3 Important Steps Your Small Business Should Take to Prepare for a GSA Contract
Are you a disadvantaged small business owner? Do you want your firm to work with the federal government? A GSA Contract opens up an additional opportunity for you and makes your small business more alluring to the federal buyers.
GSA Schedules are contracts, which are used by the federal agencies for procuring a firm’s services and products. It comprises terms, conditions and pre-negotiated prices that streamline the sales process of the government. Agencies may set aside contracts solely for the small companies through the GSA program.
At any time, you may submit the proposal to acquire a GSA Schedule Contract. But before beginning the process, you should take time to analyze:
- The present condition of your company
- Where the firm needs to be on the basis of your financials, organizational structure and earlier performance for obtaining the contract
- What will you do after you get the GSA Contract
- What structure and resources would you need to use the contract successfully
It is very important to take preparation for any project if you want to succeed in it. Given below are three essential steps your business must take in order to prep for a GSA Contract.
KNOW IN WHICH GSA SCHEDULE YOUR BUSINESS FITS IN BEST
There are about forty GSA Schedules and seventeen million products/services being offered through them based upon the category. In fact, there is likely to be a Schedule for every business. You should know in which GSA Schedule Program your business fits in best. To find this out, you should browse the e-library site of GSA.
STUDY YOUR FIRM’S FINANCIAL HEALTH
Before beginning the GSA Schedule proposal process, you must take some time to study your firm’s financial health as it plays an important role in determining your aptness to obtain the contract. There are few things, which you need to consider like whether you have been in the business for a minimum of two years, how your assets are allocated, financial ratios etc. GSA usually avoids awarding contract to firms that do not have capacity of running their businesses.
DEVELOP A STRONG PLAN FOR DOING BUSINESS WITH THE GOVERNMENT
GSA Schedule is a great tool to procure federal contracts. It undoubtedly simplifies the sales process of the government but if you develop a strong plan for doing business with the government, it will serve as blueprint for your success in future. So, you should look out for sales opportunities all by yourself. To do this, you need to give some time for conducting a research work and identify the agencies that demand your products/services. Make sure to narrow down your search to one or two agencies and make a plan for reaching those potential buyers. Find out who is supplying products/services to these agencies presently and will you be able to strive in this market.