6 Pointers to Ace Profit in Federal Projects as a Trade Partner

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.

5. Execute

  • 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.

 

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