DOING BUSINESS WITH FEDERAL GOVERNMENT
The governments have realized that supporting the business community could propel the country’s economy to greater lengths hence leading to increase in GDP (gross domestic product).
The governments creates websites for the business community in order for business communities to get federal business opportunities for their business. Federal Business Opportunities is the primary source for federal government contract chances that are valued at over $25,000.
It’s also important to note that guides on FedBizOpps do not include state and local opportunities, state and local contracts can usually be found on your state or county procurement portal.
The internal structures of a business corporation which are not for Profit Corporation are different but there are similar benefits to incorporating such as separate legal entity, limited liability, possible tax benefits, and better access to financing and continuous existence.
If the firm goes bankrupt, investors will not lose more than their investment and members will not lose more than their membership dues (unless the stakeholder or member has provided personal guarantees for the firm’s debts).
Fed Biz Ops website can be accessed publicly which is accessible through the web. Each year, procurement from World Bank and Inter-American Development Bank-financed projects generate thousands of contract awards annually and provide opportunities for U.S.
Contracting with the Federal Government involves competing in a regulated marketplace and creating requirements and potential liabilities that generally do not exist in the profitable marketplace.
After using FedBizOpps you may find that your service offer is a better fit for state and local bidding opportunities rather than federally-administered contracts.
The pursuit of State, local or federal contracts is something that many business owners consider to be critical to the success and growth of their business.
The Socioeconomic Requirements in these government platforms exists in areas such as Equal Opportunity/Favorable Action, Environmental Protection and Drug-Free Workplace.
There also exist many potential drawbacks that do not generally exist in the commercial jurisdiction, including the Government’s right to terminate the contract at its convenience and the possible banning of business disputes.
Many federal agencies have what is known as an Office of Small and Disadvantaged Business Utilization (OSDBU) or an Office of Small Business Programs (OSBP).
These offices work within their agencies to identify opportunities to include small businesses as vendors to their agencies.
Despite the fact that approved goals are in place to ensure that small businesses get their fair share of work with the federal government, winning a share of the percentage of contracts set aside for small business isn’t a walk in the park. Convincing government buyers that you’re a worthwhile business partner who can help them achieve their goals requires a different approach that one you’re used to seeing in the marketable sector. Oftentimes, set-aside contracts are too big for a single business to handle.