This tip is from an article published in our monthly KYPTAC Newsletter through Govology. If you have any questions about this topic, please contact your KYPTAC Consultant. Not a client? Sign up here.
Welcome to the federal fiscal year 2022. It is an exciting time to be a federal contractor as the government is increasingly looking to leverage its "procurement power" to boost the growth of small and disadvantaged businesses. From a commitment to increase spending with Small Disadvantaged Businesses to the pending rollout of one of the largest infrastructure stimuli and spending plans ever, the future looks bright and loaded with many opportunities for small businesses. That said, the flow of those future dollars will only come your way if you are prepared, positioned, and informed. Throughout October, Tip Tuesday will examine each of these factors.
What does it mean to be prepared?
Sometimes we hear agencies refer to being "procurement ready." For example, the Department of Veterans Affairs (VA) developed an in-depth guide to "procurement readiness." This guide has helpful information that's applicable across all federal agencies, not just the VA.
To be successful in government contracting, you should also be "business ready" - i.e., have the right people, in the right places, following the right processes that give you the capability and capacity to win and successfully perform the types of contracts you seek. It is also essential to know your limitations. If you win a contract that you can't perform well on, it will be more challenging to win future opportunities where past performance is an evaluation criterion for award.