Securing a win in the government contracting industry is quite difficult. It usually takes 18 to 24 months for a government contractor to win the first contract, so one needs to be patient with it. However, the proper groundwork increases the chances of winning a government contract.
One of the greatest fears is the fear of the unknown! In the dynamic world of government contracting, this fear can get intensified. Many bottlenecks and intrinsic risks can throw you off track while you attempt to win contracts successfully.
Key Factors Helping in Winning Government Contracts:
Knowledge of the System: Perform Market Research on Government Contracting Spending
Once you plan to bid for a government contract, the last thing to do is to rely on your stocked knowledge to gauge the dynamics within the federal contracting space. Instead, conduct extensive market research before starting to respond to a proposal. The valuable information derived from the extensive and planned research will help draft a relevant and effective proposal response. Start by researching the federal contracting dollars assigned to various government departments or agencies to lay a roadmap for your journey. Understand which department has what percentage of the annual government contracting dollars and what products and services they bought in the past to map companies offering to the relevant departments.
Knowledge of the Opportunities: Perform Market Research on Government Contracting Opportunities
The urge to win a government contract might often trick contractors into responding to any opportunity. Responding to opportunities without proper research and matching them to your strengths can be a huge mistake. To avoid this, choose the contract that not only fits your strengths but also provides room for growth. The chances of winning a contract increase when the right opportunity is identified.
Government issues the opportunities on various platforms such as :
Subcontracting Network (SubNet): SubNet is a database of subcontracting opportunities in the federal contracting space. The platform is managed by the Small Business Administration (SBA). If you are a small business venturing into government contracting, then subcontracting is the best way to showcase your presence, grow the profile and build a strong portfolio. You will be working with a prime contractor and not the government itself, but it helps to have the flavor of working on government projects. It will help you determine whether government contracting fits the vision and mission of your business.
Dynamic Small Business Search (DSBS): DSBS is an online search tool managed by the Small Business Administration. The government uses it to search small businesses for contracting opportunities. Moreover, small businesses can also look up other small businesses to work with on a project using this tool. To get your business listed on DSBS, register at the System for Award Management (SAM) website for free.
Contract Opportunities: Contract Opportunities formerly known as FedBizOpps. It is a database of opportunities valued at $25,000 and above in federal business. The tool is housed on the website of SAM.gov.
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