The government is consciously supporting small businesses through procurement by signing contracts. The federal government awarded $149.5 billion in contracts to small businesses in 2021, according to the U.S. Government Accountability Office. While competing against large companies for government contracts can be intimidating, there are several benefits of winning. Some of these perks include higher paying contracts, stable and on-time income, designated and credible opportunities, etc. However, there are some risks associated with such contracts too, like regulations and compliances.
This article outlines the steps small businesses can take to improve their chances of winning a government contract. To meet the eligibility criteria, small businesses need to –
- Obtain a Unique Entity Identifier (UEI)
- Figure out NAICS code
- Determine business size
- Stay compliant
mdf commerce aims to support these small businesses in the US or in Canada, with access to the most relevant bid opportunities from state departments and local municipalities in a centralized location, so the companies can focus on winning more government business. These contracts are set asides for small businesses, hence, higher chances of winning and less of competition.
The article further advises to start with small contracts, form a joint venture to combine resources, expertise, and past performances. Finding the best resources to get the right government opportunities can be an obstacle and that’s where databases from Periscope S2G, BidNet Direct, and Merx (Canada) come in. They can provide small businesses a platform to see and to be seen. Tools provided by these platforms can help save suppliers time finding relevant opportunities, potential partners, business intelligence data, responding to bids, and managing contracts, while generating awareness across all stakeholders.
To learn more about how you can grow your participation in public procurement, visit https://www.mdfcommerce.com/eprocurement-en.jsp