What size does my business need to be to secure a government contract?
The awardees for government contracts cross the spectrum from large multi-national corporations to small businesses and solo-practitioner consultants. For instance, many contracts are advertised which only require that a “consultant” or an otherwise certified professional respond. The respondents to these types of contracts or solicitations are often solo-practitioners or former staff in corporations and government who have unique or substantial experience as a subject matter expert. Reading the RFP or RFQ is the key to understanding whether or not an opportunity is a good fit for your business or organization. When you invest in a Palaurice professional, we conduct this assessment for you.
Where do I find government contract opportunities?
Most government entities have websites where they post solicitations, and they are easily located via keyword searches. However, it is often the case that businesses are unable to find all solicitations within a state due to the sheer volume of local and state entities in a geographic area. Palaurice Management Partners posts many general opportunities on its social media accounts (Twitter, Facebook, and LinkedIn). If you are interested in receiving solicitations that are uniquely suited to your business, contact us here.
What are the benefits of being a state government contractor vs. a federal government contractor?
State governments are based in the communities where local businesses are established. For small businesses, state contracting is a great way to understand contracting procedures by meeting with officials in person at local conferences and other pre-bid events. In addition, operating as a state contractor can prepare a business for pursuing federal government contracting opportunities. Another advantage to pursuing state contracts is that as a local business, there are many times when state governments express preference for local vendors/businesses/suppliers. This is especially helpful when a business does not have access to other preferences (i.e. woman-owned, disadvantaged, etc.) prevalent in government contracting.
On the other hand, federal contracts often have a higher probability of sustaining your business pipeline for a longer duration than state contracts. While federal contracts often take longer to secure, especially for new businesses, they provide a dependable revenue source, increase your company’s value, and increase your firm’s visibility in your respective market. The acquisition of a federal contract is especially significant because it signals your readiness as a business to provide sustained support for complex organizations.
RFP, RFQ, RFI… What do these acronyms mean?
These acronyms are designations for different types of solicitations. A Request for Proposal, or RFP, is a multi-part document that details how a vendor/business/supplier should understand and respond to a purchaser/organization/buyer’s solicitation. It can be the most complex type of solicitation to respond to, as the response generally requires significant time investment and attention to detail. Complexity often depends on the type of good or service being requested by the purchaser/organization/buyer.
The acronym ‘RFQ’ can refer to either a Request for Quote or a Request for Qualifications. When a Request for Quote is distributed to vendors/businesses/suppliers, the focus of the purchaser/organization/buyer is on obtaining the cost of a good or service. Therefore, quotes typically do not require the same level of detail in response as the RFP. However, there are many other potential hazards involved with submitting an RFQ for the average business owner that make partnership with a knowledgeable business development professional a worthwhile investment.
Requests for Qualifications (RFQ) and Requests for Information (RFI) are informational solicitations whereby a purchaser/organization/buyer seeks to understand whether or not vendors/businesses/suppliers in a given market could fulfill a potential or definite future need.
Who can I talk to today to win my first government contract?
We are excited each time a client receives an award notification that they have invested in obtaining by signing up with Palaurice. A free consultation is a great place to start. We look forward to partnering with you as you become a key player in your market, leaving behind all worries associated with unstable revenue sources. Your government contract awaits.