Eight Government Contract Winning Strategies for Women-Owned Business
Each year the government awards billions of dollars in federal contracts to women-owned businesses throughout the United States. For fiscal year 2015, the government awarded just over five percent of the federal small business eligible contracts ($17.8 billion) to women-owned small businesses (WOSBs). Twenty-three percent or $90.7 billion in federal contracts were awarded to small businesses that year.
Women who own a small business have more opportunities than ever before to obtain lucrative federal government contracts. Many opportunities for government contracts are specifically designed for women who own small businesses. Below are eight strategies that can help women win the government contracts they desire for their small businesses.
1. Complete Your Profile on the System for Award Management
Before applying for any government contract, businesses must register through the System for Award Management (SAM). Registering a business and using the system is free. When completing the profile, make sure that all information is complete and accurate. The profile is a marketing tool because government agencies use these profiles when they search for contractors.
2. Certify Your Company as a WOSB
The competition for some government contracts is limited to businesses owned by women. However, to be eligible for these contracts, a business must be certified as a WOSB and meet the qualifications for the women’s contracting program. If a WOSB is economically disadvantaged, the business may also qualify for government contracts specifically restricted for economically disadvantaged women-owned small businesses (EDWOSBs). You can also research other government programs that support small businesses that might apply to your business.
3. Establish a Business Credit Profile with Dun & Bradstreet
Many agencies check D&B credit profiles for the businesses that apply for government contracts. Missing information or incorrect information in your D&B credit profile could cause your company to lose out on government contracts. You can learn more about Dun and Bradstreet credit profiles and how to complete and update your profile from the D&B website.
4. Network by Attending Events Hosted by Agencies or Departments
Attending events hosted by the agencies you wish to do business with allows you to meet prospective buyers with those agencies, ask questions, and develop relationships with other businesses that might lead to subcontracting opportunities. Follow up with new contacts after events and periodically to maintain a working relationship that can place you in a better position to learn about new opportunities or win contracts.
5. Spend Time Learning About Government Spending Trends
The government is typically predictable with its spending habits and purchasing patterns. By studying information about government funding, you can get a good idea which industries may receive more money to spend in the upcoming fiscal year.
6. Check for Local Certification Programs
Some states, cities, and counties have similar programs that award government contracts to women-owned businesses. Check with local government agencies to determine if similar certification programs can give you access to restricted government contracts.
7. Take Advantage of Training Programs
Many government agencies provide training for small business owners. For example, the Small Business Administration has a learning center that provides free training in key areas that WOSBs need to improve their chance of winning government contracts. USA.gov provides a free Introduction to Federal Government Contracting on its website.
8. Get Help from a Professional
It's overwhelming to begin the process of qualifying for, bidding on, and obtaining government contracts. However, you do not need to do it alone. Women business owners can seek legal advice from a business attorney in their area. They can also gain valuable insights, tips, and support from organizations designed to help small business owners, such as the Association of Procurement Technical Assistance Centers (APTAC), SCORE, and Small Business Development Centers (SBDC).
For additional information on government contracting for women-owned businesses, consider speaking with Maryland business attorney, Steve Thienel.
