Government Contracting: Your Key To Creating Generational Wealth with Dr. Karwanna Dyson

Get personalized help winning government contracts for your business with Karwanna’s help. Register for her 5-day challenge here https://danielhallwebinars.com/contract – Its time to get serious!

If you run a small business, government contracting represents an enormous yet often overlooked opportunity to access a stable, lucrative revenue stream. With hundreds of billions of dollars in contracts awarded to small businesses every year, the federal government actively wants to send business your way.

This comprehensive guide will walk you through how to start landing profitable government contracts for your small business.

A Crash Course in Government Contracting

Before we dive in, let’s start with a quick primer on some key government contracting terminology and concepts:

• Types of contracts – fixed-price, cost-reimbursement, time & materials, and more. Each has pros and cons.
• Top contracting agencies – DoD, HHS, VA, GSA, and others account for the lion’s share of contracting dollars.
• Set-asides for small business – part of the market exclusively competed among small businesses, helping you avoid large competitors.
• 8(a), women-owned, and other certifications – special designations that give you preferential access to set-aside contracts.
• Sam.gov registration – the official government system for registering as a prospective vendor.
• FBO.gov – the Federal Business Opportunities website listing open contract solicitations.

Government contracting has its own terminology, but don’t let that scare you off. It’s just a matter of learning the lingo.

Are You Eligible? Size Standards and Certifications

The first step is determining if your small business is eligible for government contracts. Let’s explore the criteria:

• Size standards – The SBA has set revenue and employee count standards for “small” on a per-industry basis. You must fall below the applicable standard.
• Socioeconomic certifications – Programs like 8(a), women-owned, veteran-owned, HUBZone, etc. have specific eligibility criteria but provide invaluable access to set-aside contracts.
• DUNS number and SAM registration – To bid on contracts, you need an active registration in the System for Award Management (SAM.gov) and DUNS number.

Provided you meet the size and registration requirements, you are likely eligible to compete for set-aside contracts in your industry. Certification opens up further preferential bidding opportunities.

How to Find Contract Opportunities

Familiarizing yourself with the following resources is crucial for finding relevant solicitations:

• SAM.gov – Search for opportunities and enable automated email notifications on bids in your field.
• FBO.gov – The Federal Business Opportunities website lists thousands of open solicitations across agencies.
• Grants.gov – For grant opportunities with agencies like the NSF, NIH, DOE, etc.
• Agency-specific portals – Many agencies also have their own contracting portals like FedConnect for DoD bids.

Regularly checking these sites will allow you to quickly identify bidding opportunities that align with your business offerings.

Responding to Solicitations

Once you’ve identified relevant solicitations, it’s time to put together a compelling proposal package. Here are some best practices:

• Carefully follow instructions – Government RFPs/RFQs provide exact instructions for response format, page limits, attachments, and more. Follow them precisely.
• Lead with your capabilities – Emphasize your technical capabilities, past performance, and expertise to convince evaluators you can deliver.
• Watch pricing methodology – Labor rates, indirect rates, handling cost-reimbursements, etc. requires finesse. Understand government pricing.
• Highlight certifications – Remind evaluators of things like your women-owned or HUBZone status that give you an advantage.
• Use clear, convincing writing – Don’t “market speak.” State your qualifications, expertise, and approach clearly and succinctly.

With a polished, responsive proposal, you can win against even the largest, most entrenched competitors.

Managing and Growing Your Contracts

If you win the award, that’s just the beginning. You will need to:

• Comply with terms – Meet all contract requirements, deliverables, quality standards, reporting obligations, etc.
• Cultivate the contracting officer – Your C.O. is your lifeline. Build a relationship to facilitate good communication.
• Request modifications – As needs change, work with your C.O. to modify or amend the contract when necessary.
• Perform to standards – Consistently deliver quality products/services. Past performance drives future awards.
• Leverage successes – Use case studies and performance records from contracts to enhance your marketing and proposals going forward.

Providing excellence in fulfilling your first contracts will position you for more and larger awards over time.

Ready to Start the Process?

The government wants to send billions of dollars in contracts to small businesses like yours. If you take the time to learn the landscape, register properly, bid intelligently, and deliver for your customers, you can tap into this lucrative stream of stable revenue.

Use this guide to start taking the right initial steps, and you will be well on your way to securing your first contract. Reach out if you need any help getting oriented to the government contracting space!

Filed in: Government Contracts
Tagged with: featured • Government Contracts