When the pandemic struck, the commercial industry faced significant hardships. Numerous businesses shuttered, and the global supply chain was severely disrupted. However, amidst this turmoil, the government contracting industry displayed resilience and stood strong.
Government contracting offers numerous benefits, such as profitability and stability, making it an attractive industry to be a part of. Let’s prepare you for success in government contracting.
Aligning your business goals with government contracting is essential. Securing your first federal contract takes time and perseverance. Patience, focus, and expertise in your field are crucial factors for thriving in this industry.
It’s important to assess the pros and cons of federal contracting and play to your strengths before diving into the game. This strategic approach will contribute to the long-term growth of your company.
For small businesses, sba.gov provides valuable assistance programs:
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- The 8(a) Business Development Program is designed to support small disadvantaged businesses, with 5% of federal contracting dollars awarded to these enterprises. Learn more at: 8a Business Development Program
- The Women-Owned Small Business Federal Contracting Program aims to level the playing field for women-owned small businesses in government contracting. Explore more here: Women-Owned Small Business Federal Contracting Program
- The HUBZone program assists small businesses operating in historically underutilized business zones. Each year, at least 3% of federal contract dollars are set aside for HUBZone businesses. Learn about it at: HUBZone Program
- Veteran Assistance Programs provide support to veteran-owned small businesses, helping them access federal contracts and surplus personal property. Discover more at: Veteran Assistance Programs
Conduct comprehensive market research to understand the industry you’re entering. Develop a well-informed plan, identify your target federal agency, and delve into its specific requirements, typical contract budgets, and previous contract awardees (your potential competition).
Familiarize yourself with the Federal Acquisition Regulation (FAR), which serves as your handbook for government contracting. It contains all the necessary rules and regulations to initiate, sustain, and restart your journey in this field.
Gain a deep understanding of government regulations applicable to businesses. Compliance is essential at the federal, state, and local levels, and overlapping and complex rules can be challenging to navigate.
If you prefer to focus on your work rather than getting lost in countless regulations, consider seeking assistance with government contract accounting. Peter Witts CPA PC is dedicated to helping government contractors. Schedule a consultation with us today and gain the support you need to succeed.