Starting the Government Contracting Journey
Government contracts can be highly profitable, acting as a reliable and consistent source of income and a great way to build your company’s reputation and clientele. As the largest company globally, the U.S. government has roughly $1 billion in opportunities in the services sector available for private companies to bid on every day. According to the US Government Accountability Office, over 11 million contracts are signed by the federal government a year. Small and medium-sized businesses receive approximately 95% of those contracts.
Receiving government contracts isn’t an easy task, but the possibility isn’t out of the question, with anywhere from 2,000 to 5,000 new opportunities available daily. To navigate the system on your own with no help, it could take a couple of years to figure out how to find the right opportunities and present your business in the right way without blindly shooting darts in the dark. With the right guide, you can cut that process down to months. Here are some steps you can take to begin the process.
Find Your Niche
In order to find your niche, consider what you have to offer and who would benefit most from your services or products. When pursuing government contracts, it’s important to remember that not every opportunity is ideal for your business. Take the time to evaluate what kind of contracts your expertise is best suited for and hone in on opportunities that align with your offering. Having an experienced third-party partner can make this process easier.
If you find your skillset is better suited for a specific government department, focus on pursuing those projects. Additionally, you should be aware that constantly bidding on any and every opportunity despite being unqualified can negatively impact your potential to win contracts in the future. Taking a targeted and strategic approach yields better results.
Become a Strong Vendor
When competing for government contracts, having the right intel can help with higher evaluation scores. Doing this strategically can help you become a visible player and can give you a competitive advantage. To make yourself competitive in this space, make sure you have the right documentation, identify the current need for your services, and assure that you’re a registered vendor in an entity where your services are needed.
Articulate Your Offering
Once you find an opportunity that suits you and your business, how you present yourself and your company plays a critical role in landing the contract. Take the time to write a proposal that accurately demonstrates what you have to offer. A strategically crafted proposal helps you stand out amongst the competition. The goal is to show that you completely understand the opportunity and your company can specifically fulfill the organization’s needs and is ready to do so.
How Vendorship can simplify the government contracting process
The road to winning government contracts can be challenging and time-consuming. We’re here to walk you through the process from start to finish so you can build a thriving business by securing local, state, and federal U.S. government contracts.
Whether you need help completing the application process, crafting your proposal, or getting paired with the right opportunities, contact us, and we’ll use our inside knowledge to give your contract the best chance possible.