07 Nov HOW FEDERAL CONTRACTORS CAN PREPARE FOR 2020: TRENDS AND CHANGES IN FEDERAL CONTRACTING FOR THE FISCAL YEAR 2020
The United States Government awards hundreds of billions of dollars to businesses to meet the needs of federal agencies and the military in the form of federal contracts. The government seeks to award more than twenty-three percent of the said federal contracts to small businesses to help them grow.
Research the demand and pricing
IF you really like the idea of contracting with the Federal Government, research the market and pricing for your products or services. The Forecast of Contracting Opportunities Tool would be the perfect site to do this. You can also seek insight on the hourly labor rates in federal contracts to determine how much you would make.
Research the sources of federal contracts
The next step is to search for an opportunity to work within governmental agencies or the military. Sites like Contracting Opportunity Finder and FedBizOpps are instrumental in this task.
IF you get into business with federal agencies and the military make sure your company has the financial resources and time to put into the process, we suggest having at least 30-45 days of income in reserve before payments start to come in.
Key Trends for Government Contracting in 2020
Legislation Watch: FY 2020 National Defense Authorization Act
With the Senate passing its version of the bill in June and the House subsequently passing its version in mid-July, Congress is getting closer to the passage of the 2020 National Defense Authorization Act (NDAA). This legislation is an annual spending authorization bill that lays out how the DoD should spend its budget.
The Senate and House bills would each require the DoD’s Office of Small Business to set performance goals and would expand the definition of “Disadvantaged Small Business Concern” (S 1790, Sec. 841, H.R. 2500, Sec. 881).
Research on regulations and laws for federal contractors
The Code of Federal Regulations outlines the rules that need to be adhered to concerning federal contracting programs. Some of these regulations include:
• A federal contractor must comply with labor statutes. An exemption will only be made if the contract states that a particular statute is not applicable.
• Small Businesses subcontracting with Prime contractors – Prime contractors must perform minimum levels of work on a government contract. This is to keep ineligible businesses from using small businesses to achieve their contracting goals.
• All contractors must deliver goods and services exactly as described in the specifications of the contract.
• All terms of a federal agreement must be met.
Part 2 will conclude a discussion of the various needs a business must have to win a federal contract.
If you are looking for a subcontractor in the area of technical writing for Federal Government contracting, please call Valerie Mullins, Communications Consultant at 301-390-5620 or email email@example.com.