There is Money in Federal Trades
Do you manage a small trade firm and wish to work for federal projects as a trade and earn profit? Here are some pointers on how to gracefully ace contracts as a government contractor’s trade partner.
1. Become a Vendor
- Make sure you are registered in (System Award Management) SAM. This is required in order to be considered for any federal contract.
- Obtain a Data Universal Numbering System (DUNS) code. This is a nine-digit code needed to bid on federal contracts.
2. Prepare Prequalification
- Licenses and Certifications
- Liability Insurance
- Capability Statement
- Financial Capacity
3. Analyze Contract
- Understand the contractual documents (contract, drawings, specs and scope).
- Review compensation, due dates, supplier of materials, safety requirements, and other specifications.
- Understand the requirements of the project.
4. Well Documented Plan
- Estimate your costs accurately to achieve a reasonable profit margin.
- Format your proposal according to the general contractor’s requirements.
- Ready your excellent team of trade players.
- Deliver projects outstandingly.
- Be proactive and communicative.
- Adhere schedule.
6. Maintain relationship
- Send thank you note to your partner.
- Ask how to improve in future projects.
- Maintain communication to get future projects.