The Federal Government spends an average of $500B a year on products and services, providing business owners with the fuel and opportunity they need to make a difference in this country. However, many companies enter unchartered territory when they step into the Federal marketplace, ill-equipped to work in the arena of Government contracting. Many businesses are not prepared to enter the government contracting space because the Federal Government is very different from typical commercial customers. The Federal marketplace is unique and can be intimidating for business owners unfamiliar with the complex set of regulations and processes. However, once a company has navigated its way into the market, it can be a highly lucrative and reliable revenue stream.
After your business has registered for an account on SAM.gov, acquired a UEI number, and identified relevant NAICs codes, here are five tips to further expand your business into Government contracting:
1. KNOW WHAT YOU OFFER
It is vital to pinpoint your business’s unique expertise, and understand how the Federal Government refers to your company’s products or services. Discovering the keywords and terminology used in the industry will help you establish communication tools such as a marketing plan, which will include your business’s solution offering and a capability statement. These tools will accurately inform Federal customers how your products or services will be a solution to their needs.