Month: May 2022

How to bid for government contracts

Posted on by Eric Coffie

When it comes to running a successful business, one of the most important things you can do is to learn how to seek out rich opportunities that can lead to rapid growth or potential long term partnerships down the road. One of the best ways to accelerate your business’s growth is to bid for government contracts.

With the right skills and knowledge, you can get your business involved in some of the most lucrative opportunities. The federal government is always looking for companies that can provide goods and services at a lower cost or more efficient manner.

Why contract with the US federal government?

The US federal government is the largest single buyer of goods and services in the world, spending over $500 billion each year. That’s a huge potential market for businesses of all sizes, and there are many reasons to consider seeking out government contracts:

The government is a stable customer who can provide a steady workstream. Not only that, but unlike many other customers, US government contracts often have built-in protections for the contractor, such as payment even if the project is delayed.

The government does extensive background checks on contractors before awarding a contract, so you can be sure that your organization is ready. If you’re a smaller company, don’t be put off. The federal government must award contracts to small businesses, so if your business is classified as a small business, you may have a leg up on some of your larger competition.

Where to find government contracts

There are many ways to locate potential federal contracts. We cover these in full in our article How to Become a Government Contractor, but you should begin by registering with the General Services Administration (GSA) and on SAM.gov.

This will allow you access to the government’s system for awarding contracts, and you’ll be able to search for opportunities that fit your business.

If you want to be part of a large contract that alone you could not fulfil, you can look at the options for becoming a subcontractor. You can find a directory of these on the GSA site, but you should also check out SubNet to see a range of opportunities for your business.

You will need a NAICS number to become a government contractor. There are many other legal requirements to be eligible. Check out our article for full information on becoming a government contractor.

How to bid for government contracts

There are a few key things you need to know to be successful when bidding for government contracts:

1. Know the market. The first step is to research the government contracting market and identify opportunities that match your business’s strengths. The best way to do this is to use a government contracting database, such as the ones offered by the US Small Business Administration or the Department of Defense. You will see Requests for Proposals (FRP), which announces a project, gives the appropriate detail regarding the objectives and outcomes expected, and solicits bids from qualified contractors.

2. Know the rules. The federal government has a complex set of rules and regulations that govern how contracts are awarded. Make sure you understand the basics of the Federal Acquisition Regulation (FAR) before you start bidding on contracts.

3. Put together a strong proposal. When you’re ready to submit a proposal, make sure it is clear, concise, and persuasive. Your proposal should demonstrate why your business is the best choice for the contract. Understand that simply being the cheapest bid will not guarantee success. For example, if a department is planning on having a complete cybersecurity solution installed throughout a premise, Cisco, a world-renowned provider of IT solutions and the backbone of the internet, is far more likely to be awarded the contract than Sony, which creates a suite of fantastic technology but is not known for IT solutions.

4. Get help. Bidding on government contracts can be a complex and time-consuming process. If you’re not sure where to start, many resources are available to help small businesses, including the Small Business Administration’s Office of Government Contracts.

Sources Sought Notice (SSN)

Keep an eye out for a Sources Sought Notice (SSN), an initial posting by a federal agency to get information about potential contractors who can provide the goods or services they need.

At this stage, the government is not asking for bids but wants to know about businesses that might be able to do the work. An SSN is an excellent way to get your foot in the door with a particular agency. Essentially, the government is stating, “We want to do X; if we were to go ahead, who could make that happen?”

While SSNs are not solicitations for proposals, they can give you a good idea of what the government is planning to procure soon while allowing the government to strategize how they want to approach implementing the desired project. For your business, responding can potentially put you on the map with the right people, improving your chances of achieving any subsequent contract announced following the SSN.

How to win government contracts

To win a government contract, first, you need to bid on it. Here is the step by step on how to do this.

Find the contract your business could complete. You can look on the Government Procurement website to determine which contracts are available and when they close. When you have found a contract, read the request for proposal (RFP), Request for Quotations (RFQ), Invitation for Bids (IFB)

Make sure you understand what the government is seeking. The invitation will also tell you how to submit your bid. Do not make the mistake of bidding on a contract that is only partially a match for the services your business provides or is too big for you to handle. Offers are not accepted blindly, so make sure that any contracts you bid on match your business interests well to ensure the best chance of success.

