There is a terrible misconception that once a vendor obtains a government contract money will somehow come rolling in…FALSE. The time consuming process of obtaining the contract is not the hard work, it is the post award process. To generate revenue for your business you need to have a strategy prior to obtaining the contract that can be modified in accordance with the market your company plans to service. Comprising a solid team that has a mixed balanced of skills, share the same vision, and is knowledgeable of government processes, as well as your market trends is a must, if you’re your company does not possess these skills you are wasting your time. The reward for having a contract is not winning the award, but maintaining a reliable, sufficient, company that can produce quality service in a short span of time.
Making your business visible in a pool of contractors who want the same thing that you envision is chore. To maintain a GSA Contract your sales need to be at least Twenty-Five Thousand Dollars in the first two years, and every year thereafter during the term of the contract, if you haven’t formed a workable plan of action to achieve this goal it could be difficult. The economic instability that we have had over the past few years has resulted in federal budget cuts. Terminations of contracts have more than tripled since 2007 according to federal procurement reports. Your approach to the post award process could define where your business stands in your market trend. Here are a few tips to move you forward:
- Compose a team of the right people with the right background to make your contract a success.
- Conduct market research to find out what agencies require your supply/service.
- Conduct market research to find out what companies provide your commodity current and past performance (preferably high dollar volume contracts).
- Ensure that your company is able to stay within the guidelines of the contract.
- Continually form relationships that positively build your business (this includes the competition).
- Construe a cost that will be reasonable enough to build business growth in addition to defeat the competition.
Procurement Source Solutions will provide in depth feedback for any comments given within 24 hours 800-267-7640 x101.