Written by Renzie Richardson, CEO BHFL Group
Winning a government contract can be very rewarding, but getting there is an extremely complex process, especially if you are not prepared beforehand.
What do you need to get ready?
- Past Performance. What is your past performance on other projects? This will show your readiness for government contracts. Equally important, many government proposal requests utilize past performance as an evaluation criteria. Therefore, the more relevant past performance a firm has, the more ready they are for government contracting.
- Strong Financials. How strong are the business financials? Strong financials are defined by positive cash flow and year-over-year increases in revenue. Therefore, the stronger the financials a firm has, the more ready they are for government contracting.
- Access to Capital. What is your access to capital to handle the operational cost of a contract? The more access to capital a firm has, the more ready they are for government contracting. Is your company able to access a line of credit or capital in order to support the costs to perform on a contract?
- Strategic Partnerships. What are the partnerships that your company has with other businesses and organizations? These are the professional relationships maintained by a business with other businesses that offer the same or complementary services in order to support their pursuit of government contracts or performance on government contracts.
- Small Business Certifications. What SBA small business certifications does your business have? Small business certifications will help your business show up as a potential government vendor. They show the government how your business may fit into the funding and requirements set aside for disadvantaged businesses.
BHFL Group specializes in helping businesses get ready for government contracting. We offer business development coaching, small business certifications, capability statements, and government proposal writing services. Contact us today to schedule your free session to discuss your business readiness for government contracting.
Go to bhflgroup.com to see all of our services.
Renzie Richardson
Schedule a coaching session: www.schedulebhflgroup.com
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