Maximizing Government Sites as a Resource to grow your business in the Federal Market

Maximizing Government Sites as a Resource to grow your business in the Federal Market

Doing business with one of the largest purchasers of goods and services in the world - the U.S. Federal Government - can seem like a daunting business strategy for many small to medium business owners. Many often mistakenly believe that only the "big guns" can really compete for U.S. Federal Government business.

But whether you are selling a service, reselling a product, or marketing your own proprietary product to the federal government, the procurement process can be challenging for businesses to navigate.

Aside from treating U.S. Contracting as a long term business strategy, there are many other considerations that you will need to navigate through and check off on your way to securing your share of what can be a very profitable line of business. Here are some resources from the government and small business expert communities that can help you get started.

Understanding Federal Government Contracting: Before you delve into the world of defense contracting, it's worth getting an understanding of government contracting in general.

·         Business.gov

·         Federal Contracting Guide

·         OPEN Forum

The Ins and Outs of Defense Contracting for Small Business: From registering to do business with the Federal Government to finding your target market to finding and securing contract opportunities, the DoD's Office of Small Business Programs (DoD OSBP) should be your one-stop source for everything you need to become a federal contractor or sub-contractor.

·         Guide to DoD Contracting Opportunities - A Step-by-Step Approach to the DoD Marketplace  

·         www.sellingtoarmy.info

Government Rules and Regulations that Impact Defense Contracting: While navigating the defense contracting maze presents its own challenges and opportunities, depending on the nature of your business you may also encounter regulatory practices that apply to specialize industries.

·         For example, if you wish to pursue contracting opportunities that involve overseas deployments, such as Iraq or Afghanistan, you will need to familiarize yourself with the Defense Base Act, which provides workers' compensation protection to civilian employees working outside the U.S on U.S. military bases or under a contract with the U.S. government for public works or for national defense.

Security Clearances - Do I need One?: Whether you are a defense contractor or sub-contractor, you don't necessarily need a security clearance. However, having one can certainly open up more opportunities for your small business, including the option for working on a  variety of contracts, in particular ones that involve cutting-edge technology programs and projects.

·         "Getting a Security Clearances in a Nutshell", 

·         "Obtaining a security clearance for your 8(a) company and/or employees".

Contracting Strategy that Supports a Contracting Management System

MONDAY MORNING CONTRACTING TIPS

Do you know why your Contract Management System is not effective, maybe you don’t have a coordinated Contracting Strategy? 

Almost every company or organization has some Contract Management System in place. These systems are usually designed to increase efficiency, reduce risk and boost the bottom line by keeping track of contract milestones. However despite having a Contract Management System in place over 90% of companies do not have a Contracting Strategy that supports the system. Because there’s little to no strategy behind their Contract Management Systems, many companies’ Contract Management is inefficient and most often hurt the bottom line. These types of companies who does not invest in a Contract Strategy are not only at risk of losing revenue, but of being noncompliance as well.

Listed are the top 10 ways Contract Management can fall short and how to start putting Strategies and process in place:

1.      Lack of Executive buy-in for the critical importance of Contract Management 

a.       Counter Action: Executives, give attention to Strategic Contracting  System that works.

2.      Missed Deadlines, Payments, Renewals and Obligations

a.       Counter Action: Fulfill fiduciary responsibilities to countermeasures  fines and possible terminations and lawsuits, pay attention to the administrative areas.    

3.      Approval Process Weakness, Bottlenecks, and Rogue Contracts

a.       Counter Action: Ensure approval process are effective and efficient.

4.      Reliance on Paper-Based Systems or Simplified Document Repositories 

a.       Counter Action: Ensure documentation is organize, control and visible is part of effective Contract Strategies  

5.      No Contract Analytics or insight for Empowered Decision Making

a.       Counter Action: Insight on Contract Performance will ensure your Contract Strategy is working

6.      Duplication of Effort

a.       Counter Action: Duplication of Effort should not be used incorrectly

7.      Keeping a Contract Management System Isolated from Other Enterprise Applications

a.       Counter Action: Integrating contract management system with other enterprise applications will provide significant value add

8.      Poor Compliance Procedures

a.       Counter Action: Ensure that contract terms are fulfilled and that transactions are executed to the letter is a key component of mitigating contract risk

9.      Inability to Automatically Execute Pricing Incentives with Accuracy

a.       Counter Action: Employ complex promotional pricing in contracts to drive profitability and market share

10.  Paper and Ink Signatures

a.       Incorporate e-signature, e-signature create greater visibility, data access and stronger client relationships, all which quickly add up to increased profitability.