Check the submission guidelines and follow them precisely. The government is very specific about what they want and how they want to receive it. Please make sure you include everything required and submit it by the deadline. If your bid is not complete or arrives late, it will be disqualified.

You will be competing against other businesses for the contract, so make sure your bid is competitive. Research what other companies are charging for similar services, make sure your offer is lower or equal to theirs or show that additional benefits would come from working with you. The government is looking for the best value, not necessarily the lowest price.

Once you have submitted your bid, all you can do is wait. The government will review all of the bids and award the contract to the business they believe will provide the best value. If you are not awarded the contract, you can try again next time.

If the idea of completing the required responses is too daunting for you, this task can be subcontracted out to freelancers and agencies that specialize in completing such information. Alternatively, seek guidance from the SBA.

Help for small businesses bidding on government contracts

The government is required to award 23 per cent of its prime contracts to small businesses. If you are a small business owner, this provides you with a great opportunity to get involved in federal contracting.

Within that allocation, funding is set aside for Women-owned, service-disabled veteran-owned, Native-American, LGBT, and minority-owned businesses and businesses operating in HUBZone areas.

The government uses a two-step process to award small businesses contracts valued at over $150,000.

In the first step, interested firms submit capability statements to the procuring contracting officer (PCO). The PCO will then invite the firms that appear to be the best match for the requirement to submit a proposal in the second step.

The government uses the North American Industry Classification System (NAICS) codes to identify small businesses. These codes are used to track industry data, and they vary by size standards.

Conclusion

The key to winning government contracts is understanding the process and being prepared. By doing your research, you can identify opportunities that are a good match for your business.

Once you’ve found a contract you’re interested in, make sure you understand the rules and regulations that govern the contracting process. The Federal Acquisition Regulation (FAR) is an excellent place to start.

When you’re ready to submit a proposal, put together a clear, concise, and persuasive document demonstrating why your business is the best choice for the contract. Remember that being the cheapest bid is not always the best strategy.

Finally, seek out help from resources like the Small Business Administration’s Office of Government Contracts. With the proper preparation, your business can successfully bid for government contracts.

Good luck!

134: Adam Oglesbee – Building a nationwide construction firm from the ground up to winning Oklahoma’s Small Business of the Year Award

Posted on by Eric Coffie

Today’s guest was awarded as Oklahoma’s Small Business of the Year by the SBA, he is Adam Oglesbee, the President and CEO of Warfeather, LLC. As the leader of a nation-wide construction services firm, Adam Oglesbee has built a reputation on the safety, quality, and schedule adherence their client projects rely on around the country. Adam utilizes consistent tools, systems, and standards to safely deliver superior results even in the most challenging environments.

Under Adam’s leadership, Warfeather has built a comprehensive portfolio of projects from concept-to-completion that showcase Warfeather’s wide range of capabilities. It is their organization’s commitment to actively listen to the customer’s needs and problems that positions the organization to successfully develop forward-thinking solutions for their clients year after year.

In this episode, you’re gonna hear Adam share his journey in the federal area, and also what it took to become the SBA 2022 award winner, how he compares the 8a program to Eminem lyrics, how to make your government contracting business relevant, his belief about the real reasons why PTAC exist and how you should be concerned, and how he setup his company to be awarded 8a contracts on day one.

Tune in to this episode and welcome our next Giant, Adam Oglesbee.

What are NAICS codes used for?

Posted on by Eric Coffie

What is a NAICS code?

All North American businesses need a NAICS code to classify their industry. The NAICS code is used by government agencies to collect and analyze statistical data and helps companies identify potential customers and competitors.

Businesses can use the NAICS Code Lookup tool on the Census website to obtain NAICS codes. The NAICS Code Lookup tool provides a list of NAICS codes and their descriptions. Businesses can also find NAICS codes in the NAICS Code List, available for download on the Census website.

The NAICS code is a six-digit code used to identify companies’ business activities in the United States and Mexico. The first two digits of the NAICS code identify the sector, the next two digits identify the subsector, and the last two digits identify the industry group.

What are NAICS codes used for?

Government agencies use NAICS codes to collect and analyze statistical data and help businesses identify potential customers and competitors. NAICS codes are also used by companies to monitor their industry trends and track their performance. Companies can use NAICS code data to benchmark their performance against their competitors and make informed decisions about their marketing and product development strategies. Investment analysts also use NAICS codes to evaluate companies and industries.

