If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an expert about how to do business with the federal government.
In this edition of “Ask the Board,” we asked Sacha Walton, CEO of SWI Management Group, a consulting firm that helps entrepreneurs build sustainable business while managing their mental well-being, to share her advice on how entrepreneurs can win business with the federal government.
There are countless benefits to doing business with the federal government. Not only does this strategy open the doors to long-term contracts with predictable income streams, it can give you the chance to lock in capital and make a name for yourself. If you’re new to the process, keep these tips on your radar.
Get started
As an entrepreneur preparing to do business with the government, it is important to register your business in the SAM.gov database. Be sure to have your business paperwork along with your EIN for the verification process. Have a source of capital when entering into government contracting. Know your NAICS codes for your business and niche(s). Certifying your business with SBA will help you to compete for set aside.
Develop a capability statement
Having a capability statement is a summarized way of showcasing past performance, business overview, core competencies, and more. This is valuable when networking with other contractors and procurement officers.
Subcontracting is an excellent way for beginners to get their feet wet in contracting without absorbing the cost involved in contract management.
Sacha Walton, CEO of SWI Management Group
Market your business
Networking and marketing your business is essential to meeting key decision makers in different agencies and other prime contractors. Attend industry days, conferences, and more. This is an excellent way to promote your business and the services you offer.
Educate yourself
The world of government contracting is not easy, but becoming knowledgeable of the process, regulations, bidding, and writing proposals; attending workshops; [and] having mentors or coaches will keep you well informed in successfully winning contracts. There are great resources available with the U.S. Chamber of Commerce and Small Business Administration or SBA.
Collaborate
There are several ways to get involved in government contracting as a prime contractor and a subcontractor. Subcontracting is an excellent way for beginners to get their feet wet in contracting without absorbing the cost involved in contract management. You can also build your government contracting experience. There are also opportunities available on a GSA schedule.
Become familiar with bidding and proposal writing
The primary key to winning a contract is understanding the solicitation and the bidding process in proposal writing. Take advantage of all solicitations, whether it's a Sources Sought, RFQ (Request For Quote), RFP (Request for Proposal), or Combined Synopsis. Having a winning proposal that meets the technical and financial requirements of a solicitation makes you competitive in the process.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
