Federal Contracts are one of the best ways that allow businesses to integrate with a safe mode into their market niche, while at the same time, offers great opportunities to advance, prosper, and change status, especially for small businesses. We’re discussing what is the first step before bidding on government contracts, and what you should consider when planning to enter the competition.
All businesses that consider themselves as capable of meeting the terms, conditions and requirements of the Government are eligible to apply for these types of contracts. There are many regulations set that need to be in accordance with Federal Acquisition Regulation laws and each offeror must be fully prepared to meet them in detail.
Businesses with previous experience on government contracts are constantly striving to expand their market by bidding on larger and more long-term projects. This happens because they understand the possibilities of prospering that the Government offers.
Although the process might seem pretty complex, which is true, you should not be intimidated of participating in the Federal Marketplace. At the end of the process, everything will be worth it, especially if you're efforts are rewarded with the contract award. Now, let's see what the first step before bidding on government contracts is and how you should cope with the procedures.
The Process to Follow Before Bidding on Government Contracts
Once you have completed administrative issues, registrations, and qualifications that give you the right to sell your products and services to various federal agencies, it's time to prepare for the bid. What do you need to know?
Whether you're competing as a prime contractor for a major project, or you're competing as a Set-Aside small business, is essential demonstrating that you have the right capabilities and resources to fulfill all the needs, requirements, and successfully complete the job.
The very first step before bidding for government contracts that every Offeror must consider is Research. After identifying an opportunity to bid for, research gives you the right amount of time prepare in order to fully meet the needs of the contract.
The Research phase, which is also known as the Market/Competitive Assessment phase allows you to:
- evaluate the position of your company to win the award
- define your business action plan
- assess your resources
- assess past-performance and past experience
- compare strengths, weaknesses, discriminators against competitors
Read carefully the Solicitation to understand the compliance criteria and comprehend all the details in order to prepare a flawless proposal for the bid. This way, you'll be able to use all the information found in the research to develop a well-structured offer for the bid which is perfectly tailored to the Request for Proposal sent by the Federal Agency!
If your products or services comply with government requirements, then do not hesitate to learn more about the participation procedures in the competition. Take a look at strategies to win a federal government contract award defined by GDIC consulting!