NAICS codes are important for businesses because they provide a common language that can communicate business activities across industries. If you’re starting a business or already in business and looking to expand your customer base or enter new markets, it’s essential to understand the NAICS code for your industry.

How are NAICS used for finding business-to-business leads?

NAICS can be used to generate business-to-business (B2B) leads. Businesses can use NAICS codes to identify their potential customers and target them with marketing messages relevant to their needs. By targeting their marketing efforts using NAICS codes, businesses can save time and money by only contacting those companies that are likely to be interested in their products or services.

For example, let’s say you own a business that manufactures car parts. You could use NAICS codes to target your marketing efforts toward businesses in the automotive industry, such as car dealerships or repair shops. This allows you to keep your marketing budget tightly focused on those businesses that are most likely to be interested in your products. It helps you avoid wasting time and money on marketing efforts that are unlikely to generate leads.

NAICS codes can also be used to find business-to-government (B2G) leads. Government agencies use NAICS codes when looking for contractors to provide goods or services. By correctly identifying the NAICS codes relevant to your business, you can ensure that you can find opportunities that match your company’s capabilities.

Does NAICS discriminate against small businesses?

The NAICS system is used to classify businesses of all sizes, from small businesses to large corporations. NAICS codes are used to generate the statistics government agencies use to track the performance of different sectors of the economy and assess the impact of government policies.

There is no differentiation between small or large businesses or charities and for-profit organizations. Regardless of their size or type, all companies are classified using the same NAICS codes if they share the same business interests.

What information does NAICS provide?

NAICS codes are used to collect and report statistical data about the North American economy. The NAICS code is also used by businesses to identify potential customers and competitors. The data collected by NAICS helps companies make informed decisions about where to locate their operations and market their products and services.

What is the NAICS code for my business?

The NAICS code for your business depends on the type of business. NAICS codes are designed to classify organizations according to their primary activities.

You can use the NAICS code lookup tool on the NAICS website to find the NAICS code that best describes your business.

Do I have to register my NAICS code?

No, NAICS codes are not registered. NAICS is a statistical classification system, not a regulatory system.

Businesses do not have to apply for or request a NAICS code. However, some government agencies and other organizations require businesses to provide their NAICS code when applying for grants, contracts, or other programs.

Did NAICS replace SIC?

The Standard Industrial Classification (SIC) system was developed in the 1930s to classify businesses by their type of activity.

NAICS came into being in 1997 and is updated every 5 years, most recently in 2017. They were designed to replace SIC and contain more significant information about business activities. NAICS is a more recent system used to classify businesses by their primary activity. NAICS codes are used by government agencies and companies in the United States and Canada, while SIC codes are used in other countries.

However, many businesses continue to use SIC codes as they are more established and familiar to many people. NAICS codes are not as well known and can be more challenging to find information about. Because of this ongoing overlap, your business must understand both systems.

Do NAICS codes change?

NAICS codes are updated every five years to remain relevant to the changing economy. The most recent NAICS code update was published in 2022. Businesses should ensure that they are using the most up-to-date NAICS codes when classifying their industry.

What if my business doesn’t fit into any NAICS code?

Most businesses will fit into one or more NAICS codes. However, if your company does not fit into any NAICS code, you can use the NAICS Code Lookup tool to find the nearest code that describes your business activities. The Census Bureau assigns custom NAICS codes on a case-by-case basis.

Can a business change its NAICS code?

Yes, a business can change its NAICS code if its primary business activity changes. For example, if a company that previously manufactured bicycles decides to begin manufacturing motorcycles, it would need to change its NAICS code from 3399 (Other Miscellaneous Manufacturing) to 3361 (Motor vehicle Manufacturing).

By ensuring that your business is correctly classified using the most up-to-date NAICS codes, you can ensure that you are accurately represented in government statistical data and can identify your potential customers and competitors.

NAICS may be used for insurance

When applying for business insurance, some insurers may require a NAICS code in order to assess the risk associated with insuring your business accurately. NAICS codes are used to classify companies according to their primary activities, and each NAICS code is associated with a specific risk profile. By correctly identifying your NAICS code, you can ensure that you are getting the right insurance coverage for your business.

Can a business have multiple NAICS?

