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Maximizing Government Sales: The Importance of Q4 and Strategic Preparation
June 28, 2023 | Business Development, Government
Government sales can be lucrative for small businesses, particularly those in government contracting. However, it is important to understand how money is appropriated, how procurement dollar thresholds and the rules behind them are established, and how to develop a comprehensive strategy. The "Use it or Lose it" Appropriations Rule In government spending, the "use it or lose it" principle applies to appropriations allocated to government agencies. It means that agencies must spend the funds appropriated to them before the end of the fiscal year, typically on September 30. Failure to utilize the allocated budget results in the forfeiture of those…
How You Can Become Procurement Ready: It’s Not What You Think
June 21, 2023 | Business Development, Government
In this post, we will explore the essential strategies and steps you need to take to become procurement ready. With the right approach, you can position yourself to win government contracts and propel your business to new heights. Let's get started by addressing a common misconception. People think being “procurement ready” means registering your business on all the appropriate websites and having the right socioeconomic certification. While these are essential first steps, they’re usually insufficient to win a government contract and aren’t sufficient long term. Here’s what to focus on to establish a truly robust government sales strategy: Business Classification…
Clearing the Hurdles: Six Common Barriers to Entry in Government Sales and How to Overcome Them
June 14, 2023 | Business Development, Government
Government contracts represent a tremendous opportunity for both small and large businesses. As I have mentioned in previous articles, the U.S. government is the largest buyer of goods and services in the world. If you sell it, the government has most likely bought it at some point. Yet this space remains a challenging frontier for many businesses, primarily due to the significant barriers to entry. This article will discuss these barriers, along with practical solutions to overcome them. 1. Complex Bidding Process One of the most daunting barriers is the intricate nature of the government procurement process. With numerous forms…
MYTH: Since the amount of goods and services the government buys is not affected by a economic downturn as private industry, the best time to begin selling to the government is during a recession.
FACT: Developing an effective government business development strategy usually takes years. Waiting until the economy is in recession to pull the trigger on a plan can doom it from the start as this strategy takes time and resources to develop….items that seem to be more scarce when the economy is in a downturn.
