If you’re interested in government contracts for bid but are unsure of the process works, keep reading.
Here’s everything you need to know about how to bid on government contracts!
How to Bid on Government Contracts
Step #1: Take a Look at the Small Business Administration Guide
The U.S. Small Business Administration provides helpful guides. Access these guides to get an idea of the procedures and policies that you need to adhere to when bidding on government contracts.
Step #2: Create a SAM Profile
You’ll then want to set up a System for Award Management (SAM) profile.
The SAM acts as a master list of all the businesses who would like to work for the federal government.
Your SAM profile should include your capabilities, special equipment, and skills that you can bring to the job that you’re bidding on.
Note: Because the government looks for stability and wants to see that you’ve been financially sound for the last few years, experience counts a great deal–especially if you can relate it to the contract you’re bidding on.
Step #3: Check Invitations For Bid
Next, check Invitations For Bid (IFB) through government agencies.
IFBs are easy to find, as all of them are posted online at the Federal Business Opportunities government website.
The IFB will provide details of the contract.
Step #4: Find a Job That’s a Good Fit
Evaluate your company and each IFB to see if it would be a good match.
Before bidding, you should be completely confident that your company can complete the job and do it well.
This step is important because if you are awarded a contract and fail at the job, it will likely be your last.
Step #5: Follow All the Rules
When writing your bid, follow all of the rules and regulations.
If you find you need help, check out the Small Business Administration, your local procurement office, consulting firms, and/or utilize other available resources.
Step #6: Do Your Research
Past bids are public record, so check them out.
While you’ll want your bid to be low, you’ll also want it to be realistic. You can use info from your research to help you choose the right number.
Step #7: Calculate Your Best Bet
Before bidding on a government contract, use data analysis tools and techniques to target those contracts you have the highest likelihood of winning.
Step #8: Respond to Each Requirement
You should respond to every requirement outlined in the IFB in your bid.
Your bid should be clear. Also, make sure it points out the direct benefits of working with your company.
Step #9: Consider Teaming Up
If you’re bidding on a government contract, you may want to consider partnering with another business.
Small businesses can be somewhat limited in their capabilities. However, by partnering with another company, you can fill in those gaps.
In fact, some government contracts can only be awarded to those businesses owned by women, minorities or veterans. So, if your business doesn’t fall into one of those categories, it might be helpful to pair up with one that does.
Step #10: Submit Your Bid
First, fill out any and all required forms. Then, as your last step, submit your sealed bid.
Bids will be opened at the assigned time that’s listed in the IFB.
Now that you’ve got some great information on bidding on government contracts, you can incorporate these steps into your process!