The US Census Bureau allows only one NAICS code to be assigned to each business. However, companies can have multiple six-digit NAICS codes if they have more than one establishment. An establishment is a single physical location where business is conducted or where services or industrial operations are performed.

For example, a company with two manufacturing plants in different locations would have two establishments and, therefore, two NAICS codes.

In addition, the NAICS system has been adopted by many other organizations for use in other programs for other purposes than statistics, such as procurement or regulatory activities, and these systems often allow more than one NAICS code per establishment.

My business is overseas but trades with America. Do I need NAICS?

Only businesses in the US, Canada, and Mexico can have a NAICS code. If you have foreign and domestic sites, only those within North America will be able to obtain a NAICS code.

What should I do if I cannot find the right NAICS?

If you cannot find the NAICS for your business, it is best to contact the NAICS association or the government agency that uses NAICS for the program in which you are participating.

They will be able to help you determine which NAICS code is the most appropriate for your business.

Conclusion

NAICS codes are an important tool for businesses to target their marketing efforts. By using NAICS codes, companies can save time and money by focusing their efforts on those potential customers that are most likely to be interested in their products or services. NAICS codes are a valuable tool for government agencies, insurers, and business-to-business opportunities.

While you do not have to register your NAICS code, you will need to know yours if you intend to work with federal departments. If you have only recently set up your business and have yet to establish your NAICS code, you can obtain your code by heading over to NAICS.com today.

How to become a government contractor

Posted on by Eric Coffie

When it comes to becoming a government contractor or subcontractor, you need to know a few key things to be successful. First, you need to understand how the government contracting process works and what types of contracts are available. Second, you need to find out where to look for government contracts you may be interested in bidding on.

The government contracting process is a competitive process whereby the government solicits bids from contractors interested in performing the work required by the contract. The government then awards the contract to the contractor who offers the best value for performing the work.

Types of government contracts

There are two main types of government contracts: fixed-price and cost-reimbursement. Fixed-price contracts are the most common type of contract awarded by the government. With this type of contract, the contractor agrees to perform the work required by the contract for a fixed price. The government then pays the contractor that price, regardless of the actual cost of performing the work. Cost-reimbursement contracts are less common but do occasionally occur. With this type of contract, the contractor agrees to reimbursement from the government for the actual costs of performing the work required by the contract, up to a maximum price agreed upon in advance.

How to find government contracts

There are several ways to find government contracts you may be interested in bidding on. The best way to find government contracts is to use one of many databases that allow you to find and bid on federal contracts.

Here are some of the key ways to enter the world of government contracting:

Dynamic Small Business Search

The Dynamic Small Business Search (DSBS) is a searchable database of small businesses interested in doing business with the federal government. You can use the DSBS to find small companies registered with the government and that have expressed an interest in bidding on government contracts. To register on this database, register on the System for Award Management (SAM) site, and be sure to complete your business profile in full.

Contract Opportunities

SAM.gov is the government gateway that all federal agencies must use to advertise contracts that exceed $25,000. For more minor contracts, you may be approached via DSBS, but for contracts that meet this threshold, you will be expected to bid for the contract. The great thing about this site is that you can set up email alerts for contract opportunities that meet your business’s criteria, so you don’t miss any opportunities.

Government Services Administration

If you seek to sell to the government rather than provide services, you should register with the General Services Administration (GSA). The GSA is the government agency responsible for procuring goods for the federal government. You can register as a GSA schedule holder, which will give you the ability to sell your goods and services to the government at pre-negotiated prices.

If you are interested in becoming a government contractor, the best place to start is by registering on SAM.gov and setting up email alerts for contract opportunities that meet your business’s criteria.

Subcontracting

Some contracts are too big for one entity to necessarily manage. Companies can bid for contracts but take on subcontractors to assist with delivering the required goods or services. If this interests you, seek out a company that is already a government contractor and inquire about opportunities to work together on future projects. To seek a subcontracting role, check out SubNet, where contractors will seek out smaller businesses to aid them in fulfilling their obligations.

Additionally, the GSA publishes a Subcontracting Directory, which contains a list of companies that have been awarded federal contracts. This is a great way to find out who the major players are in the government contracting space.

