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In order to get a government contract for your small business, there are certain steps you should take. Understanding how the goverrnment does business is a vital starting point.
Government contracting rules, regulations and procedures dictate how you do business with the government. The two most important laws you need to be aware of are FAR (Federal Acquisition Regulations) and FASA (Federal Acquisition Streamlining Act). However, there are numerous other laws that have an impact on government contracting that you should also keep in mind.
Use our quiz to gauge whether your business is ready to contract with the government.
Government contracting is done electronically, through two types of electronic means; e-commerce websites and EDI, which stands for Electronic Data Interchange.
Your business should have certain resources, finances, equipment, and computer skills in order to do business with the government. In addition, your business must meet the definition of a small business for purposes of special government contracting programs.
Government contracting presents a huge opportunity for small businesses. The government requires a wide variety of goods and services, and many are too small for big businesses to consider. As with any business deal, there are risks and rewards, and a government contract should be treated like any other.
While many contractors are big businesses, the government has set aside funds specifically to attract small businesses to take on government contract work. In addition, the government has put in place procedures to allow for "micro-contracting," which facilitates getting extremely small contracts.
To get government subcontracting opportunities, you'll need to take the actions necessary to become a qualified subcontractor by following the appropriate procedural steps to get yourself recognized as a legitimate player in the government contracting field. You can improve your business's chances to become a subcontractor for a prime contractor by getting listed as an approved or preferred lender. Also, consider joining a flexible network of manufacturers.
Virtual crimes are committed with increasing frequency as computers and the Internet are an integral part of people's personal and professional lives. Identifying and preventing cybercrime and Internet fraud should be on every business owner's radar.
This is a key lead-in for the Organizing Your Business Article.
Fraud can cost a small business a substantial amount of revenue. While you would like to think it could never happen to you -- and we hope you are right -- it makes sense to put plans into place to lessen the chances.