In a May 4 article published by American City Business Journals’ The Playbook, Bass, Berry & Sims attorney Todd Overman offered insight on the opportunities for small businesses to engage with federal contracting and practical steps to get started.
The federal government spent more than $665 billion on contracts in FY2020, and a variety of special programs for contracts are designed to meet the goal of spending at least 23% of all contracting dollars with small business owners.
Contracting with the federal government can present some big perks for small businesses that get the hang of it, Todd explained. “It also allows you to grow your platform, grow your business. A lot of work tends to be more long term.”
There are several steps businesses must take to determine whether federal contracting is a fit and, if so, to position themselves for success in the bidding process by proving they are capable to do the work the federal agency needs.
“You are building a resume for your business,” Todd said. “It’s much easier to have that conversation with that government procurement office when you have done something.”
The full article, “Want to Land Contracts with the Federal Government? Here are the Tips on How to Start,” was published May 4 by The Playbook and is available online.