As we begin the new year, it’s time to reflect on how your business performed in the past year. The world has changed, and at GSE, we want you to understand how your information can help you win government contracts.
If you’ve already had experience in the world of Government Contracts at the Federal or State level, you probably know that any changes you make to your business will determine whether or not you win or lose your next contract opportunity.
Check out a few tips from our Contracting experts at GSE about making the most of available Government contracts, and start winning them today!
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Why Registering Your Business with FEMA is Crucial for Disaster Recovery: Lessons from Hurricane HeleneSeptember 30, 2024 - 2:47 pmYour Capability Statement is essential to highlight your company’s strengths, capabilities, and certifications. It also serves as a way to inform prospective clients of your experience as well as the quality of work that you produce.
This document should be updated regularly to ensure that it remains relevant and up-to-date with current information.
When updating your Capability Statement, you must review it carefully to determine if any new/current projects should be, added. When updating, don’t just say “our company provided extensive customer service assistance.” No one knows what that means. For example, did your company provide five or 20 employees under a contract? State how they made a difference and positively influenced the overall operation.
In 2022, SAM was updated to require all businesses with a record in the system to renew their information every six months. This new policy is intended to ensure that the information in SAM is up-to-date and accurate, which is vital because prime contractors use this data to identify potential subcontractors during the prequalification process.
The expiration date of your entry in SAM does not change when you renew it; however, we recommend that all companies review their information at least every six months and any time they change their Federal Acquisition Regulation (FAR) status or NAICS code.
If you keep your information up-to-date, you can avoid being excluded from government contracts because prime contractors will not consider you for projects/contracts during their market research evaluation.
The government contracts industry is large and complex, with many opportunities for businesses to succeed. There are also many challenges that companies can face in this market, including a highly regulated environment and complex requirements. To succeed in this market, it is crucial to analyze your strengths and weaknesses as a company and understand what you can do to overcome your weaknesses.
An excellent way to start analyzing your business’s strengths and weaknesses is by asking yourself some questions:
Federal rules and regulations are constantly changing, so it’s important to stay updated.
They are an excellent resource for understanding how to comply with the law. The rules will help you determine what is required by federal law and what your state requires.
The Small Business Administration (SBA) recently updated the Dynamic Small Business Search (DSBS) tool, a quick and easy way to determine if you qualify for an SBA loan.
To update your DSBS, you will need to enter your company’s name and location. You can also enter additional information about yourself and your business to help the DSBS determine whether or not you are eligible for a loan.
If you have changed the name or location of your business since creating an account, make sure to update this information for it to appear correctly in your search results.
Once all the required fields are filled out, click on “Search” at the bottom of the page and click “Submit” once you have reviewed your results. This will take you back to your original account page, where you can review any changes made during this process.
One of the most critical parts of the proposal-writing process is to ask for feedback, regardless of whether you win or lose. Even if you are the winner, knowing what worked and didn’t work in your proposal is valuable. You can use this information to make future proposals stronger.
Keep all of this feedback in an electronic file where your team has access for future proposal writing and responses to evaluations. This way, you can reuse many sections or paragraphs that received high marks from evaluators.
At Government Services Exchange, we can assist you in obtaining Certifications, Registrations, and Capabilities Statements and set you up to get awarded Government Contracts. In no time you will be connected to billions of dollars in spending that is available to businesses just like yours!
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Increased Opportunity for Small Businesses Due to New FAR Amendments
