You can take several paths when you want to grow your small business—and one of the surefire ways to do this is by finding a high-paying client. And fortunately, you don’t have to look further to do so.
The United States government is one of the biggest spenders in the market. In fact, they have spent more than $680 billion on federal contracts in the fiscal year 2020 alone. Despite facing the peak of global health emergency during that period, this record-breaking figure was higher than 2019’s $599 billion. With a prime client such as them, who withstood the test of time and whose spending is projected to rise even further, pursuing government contracting is a path that can bolster the growth of your business.
But before you can start making your way into this ludicrous industry, you need to learn first how to start winning government contracts.
1. Perform regular background checks on your employees
Federal agencies, especially those involved in securing the country’s defenses at all fronts, are very particular to the government contractors they hire. Since every project is under public scrutiny, the government ensures that the companies and organizations they work with abide by the law and possess no criminal records.
To boost your company’s federal contract winning rate, ensure that your firm is properly registered, has complete documentation, and has no past or pending criminal records.
2. Study the Federal Acquisition Regulation or FAR
The Federal Acquisition Regulation is the principal set of rules and policies governing every federal agencies’ procurement transaction.
The taxpayers’ money funds the budget used by the government for its federal contracts. And that is why federal agencies and government contractors should strictly adhere to the rules and policies indicated in FAR. Take your time to read it thoroughly because this will also serve as your guide in handling federal government contracts.
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