When an agency within the federal government needs to acquire a new product or service, or has an expiring contract for a product or service it intends to buy again, it will release an opportunity for bid, a request for proposal (RFP) or another type of contract like sole-source contracts. This federal contracting market is hugely lucrative, making up billions of dollars in government contracting opportunities each year, but federal contractors should take time to understand its intricacies.
FEDERAL CONTRACTS
Federal contracts come in several different types and each type of contract requires a unique approach to both bidding and performing the work. Breaking down a federal contract to properly prepare to answer all the questions within it is essential to proposal management and creating a proposal to win a federal government contract. This part of the process is so critical there are countless businesses available, such as Red Team, to help you do this right.
FEDERAL AGENCIES
There are 15 executive agencies within the federal government and there are hundreds of federal agencies and commissions with various responsibilities within each department. This can make it challenging to identify the right contracting officer and to track federal business opportunities from each agency you are interested in working with.
When you are preparing to win federal government contracts, a winning strategy can be to use market intelligence tools to identify federal spending areas well in advance, determine who to reach out to at your target agency, then prepare your company’s go-to-market strategy for when those opportunities are released in order to get out ahead of the competition. Tools such as GovWin IQ track government projects that your business is a good fit for up to five years before a bid or a request for proposal (RFP) is actually issued and can help you identify key decision makers to target for building relationships.
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