Federal contracting refers to the way that the federal government procures goods and services from small and large businesses and individuals.
The goal is for the federal government to acquire the goods and services that the government needs to carry out its missions and responsibilities, while also promoting competition and ensuring that the government gets the best value for its money.
The federal contracting process typically involves several steps, including:
Planning: This involves identifying the need for a particular product or service, and determining how it will be procured.
Solicitation: The government issues a request for proposals (RFP) or an invitation for bids (IFB), which provides potential contractors with the specifications for the product or service being procured.
Proposal Evaluation: The government evaluates the proposals received in response to the RFP or IFB and determines which contractor is best suited to meet the government's needs.
Contract Award: The government selects a contractor and negotiates a contract, which sets forth the terms and conditions of the procurement.
Performance: The contractor performs the work specified in the contract, and the government provides oversight to ensure that the work is done in accordance with the terms of the contract.
There are 8 key federal contracting mentors available to help small business owners become successful in their business development process. In this series, Neil McDonnell reviews what each one has to offer and how you can use these relationship to mature your business and make important contacts.
You will need different mentors as you mature along your small business federal contracting journey.