This tip is from an article published in our November KYPTAC Newsletter through Govology. If you have any questions about this topic, please contact your KYPTAC Consultant. Not a client? Sign up here.
The government marketplace is constantly evolving and changing every year. We are only in the second month of the federal fiscal year 2022, and already a slew of changes are starting to impact federal contractors. Some of the changes and requirements you can expect to see in FY 2022 include:
• CMMC mandates
• SAM.GOV DUNS to UEI migration
• New minimum wage requirements
As a federal contractor, it is essential to stay abreast of these changes as they present both threats and opportunities that require your attention and action. It's not prudent to wait until you see a clause in a solicitation before you act because sometimes, your eligibility for the contract award requires that you have already met compliance requirements either at the time of bid or at the time of award. Unfortunately, some of the requirements take longer to implement than the time it takes for a publicized solicitation to result in an award. The bottom line, you may not have enough time to get compliant if you only learn about the requirements when you read the solicitation.
So how do you keep yourself current to avoid getting caught off-guard? Here are a few suggestions.
Talk to your PTAC counselor. If you get wind of something you don't understand, contact your PTAC counselor. They are constantly working to stay current on all of the new changes in the government marketplace and can sit down with you to discuss how these changes may impact your business along with mitigation measures. In addition, if a change presents a new opportunity for your business, your PTAC counselor can also help you understand how to take advantage of it.
Read this newsletter. Every monthly edition of this newsletter has a "Recommended Reading & Listening" section featuring published articles and podcasts that inform and explain new changes in the government marketplace. Not receiving our newsletter? Click here to subscribe.
Follow your favorite GovCon attorneys. Several law firms specializing exclusively in supporting federal contractors do a great job keeping those who follow their blogs up-to-date on the latest news. Here are a few blogs you may consider following: Smallgovcon.com, GovConExaminer, and GovConBrief. The Federal News Network also hosts informative articles and talk shows on the subject of government contracting.
Connect with thought leaders on LinkedIn. In addition to connecting with your PTAC counselor on LinkedIn, make it a practice of connecting with everyone you meet in the GovCon space. There are many thought leaders and subject matter experts on LinkedIn who keep their connections and followers updated. You may also consider joining a group on LinkedIn dedicated to government contractors.
Attend webinars and events. Webinars are a great way to take in "must-have" information and ask questions of subject matter experts. Also, events offer a valuable opportunity to learn, connect and engage with agencies, GovCon professionals, and other businesses. Check this newsletter every month for relevant webinars and events to stay in the know.
Find a GovCon attorney for your business. It's a good idea to know an attorney specializing in government contracting, so if a need arises, you could reach out to them. Your GovCon attorney can help you formulate a compliance plan that may include identifying what flow-down clauses should be incorporated in your sub-contracts. If you don't put key clauses related to compliance in your sub-contracts, the government will ultimately hold you accountable.
In sum, being aware of changes in the government marketplace is a must if you want to have a successful business. But you don't have to spend hours each day reading every blog and watching every webinar you can get your hands on. Instead, commit to a few minutes a day to read up on the latest GovCon news. Check out upcoming webinars in this newsletter and register for the topics that are relevant to your business. If not sure which training will be most beneficial to you, ask your PTAC counselor for a recommendation. The goal is to grow - your knowledge, your confidence, and your business.