As the new year approaches, you may be thinking of a personal resolution. However, it's also a great time to consider a resolution for your efforts in the government contracting. Here are some questions a vendor should ask themselves when preparing their 2020 goals for contracting. We're also going to cover time management on this week's USFCR Academy Live webinar.
Where to watch: USFCR Academy Live Facebook Group
When to watch: 12/11/19 @ 2:00 pm ET
Federal Resolution Questions
1. How many sources sought notices will I respond to in 2020?
Sources sought are market research notices from the federal government and they play a major part in how the final solicitation will be written. Responding to a sources sought notice can give you an advantage when the final solicitation is issued.
2. How many industry events will I attend?
Industry events and networking opportunities where vendors can interact with agency representatives and showcase their capabilities in person. Specific solicitations are often presented at these events and so it is a good time to make a positive impression.
3. What is the total amount of contracts that I can realistically win?
Have a realistic goal of how many contracts you wish to obtain along with a goal for the dollar amount. Do some research on past contracts awarded in your industry for a company of your size to be sure it is realistic.
Save Time for Your Business
At USFCR, we strive to shorten the timeline it takes you to win your first contract by providing services to ease the process. A vendor should create a realistic goal of how long it will take them to win their first contract based on how much time and resources they are willing to contribute.
The SBA says "some business spend between $80,000 and $130,000 to earn their first contract." Working capital is a must in government contracting. Agencies aren't paying for goods and services upfront and so you will need to find reliable financing. If you do not have the ability to fund a future contract in-house, get assistance from a financial institution.
Back to Basics
When you're a government contractor you know time is money. When completing your SAM Registration, any mistake made can result in a delay. The same goes for additional requested materials and corrections made after the fact.
Teaming with a third-party registration firm like US Federal Contractor Registration ensures that your information is verified by our Case Management team before being submitted. Additionally, when a contractor completes their SAM Registration through USFCR, our case team checks to see if the business qualifies for any set-asides.