Understanding the financing of federal contracts is vital to your success as a contractor. The federal government only pays for services rendered or products delivered. This means that contractors need to have enough working capital to fulfill the contract and cover business expenses until payment is received.
This article has been reviewed and updated as of June 2022 to ensure accuracy and relevance in the ever-evolving landscape of federal Contracting.
Federal subcontractor reporting is a complex and demanding task. Large companies, otherwise known as Other Than Small Businesses (OTSBs), receiving federal award money are subject to stringent requirements to report on their small-business subcontractors accurately. Ensuring this reporting correctly can be challenging, but alignment with the System for Award Management (SAM) can pave the way to compliance.
There are plenty of great reasons for your business to get started in federal contracting. That's why, in this blog series, we're going to cover them all. So for our first installment of "Why Federal Contracting?" we'll go over how federal contracting can help grow your business.
Figuring out how to price contracts for services and brokering can seem tricky, especially in the complex realms of construction and non-construction industries. One key to solving this puzzle lies in understanding wage determinations. Let's break it down:
The federal budget contains a big chunk dedicated to grants. Whether you're part of a government body, a non-profit organization, or a business, you could get a slice of this pie. All you need is a brilliant idea or solution that benefits our nation, much like what you might have seen on Grants.gov.
Government contracts don't always work on an open competition basis. Sometimes, there's a clear choice for a contract, and it's here that sole-source contracting comes into play.
If your business offers a unique product or service or enjoys a small business set-aside status, you could win sole-source contracts—contracts awarded without competition. There are at least seven scenarios where a contract may be sole-sourced, with some specific to small businesses. Understand these, and you'll find new federal market opportunities and be able to make compelling cases to contracting officers or during bid protests.
Updated as of July 2023, this article provides the most recent and relevant insights into the advantages of being a Veteran-Owned Small Business in federal contracting.
Veteran-Owned Small Businesses (VOSBs) and Service-Disabled Veteran-Owned Small Businesses (SDVOSBs) enjoy unique advantages in the world of federal contracting. Chief among these is the Veteran's First Verification Program, a pathway that offers these businesses preferential treatment.
This article was written in 2020; link to the new article here Decoding Contractor and Government Acronyms for Successful Contracting.
Stumped by having to contact your KO at the EOS regarding an IFB through the SBIR program? Don't fret!
Government contracting is rife with acronyms, unique titles, and specialized language. While it may seem overwhelming, mastering this language can help you read and write more efficiently.
With the U.S. government's operations spanning across the globe, it's no surprise that opportunities for international contracting are vast and varied. Whether you're a U.S.-based firm eager to spread your wings or a global enterprise eyeing the U.S. federal marketplace, the road to international contracting is rich with potential.
A Contractor debriefing is a unique element of government contracting that offer invaluable insights into why your contract bid was accepted or declined. By understanding and leveraging these debriefs, your business stands a greater chance of winning more contracts and boosting profitability.
