5 Lessons Learned: Businesses

Small Business Opportunities: Government Contracts for Bid 2017

Many of us think that government contracts are only suited for large corporations, but this is not the case. It might surprise you, but even small businesses can also engage and win government contracts on a regular basis. With the proper preparation, even if federal government contracts are often subject to a specific process unlike local government entities, you can still be successful. 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. Check out organizations that include your local or regional Chamber of Commerce or nearby university or college offering seminars, tutorials, online classes and other means to guide you through the 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. 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. 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. SAM registration is absolutely free, and your profile is posted within 72 hours after you are finished completing your profile.

Invitations For Bid or IFB can be checked on the website of Federal Business Opportunities government website. Invitations For Bids shows the details of the contract. It is also good evaluating your company and how it can match up with the job offer indicated in an IFB. Accept the challenge and be confident that you can complete the job and do it excellently 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. The likelihood that you will win a government contract will increase by utilizing helpful data analysis tools and techniques.