandatory goals. Therefore, it is good to get certified with a national entity if your business is minority or woman owned. Also, having the following registered is extremely beneficial as these are given more priority by the agency when considering small business proposals:
a) Businesses owned 51% or more by women or a woman.
b) Businesses owned 51% or more by persons deemed to be disadvantaged economically and socially.
c) Businesses owned 51% or more by a veteran.
These are some of the tips that can help you bid on government contracts and create an opportunity for your business to grow well financially even during the economic recession. If you are looking for a 1st time contract, you can try and make a start as a sub contractor for or partner with another company that already has got a federal government contract. This will help you build more credibility for future contracts and make a stronger portfolio of work for potential government contracts.
About the author
Nigel LeBlanc offers a complete guide to make big money in defense contracting. His ebook offered on http://www.i12bacontractor.com contains strategic information on the list of contract holders & provides an insight to help anyone who wants to build a recession proof career or business. The ebook reveals financial opportunities in lucrative government contracts.
