Before beginning the necessary steps to prepare your business for government contracting opportunities, first consider the investment in time and resources your company needs to enter the government market place.
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1. Are you an established business?
Business license required. Government contractors are required to meet all criteria needed to do business within their region, include abiding by all regulatory and licensing requirements. If you do not have a business license, you are not ready to sell to the government. How about financing? Do you have sufficient financial resources and liquidity to handle current obligations as well as those you would encounter under a government contract? Insurance and, where required, surety bonding are essential if planning to do business with government agencies.
2. Do you have a business plan that includes government contracting as a new customer market?
Small businesses need to properly align their business plan to address the specifics of the government market.
3. Can you afford to sell to the government?
It can take longer to receive payment for government work — sometimes up to 30 to 45 days after the work is completed. Can you cover your overhead until the payment arrives?
4. Does your company have a history of sales or other experience in the business' line of work?
If you do not have an established business with a history of sales, you are not ready to sell to the government. It may be prudent to pursue partnering or teaming with others to secure contracts
5. Have you done the necessary market research to determine the government's demand for your product or service?
If you have not completed specific market research to determine if the government buys your product or service or does not buy it often or in quantity, you may be wasting your time pursuing government contracts.
6. Is your company e-commerce capable? What is your company's computer literacy?
Do you have an established web presence? If not to most government agencies local & federal will not view you as a stable prospect.
About 90% of government contracting activities requires computer and online access. You cannot do business with the government if you don't have a computer.
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If you can answer YES to these questions. Ask for a free business assessment.
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