The Federal Procurement Data System

The Federal Procurement Data System (FPDS) is a database of information on federal contracts. This database can be used to determine who the major contractors are, what types of goods and services are being procured, and how much money is being spent. The FPDS is a great way to get an overview of the government contracting landscape.

Who can become a government contractor?

The US government awards contracts to businesses of all sizes. To become a government contractor, you must register your business with SAM.gov and have a Unique Entity ID number, which has recently replaced the more widely known DUNS number. You will also need to have a business bank account and be able to accept payments via electronic funds transfer (EFT).

For any small business to serve as a government contractor, the business owner must clearly understand the Federal Acquisition Regulations (FAR). FAR is a set of regulations that govern how the federal government purchases goods and services.

In addition to registering your business, you must match a North American Industry Classification System (NAICS) code to all your goods or services. While your business will have a primary NAICS code, each type of goods or service will need to be matched to its NAICS code, as listed on the US Census Bureau website.

Opportunities for diverse businesses

The federal government has a commitment to awarding a certain percentage of contracts to small businesses. In addition, the government attempts to ensure that businesses owned by women, minorities, and veterans are given opportunities to participate in the contracting process. There are many programs and initiatives to help these businesses get their start in government contracting. The 8(a) Business Development program sets out the government’s goals for awarding contracts to small and disadvantaged businesses.

  • These include:
  • Women-owned businesses
  • Native American-owned businesses
  • Veteran-owned businesses
  • LGBT-owned businesses
  • Rural businesses
  • Minority-owned businesses

The Small Business Administration (SBA) is a good resource for information on these programs. The SBA also offers support services to small businesses interested in government contracting, such as counseling and training.

Meet business size standards

Your business must meet specific size standards to be eligible for government contracts. These standards are based on the number of employees or your business’s revenue annually. The SBA has a handy tool that allows you to input your NAICS code and determine the size standards for that particular industry.

It is important to note that these standards are not static and can change over time. For example, the size standards for veteran-owned businesses have increased in recent years. As a result, more companies are now eligible to participate in government contracting.

Maintain compliance

As a government contractor, you will be required to comply with a number of regulations. These include FAR and the Davis-Bacon Act, and the Service Contract Act. The FAR requires that contractors maintain accurate records and submit timely reports. The Davis-Bacon Act sets forth wage requirements for construction contracts, while the Service Contract Act establishes wage requirements for service contracts.

Failure to comply with these regulations can result in penalties, including the loss of your government contracting eligibility. It is essential to familiarize yourself with these regulations and make sure that you are complying at all times.

Government contracts are an excellent opportunity to grow your business, but it is necessary to step through a lot of red tape to achieve the stability that a government contract can provide. By following the steps outlined above, you can increase your chances of success in this competitive arena.

Promoting yourself to the government

Successfully winning a contract takes more than just being the cheapest or the best known. The government wants to see that you can be trusted to deliver on your promises.

There are many ways to promote your business to the government and increase your chances of being awarded a contract.

You can search federal procurement data to determine which agencies buy which goods and services. You can also look for contracting opportunities on the federal government’s main contracting website, SAM.gov. In addition, you can participate in government-sponsored trade shows and conferences. These events provide an excellent opportunity to network with government officials and learn about upcoming contracting opportunities. If you can spot trends, you can pre-emptively makes offers.

Smaller businesses can seek an Office of Small and Disadvantaged Business Utilization (OSDBU) representative. The OSDBU can help you navigate the contracting process and connect you with opportunities that fit your business.

Final thoughts

Once you have registered your business and obtained the necessary certifications, you can begin bidding on government contracts. The first step is to find opportunities that match your business’s products, services, and capabilities.

We’ll cover how to make your bid for a government contract in our next article. We hope you’ve found this information on becoming a government contractor useful. If you have any questions, please don’t hesitate to reach out to us. We’re here to help you every step of the way.

Is It Hard to Win a Government Contract?

Posted on by Eric Coffie

Regardless of the size of your business, having a government contract is a good long-term strategy to keep your business relevant and productive. But how can you win a government contract? While a government contract seems like an intimidating goal, it’s much easier than you think to craft a strategy to win a contract.

Is It Hard to Win a Government Contract?

Like any other type of bid to contract your business’s services and products, winning a government contract means striking the right balance between your pricing and business proposal. On the surface, it may seem like an impossible goal to win a government contract when you are competing against corporate giants. However, the federal government has policies that allow small businesses to remain competitive when bidding for government contracts.

