Your company may have the tools, personnel, skills, and expertise that will help in making a contract succeed. But do you know how to bid for a federal contract?
Here are a few things to consider:
- Get certified
There are very strict rules, laws, and regulations that are put in place by the Federal Government regarding contracts. Paperwork is always the start of any endeavor with the government.
- Make time for Market Research
Research what the government wants, and what it needs. Find out what they already have. Look into what you offer and determine which one the federal government would benefit most. Then, as you are only starting out, look for an agency that would be most beneficial to your company.
- Be accurate and scrupulous in bidding
How big is the project? How complex is it? Does your company have more than enough resources to handle and complete the contract? Bidding is a long process, and a very tedious one at that, this means you have to ensure that your company is prepared for all the work needed to submit a bid.
- The Request For Proposal Document needs to be reviewed and perused.
The RFP, or Request For Proposal Document, is where you will find the necessary details about the federal contract. What exactly is the project, what’s the duration, are there materials or services involved, how much budget has been allotted for the contract, and how the winning bid will be determined?
- Create a Contract Proposal
Create a formal, detailed, and precise proposal. You will need to submit this to the requesting team and follow their specifications.
Your proposal needs to have the following:
- The goals and objectives of your project.
- The solution you are presenting, is in clear, concise words.
- Some proof that you know and understand what the contract requires.
- Demonstrate your experience relevant to completing the job.
- Price Competitively.
Pricing is an art in itself. Price too high and you may not get the contract, price too low and you may end up losing money on the contract.
- Analyze and evaluate your proposal, then submit.
Double-check your proposal. Ensure its completeness, accuracy, truthfulness, and even grammar. Then check it again if you are compliant with state and federal laws.
- Patiently wait for the Government Agency to Respond.
It may take weeks or even months before the government agency will send you a response. If you get rejected, you are free to bid on other upcoming contracts. If it was a thumbs up and you get a notice of intent, get ready for contract negotiations.
If you feel uneasy with any of these tips, or just want to be sure that your bid would be perfect, it’s high time you took some advice from Peter Witts CPA PC. Our 20+ years of experience will not only put you at ease but will help you land that first Government Contract.