Federal Contracting is not an easy world to join. First, the Government has a lot of requirements, regulations, and even inspections. Then there’s the competition, established contractors that may already have a lock on the bid.
Here are 5 Tips to start selling your product and services to the Government.
- Understand the market.
You have a product or a service. Is it something that your federal Government needs or wants? Head to www.usaspending.gov to find out how and where the federal Government is spending its money. Some opportunities can also be viewed if you use the GSA forecast tool here:
- Learn the rules of the Federal Acquisition Regulation
The handbook that guides all federal contracts for both the Federal Government and the contractors is the FAR. Knowing the rules of FAR is not only a plus. It’s close to being mandatory if you are aiming for success
- Train and Upskill as much as you can.
Government Contracting is a big industry, and it is constantly evolving. Your team needs to have the skills to stay current and relevant. There are licenses and certificates for everything the Government needs. Stay sharp.
- Study the North American Industry Classification System Code.
These are codes used by your contracting officers to know your business and industry. If you don’t know yours, go to their website: https://www.census.gov/naics/ and choose the most appropriate code. If your company is multi-faceted, you can get more than one NAICS.
- Register at Sam.gov
Click on over here– https://sam.gov/content/entity-registration to register your company if you want to apply for federal awards as a prime awardee.
- Learn all aspects of Government contracting, or get help.
As with any business, the best way to succeed in federal contracting is to prepare as much as possible and learn as much as possible. However, some skills will not only take time to acquire but are also expensive, which means they are inefficient to get through your own means. Government Contract Accounting is very tedious as it differs from private accounting of your business. It’s something to consider when you are entering federal contracting. Peter Witts, CPA PC, has more than 20 years of experience in government accounting and would be a cost-effective help in your government contracting bids.