4 Tips How to Win Government Contracts
Obtaining a contract with the federal government can be very beneficial to your business. It can boost your reputation with businesses and individuals in the private sector as well as provide a steady flow of reliable work and income.
A few key tips are provided below to help your business compete for government contracting opportunities.
1. Be Patient
If you are fortunate to win a contract with the federal government on the first try – Bravo! Obtaining a contract is a marathon, not a sprint. It usually takes 18 to 24 months to obtain win the first contract with the federal government. Studies show that expenses can exceed $100,000 (time and money) in pursuit of government contracts. There is no guarantee that these expenditures will result in a win. Keep trying. If your firm’s proposal is not accepted, request a debrief from the government, learn from your mistakes so that in the next proposal you can improve upon proposal weaknesses.
2. Know What Agencies Are Looking for
There are certain things that the government looks for in particular when starting new projects. For example, green initiatives are something that many government agencies are currently interested in. A number of agencies are also focused on ensuring pay equality for employees. Knowing what government bodies are being tasked with and what stimulus funds are being allocated for can help you craft a proposal that is in line with current trends in government.
3. Understand Pricing
Contracts are not awarded just because a business offered the lowest bid. While cost is a major factor in the decision-making process, you could end up losing a contract if your bid is too low because the agency may assume you don’t understand the requirements of the contract. Using historical data about government proposal estimates can help ensure your bid is in line with what is expected.
4. Relationship Building
When you’re looking for a job, it always helps to have someone you know on the inside. The same is true when you are seeking a government contract. Most agencies hold procurement conferences and seminars several times a year. Attending them can help you both make connections and find out when new opportunities may become available.