For example, the small business administration (SBA) protects the rights of small businesses in the United States of America. As part of this organization’s goals, SBA partners with federal agencies to help small businesses gain opportunities in the federal marketplace. Some tips that can help you successfully win a contract from a federal agency can include:

1. Fulfill Government Requirements

To be considered for a government contract, your small business will first need to meet and fulfill the requirements all federal agencies have for potential contractors. This means that before you can bid for contracts, you must have completed all the steps to be part of the government contract industry.

For example, you must have registered your business on government contracting websites to legitimize your bid and ensure that government buyers and other procurement officers will be able to find your small business.

2. Do Market Research

You need to do market research when you want to bid for a government contract. Your knowledge of the local market does not necessarily apply to the market for government contracts. Conducting market research will allow you to make a better business proposal when it’s time to bid for your contract.

3. Bid for Contracts Selectively

It’s also important to be selective when you are submitting bids for federal contracts. If you are bidding on every available contract, then this can make it difficult to fulfill any contractual obligations. It’s best to start small and bid on contracts you are sure you can fulfill, then gradually grow your business before you bid on new contracts.

Furthermore, government contracts are secured based on the strengths and expertise of your business, so it’s important to only bid for contracts that are related to your business, products, or services.

4. Review RFP Document Carefully

You will need to review the Request for Proposal (RFP) documents that are posted by federal agencies seeking government contractors. By reviewing these documents carefully, you will ensure that your bid for the government contract is appropriate for your small business.

That said, most Request for Proposal documents are at least over 100 pages long, which means that you will need to carefully read through all sections of these documents before creating a business proposal. Some specific sections you’ll need to look at include:

Supplies, Services, and Prices

The section for supplies, services, and prices covers information about the deliverables that are required from a federal government contract. This section will cover how the government will compensate you for your products or services. One important part of the section is the list of all available items, which can include supplies, labor, and other services that you agree to provide in the government contract.

Description and Statement of Work

This section focuses on the work that is expected from the contractor. When you are creating the contract proposal, your proposal must reflect the description specifications and statement of work expected from the federal agency. The plan of action for your proposal should also highlight important points about the deliverables requested by the federal agency.

Instructions and Conditions

The section on instructions and conditions is also essential. In this section, the federal agency will have several instructions on how a contract should be constructed, which can include the formatting of the document and other conditions.

Federal agencies place a lot of emphasis on attention to detail, so skipping over this section and submitting a contract proposal that does not follow the instructions and conditions requested by the federal agency can potentially cost you a government contract.

Evaluation Criteria

Finally, you will need to review and adhere to the evaluation criteria of the federal agency. By paying attention to this section, you will ensure that your contract proposal satisfies the expectations of the federal agency and will also highlight your ability to follow directions closely.

5. Outline the Government Contract proposal

When you create an outline for your government contract proposal, you will need to be strategic and follow all directions laid out by the Request for Proposal documents. Outlining your government contract proposal and having multiple edits of this proposal will ensure that you can submit a strong business plan to the government.

6. Price Competitively

You also need to price your services competitively. Many people think that the government will choose the lowest bidder for government contracts, but the fact of the matter is that the government will choose the most competent business. If the most competent business happens to be the lowest-priced bid, then the government will usually select that contract.

That said, you do not want to underprice your business for the sake of getting any government contract, since this may cause the federal agency to overlook your contract proposal. A contract bid with a too-low price could be indicative of cheap services.

7. Wait for Response

Finally, you will need to wait for a response from the government agency. It can take one to six months to receive a response from a federal agency about the contract you are bidding for, so you must be patient. During that time, you are free to submit other government contracts or bide your time by running your small business as usual.

Seek Feedback

If your contract is rejected by a federal agency, you should not be afraid of seeking any available feedback. The procurement officer that contacts you will be able to answer questions about why your contract proposal was rejected. This information is essential since it can help you build a better proposal in the future that has a greater chance of being accepted.

How to Become a Government Contractor

Before you can submit a government contract bid, you will need to establish your small business as a potential government contractor. The steps to becoming a government contractor include:

1. Register Business Name

You will first need to register your business name with relevant business agencies. Registering your business name for the local and federal government is the first step that will make your business recognizable to procurement officers. Without registering your business legally, your government contract bid will be rejected automatically.

