It’s time to start fresh and plan for a year of new opportunities for your business in 2022. Every year, the government spends trillions of dollars on contracts all over the country, giving you ample opportunity to bid and demonstrate what your business has to offer. In 2020, the federal government increased spending by $70 billion to $665 billion spent on contracts.i Also, the federal government exceeded its small business contracting goal, awarding $145.7 billion in federal contract dollars to small businesses, a $13 billion increase.ii As we wait for 2021’s numbers to be finalized, it’s evident there will likely be a plethora of new opportunities for your business going into the new year, as the government is constantly spending money on new and existing projects.
In this article we will discuss some tips on how to prepare for these new bidding opportunities.
Tip 1: Come up with a business plan
The best way to start the new year off right, is to have a business plan in place for the year. With the economy constantly changing and the government’s increased investment in new projects, it’s important for your business to keep up with what’s going on in the public sector when it comes to bidding. One of the first things you should decide on is your budget for the year. This will help you determine how much money you can put towards investing in new opportunities for your business. Knowing this will allow you to purchase the right supplies and properly staff your business. Nothing’s worse than winning a contract and not being able to perform what’s being asked of you because you don’t have adequate resources. That could result in possible contract termination and a loss of credibility for your business. The next step is to decide what types of opportunities to pursue and how many you would like to go after. Give yourself a realistic target and don’t go overboard. If you find your business is successful, you can always pursue more opportunities as time goes on. Know who you want to work on these contracts and how many employees it will take. Even creating a team responsible for government bidding is often a smart move, as it will not take other employees away from their day-to-day tasks. Also, creating a team who can be your expert when it comes to bidding may increase your likelihood of winning contracts.
Tip 2: Follow a high value, targeted approach
If you’re looking to win more government contracts, another best practice is to have a more targeted approach when bidding. Sometimes it’s best to bid on projects in 2 to 3 areas that you have expertise in, rather than bidding on 10 projects that are focused in several different areas. Sometimes it’s best to stay tightly focused on a few projects that you know you can excel in, rather than trying to go after many bids when starting out the year. It’s often quality over quantity, sometimes going small has a better payoff than trying to go big right from the start. Again, you can always build up to more opportunities as time goes by.
Providing quality and not just a competitive price is another key part to having a successful year. Government buyers aren’t always looking for the lowest price, many are looking for the overall quality or value that you can bring to the table. Make sure to evaluate the value of your products or services and put your best foot forward.
Tip 3: Stand out
Remember that a new year can mean a fresh start for your business. Standing out from your competition is a great way to start 2022 right. Try to pinpoint areas in which your business shines as well as areas you may need some work in. A few ways to stand out are to create a portfolio highlighting your contract award history and how successful you were at completing past projects. Be sure to include things such as how you were able to complete projects in a timely manner, or how you provided products or services that other businesses were not be able to. Also, providing a list of references from past projects is a great way to show an agency how reliable and competent you are when it comes to completing a project.
Tip 4: Make connections
A great way to get on government buyers’ radar is to make connections. Whether it’s with past agencies you’ve worked for, or other businesses you may have worked with on a project, those connections may help you win more contracts in the future. A lot of government buyers look for recommendations or talk with other businesses to get a feel for who may be the best fit for their project. Having a good reputation can help immensely during the bidding process.
Tip 5: Look out for infrastructure spending
We can’t forget about the $1.2 trillion bipartisan Infrastructure Bill (Infrastructure Investment and Jobs Act) that was signed into law on November 15, 2021. Funding for these infrastructure projects will be spread out across all 50 states over the next 5-10 years, constantly bringing in new opportunities for your business. It’s likely that you’ll start to see a bunch of new projects this year in a variety of different sectors such as roads and bridges, broadband, power, water, cybersecurity, passenger and freight rail, and many others where billions of long-overdue dollars are being allotted to rebuild and repair these structures. Stay vigilant and be prepared for an influx of bidding opportunities that your business can potentially bid on and win.
Tip 6: Get notified of new opportunities
Lastly, one of the best ways to prepare for the year is to get notified of new opportunities that relate to the products and services your business provides. By using a bidding intelligence service like bidnet direct you can receive daily bid notifications to your inbox with targeted and summarized bid information. This will save you time and energy that you can focus on writing winning proposals.
Extra Tip: Add keywords to your profile
There are thousands of new bidding opportunities issued each month for a variety of different projects across many industries, giving you ample opportunity to put your best bid forward. By adding keywords to your bidnet direct profile you’ll be able filter your bid search to find only the bids you want to see. It allows you to find more specific opportunities in specific industries quickly and efficiently and will help your profile stand out to participating buyers.
With the government signing millions of contracts every year, 2022 is looking bright for your business. By keeping these helpful tips in mind you’re bound to make great progress in your bidding journey. Create a plan and execute it, show government buyers why your business is the best for the job and continue to create a stellar business resume for future projects moving forward.
Andrea Cortina | bidnet direct
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