Do you like pie? Grab a piece of the $126.5 billion All-American Apple Pie! The US Government is the largest purchaser of goods and services in the world, spending more than $550 billion annually on contracting. Of that sum, the Government is required to award 23% of contracting dollars to small businesses. That’s a whopping $126.5 billion devoted specifically to small businesses! How would you like a piece of that pie?
For the past five years, the federal government has exceeded its 23% small business goal in all small business set-aside categories. Small disadvantaged businesses, woman and veteran-owned small businesses, and businesses located in a Historically Underutilized Business Zone (HUBZone) are eligible for special consideration for some of these sought-after and lucrative contracts. Does your business qualify for a small business contracting set-aside?
Government contracting isn’t for everyone, but is it for you? If the $126.5 billion available to small businesses in the United States doesn’t convince you, here are five more reasons to consider seeking your first contract with the Government!
1. You will get paid.
Collections remain a challenge for some small businesses. When contracting with the Government, you can be assured that you will be paid. In fact, while the standard payment conditions in Government contracting remain at NET 30 days, the Prompt Pay Act provides that the Government should pay small business contractors with 15 days of receiving a proper invoice. During the Obama Administration, the interpretation of this guidance was clarified to include the payment of subcontractors by large business prime contractors.
2. Subcontracting dollars count toward small business goals.
Not every small business owner can (or wants to) undertake contracting directly with the Government. Don’t despair! You can join a large business team. Large businesses are encouraged (and required) to meet small and track business subcontracting goals. While working as a subcontractor, you’ll have the added benefit of learning how to respond to a Government Request for Proposal (RFP). Additionally, the Prompt Payment Act ensures that you’ll get paid on time by your prime contractor.
3. Networking events help you get your foot in the door.
The Small Business Administration and other organizations provide an invaluable resource for networking strategically with key contacts, including Government contracting officials and decision-makers. Many of these free and low-cost opportunities provide face time with advocates and prospective buyers with whom you can forge a trusted relationship and learn about the buying trends in your industry. Research what events your target agencies are hosting and plan to attend. While you’re there, speak to those officials you otherwise won’t have access to. As an added benefit, you’ll have a chance to meet other attendees and discover potential subcontracting opportunities. The SBA posts events here: https://www.sba.gov/events/find/?dateRange=all&distance=200&pageNumber=1
4. You don’t have to go it alone.
The SBA All Small Mentor Protégé Program allows large, established businesses (Mentors) to guide the business development of small businesses (Protégés) who want to do business with the Government. Assistance includes such things as strategic planning; assistance in navigating federal contract bidding, acquisition, and performance; business development guidance, including strategy and identifying contracting and partnership opportunities; and general administrative assistance, such as human resource sharing or security clearance support. Meet these potential mentors at some of those free networking events! For more information on the Mentor Protégé Program, visit this website: https://www.sba.gov/federal-contracting/contracting-assistance-programs/all-small-mentor-protege-program.
5. You can score big with the SCORE program.
The SCORE program is an entrepreneurial development program administered by the SBA, established in 1964 as a national, volunteer nonprofit organization that provides free-of-charge business and technical assistance to existing and emerging small business owners across the nation. There are 348 SCORE chapters nationwide in urban, suburban, and rural areas. More than 10,000 highly qualified SCORE mentors are available to guide you to Government contracting success…or just to help you expand your business. Did I mention these services are free? Visit https://www.score.org/.
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So, how do you like them apples? Joya and Anne can teach you how to enjoy a bite of that $125.6 billion contracting pie. Join us for our newly updated Find and WIN Government Contracts Express Masterclass on Wednesday, November 13 from 5:30-7:30 PST and claim a piece. Who knows, there might even be some ice cream to go with that pie. Register today at https://www.vopeeps.com/events-1/find-and-win-government-contracts.
Keep on rockin' your biz,
XOXO
About the Author: Anne Ganguzza is a full-time voice talent and award-winning director and producer who works with students to develop their voice over and business skills - including VO demo training and production. She specializes in Conversational Commercial and Narration styles, including Corporate, E-Learning, Technology, Healthcare - Medical, Telephony, and On-Hold. Located in Orange County, CA, Anne offers private coaching and mentoring services to students in person and via Skype, ipDTL or Zoom.