2. Apply for a Federal Tax ID

You will need to have a federal tax ID number for your small business. Without a federal tax ID number, your small business is unable to apply for relevant licenses and permits, which will also prevent your business from submitting contract bids to the government.

Because the payment for your government contract will be wired through a bank account associated with your business, you will be required to have a federal tax ID for your small business to receive compensation for the services you provide. Applying for a federal tax ID can easily be done through the IRS.

3. Request DUNS Number

You will need to have a DUNS number associated with your small business. This is a unique nine-digit code that is associated with Dun & Bradstreet, a business credit bureau that is used to credit check businesses that apply for government contracts.

4. Select NAICS Code

You also need to select the relevant NAICS codes that fit your business, which will be used on your government contract applications. This is a national standard that is used to classify businesses in every industry type. If you do not have a NAICS code, then your government contract may be rejected. You can easily find your NAICS code through the census.gov website.

5. Register at SAM.gov

You must also register at SAM.gov before you can officially bid on government contracts. Registering your small business at this website gives you easier access to bid on current government contracts.

6. Complete SBA Profile

Finally, if you haven’t already, you will need to complete your SBA profile. This is a critical step and should be done after you register your business at SAM.gov. This step is necessary because it will add your business to the DSBS or Dynamic Small Business Search, which boosts the visibility of your small business to procurement officers and federal agencies.

To win a government contract, you will need to follow all steps of the process. This means that you will need to register your business with relevant government websites and follow the contract proposal instructions carefully. To learn more about the actionable steps you can take to win a government contract, please contact Govcon Giants today.

133: Russell Teter III (Part 2) – 16,000 stories of what works and what doesn’t to get your business where you want it to be

Posted on by Eric Coffie

Today’s guest Russell Teter blew us away on the last episode. If you missed part 1 go back to episode 132 and listen closely. We covered pitfalls to small businesses, where SMB should focus their energy, why are you working so hard, and building a business that works without the owner.

In this episode we discussed really valuable tips for your business like Mapquest: where you are now versus where you want to go, getting your business valuation up to $10M, knowing math or know money, WIT – wildly important things (profitable), changing the people you hang out with, 5 degrees of separation and more.

Mr. Teter III is a Certified Executive Coach & Facilitator, Certified Business Value Builder (CVB), Certified TechVenture Facilitator, Director of Training at SBDC at University of Maryland.

Which university was the first to implement what is now known as a SBDC? Coming up at the very end is a history lesson you don’t want to miss and the answer to that question.

If you’re ready for part 2 with Internationally Certified Executive Coach / Director of Training for SBDC at University Of Maryland, welcome our next Giant, Russell Teter III.

132: Russell Teter III (Part 1) – 16,000 stories of what works and what doesn’t to get your business where you want it to be

Posted on by Eric Coffie

Today’s guest is a special person from SBDC. Russell C. Teter III is an Internationally Certified Executive Coach / Director of Training for SBDC at University Of Maryland.

He has been with the SBDC for 14 years as of this July. He was promoted to Director of the Northern Maryland Small Business Development Center Network in 2003. Russell has personally aided over 13,000 entrepreneurs in improving their economic situation; his assistance has led to the acquisition of tens of millions in equity/debt financing as well as the creation and retention of thousands of jobs.

Three of the last seven “Maryland Small Business Person of the Year” were his clients. In 2008, he received the U.S. Small Business Administration “Innovator & Excellence” Award for Maryland. In 2006 he was officially recognized by Maryland’s Governor and Lieutenant Governor for “[creating] legacy wealth for the minority community by encouraging minority entrepreneurs to be stronger leaders and advocates within their community.”

He is also the 2010 Maryland Minority Business Advocate of the Year. Articles Russell has written for small business owners include The 8 Attitudes to Be a Successful Entrepreneur, Lessons on Entrepreneurism from Martin Luther King, Jr., and Do you own your business or does your business own you?

Mr. Teter has an M.B.A. in Technology Management and is certified by the Kauffmann Foundation (the world’s largest foundation for entrepreneurship) as a TechVenture instructor, certified NxLevel trainer and trained Franklin Covey facilitator. He has been adjunct faculty at Harford Community College and Baltimore Christian College.

Tune in to our next giant, Mr. Russell C. Teter III.