Florida APEX Accelerator Government Contracting Readiness Checklist
Are you ready for government contracting?
Government entities at all levels - federal, state and local - are patrons of products and services from American businesses, offering opportunities for growth and collaboration. Embracing these opportunities entails understanding the government procurement process, which, while intricate, presents numerous advantages for businesses.
Navigating the landscape of government contracting involves adherence to various regulations, laws and procedures, as it is a nuanced endeavor beyond typical private sector transactions. Florida APEX Accelerator Consultants are here to guide you through these compliance hurdles based on your readiness to do so.
To optimize your company's potential for success with government contracts, it is essential to understand the investment in both time and resources. Below are key questions to help determine your company's preparedness for government contracting opportunities.
Are you an established business?
To become a government contractor, you are required to meet all criteria necessary to do business within your region, including abiding by all regulatory and licensing requirements. Depending on your industry, you may require a license or bonding to pursue government contracting work.
You will also need to ensure that you have sufficient financial resources to handle current obligations, including what you might encounter under a government contract.
Do you have a business plan that includes government contracting?
If you are interested in government contracting you may need to properly align your business plan to address the specifics of the government market. Make sure your business plan includes growth strategies and processes to include government contracting.
It is also important to have a strong company infrastructure including an accounting system where you can capture your revenue and expenses.
Is your business profitable to sell to the government?
Be prepared for potential delays in receiving payment for government work. It is not uncommon for payment to take longer than expected, sometimes extending beyond 30 days or even several months after the completion of the work. Ensure your business can cover overhead and other expenses during this period of waiting for payment to arrive.
Does your company have a history of sales?
Determine the unique qualities of your product or service that differentiate it from competitors and would appeal to government agencies. If your business lacks an established track record of sales, it may indicate that you are not yet prepared to engage in government contracting.
Past performance (commercial and / or government) plays a significant role in the evaluation process of government agencies when reviewing proposals and influencing their decisions on contract awards. Keep in mind that federal, state and municipal agencies, as well as prime contractors, exercise caution before proceeding to the next stages of engagement.
Have you done the necessary market research to determine the government’s demand for your product or service?
Consider connecting with local agencies and identifying subcontracting opportunities that can help you build past performance records with the government. Research which agencies or departments you need to target your product or service.
Is your company e-commerce capable? Do you have a website?
Having a website and online presence is important when doing business with the government and may require e-commerce functionality to win and perform on contracts.
It is also important to have an active email address tied to your company. Many government agencies prefer to communicate via email.
If you answered ‘yes’ to all of these questions, you may be ready for government contracting!
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