What Research About Programs Can Teach You
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Tips for Winning Government Contracts for Small Business
The number of government contracts awarded to small businesses is steadily on the rise. 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).
If you want your small business to get your piece of this pie, be guided by the following tips
See if you are qualified 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.
Maintain good standing.
A small business can only be eligible for a government contract if it is in good standing in the state or states where they do business. This means having updated licenses, franchise taxes, annual reports, and other 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 government contracts.
Register your business.
Those who want their small business to get federal contracts should first sign it up on the System for Award Management (SAM) website, which serves as the main registration system for all potential government vendors. 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. If you want to do business with the U.S. government, you should also have a DUNS Number, which serves as an identifier for each business location you have.
Establish a network.
As soon as your small business has met all the requirements, you are now ready to become a government vendor. On the SBA website is a page that links small businesses to government contracting opportunities that are right for them. 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.
Maximize use of specific programs.
Some programs are specifically created for certain small business types, such as businesses owned by women or by veterans. The FBO website can provide all the necessary information, such as resources, regulations, systems and the others.
For many small businesses, government contracts can be such a profitable but still largely untapped source of income. 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.