Business Management Review |
Gaining a government contract for the business is like an insurance bond. Not just does it help in maintaining the reputation of the company but also invites many other offers. Though how does a company win a contract with Uncle Sam?
Creating a business for bidding on federal government contracts is similar to selling products or services to commercial customers. The basic principles applied to the company are the same as those of the federal government.
Both the entities want quality products or services at a reasonable price, delivered on time. Market research is the most crucial in any case, with extra face-to-face meetings to understand and clarify the requirements the federal agencies are looking for.
The business will be supercharged by following a few steps. First, the partnership is being carried out with the federal government's largest buyer of everything in the U.S., from tires to cookies. Navigating the many layers of bureaucracy can become to be challenging.
Here are the essential steps to getting acquainted and obtaining projects to work from Uncle Sam:1. Obtain a D-U-N-S Number:
A DUNS(Data Universal Numbering System) Identification number is most important for applying or conducting business with the federal government. It can be obtained for free from various websites tied up with the government.
2. Figure Out the Industry Identification Number to Search for Work Available:
The product and service codes are name-tagged as Federal Supply Codes and Product Service Codes (FSC/PSC) in the Department of Defense. In addition, the North American Industry Classification System (NAICS) codes are also noted.
3. Cross-Check for Qualification in Preferred Business Status:
The interested businesses require to register with the System of Award Management. Then, it decides whether the company is eligible, if it is considered "small" for the specific domain, or if it qualifies for the discriminatory status. These statuses include women-owned, HUB-Zone certified, or run by a veteran, to term a few.
4. Level Up the Business Protocols for Government Standards:
Certain aspects of a business are compulsory to have to get selected. These are features like business insurance, high-speed Internet, and a business plan that showcases the company's ability to perform the potential work for Uncle Sam effectively.
It is critical to display the working capital available to carry out these tasks as it is a job-winning quality. In addition, a detailed procedure for recordkeeping and executing the meticulous maintenance habits will support shield the company in the case of an audit by the federal government auditor.
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