Bidding season for government contractors is in full swing. As a small business owner, you’ve already got an advantage when bidding for government contracts. Furthermore, if you’re a registered Veteran Owned Business (VOSB), Service Disabled Veteran-Owned Small Business (SDVOSB), 8(a), HUBZone, or Women-Owned small business, you’ve got an even better chance at winning a contract. Other than the size of your business or how you’re registered, though, what else does the government look at when choosing the right small business to work with?
As part of our government contracting blog series, you’ve seen that following all of the guidelines and responding to every requirement the contract sets forth is important when writing your proposal. We’ve also shared another great tip – to think about your government contract financing plan ahead of time. Now we’re training our sights on making sure you have financing in place prior to winning a bid.
Why do we think this is essential? Because the best time to think about financing is before you bid or have been awarded the contract. Knowing you have financing in place can provide extra assurance that you will be able to fulfill your part of a contract as a subcontractor to a prime contractor. Besides, in many cases, the government is going to require this from you; i.e. they’re going to want you to prove you have the financial capability to actually perform the contract you want to win. The first step in proving this capability is with a Financial Capability Letter. Click here to watch the recorded webinar on contract financing below.