Winning government contracts can be a great way for businesses to increase their profits and expand their operations. But with so much competition, securing a contract with the government can take time and effort. While many government contracts are awarded to small businesses, there are contracts that you can win with relative ease.
These common government contracts can be a great opportunity for small business owners to secure a steady income stream. By understanding the different contracts and how to find them, small business owners can increase their chances of success in acquisition management.
1. Set-Aside Contracts
Set-aside contracts are a great way to win federal contracts without competing with other businesses. A set-aside contract is a federal contract reserved for small businesses, such as veteran-owned businesses, women-owned businesses, and businesses owned by people from certain racial or ethnic backgrounds. These contracts help small businesses succeed in the federal contracting process and ensure that the federal government does business with diverse businesses.
When applying for a set-aside contract, it’s important to ensure that you meet the specific requirements for the contract. For example, if you are claiming a veteran-owned set-aside contract, you must be able to prove that you are a veteran-owned business. You will also need to provide proof of eligibility by submitting documentation that proves your veteran status, such as a DD-214 or other military record.
2. GSA Schedule Contracts
Another contract that your acquisition management journey can take advantage of is the GSA Schedule Contract. A GSA Schedule Contract is a contract between a business and the U.S. General Services Administration (GSA). The GSA is an agency of the U.S. government that helps other government agencies purchase goods and services. With a GSA Schedule Contract, your business can make its products and services available to federal government agencies at pre-negotiated prices.
Aside from that, the GSA hosts a variety of online resources to help businesses register on the GSA Schedule. These resources include an online application portal, webinars, and other helpful resources that can guide you through applying for a GSA Schedule Contract.
Your business must meet certain requirements to qualify for a GSA Schedule Contract. These include having a proven track record of delivering quality products and services, being financially stable, and having the necessary personnel and resources to fulfill the contract. Additionally, you must also be able to demonstrate that your business is compliant with all applicable laws and regulations.
3. Federal Subcontracts
Of course, winning federal subcontracts is a part of your acquisition management business success. A federal subcontract agreement between a business and a prime contractor allows the business to provide goods and services to the prime contractor. The prime contractor is then responsible for providing those goods and services to the government.
These subcontracts benefit businesses because they are a great way to gain experience in the government contracting sector and build relationships with government agencies. In addition, they can provide businesses with a steady income stream and help them expand their customer base.
Government contracts can be a great way to secure a steady income stream and build a successful business. The key to successfully obtaining and managing government contracts is understanding the various contracts, the bidding process, and the legal requirements. With careful research and understanding of the process, businesses can easily win common government contracts and enjoy the many benefits they provide.
Road Map Consulting is a full-service solution that helps you with your acquisition management goals. We provide a comprehensive evaluation of the entire acquisition life-cycle process so you can understand the different types of government contracts and manage the bidding process. Contact us today for more information!