Government Contract Financing

How Relationships Can Help You Win a Government Contract

Winning a government contract involves a lot more than simply drafting up a great proposal. It’s the relationships that you develop with the right people along the way that will ultimately bring you the success you’re after. To get you pointed in the right direction, here are a few practical tips for how to get government contracts through effective relationship building.

Making the Right Connections

When it comes to going after government contracts for bid, making connections with the right resources is essential, especially if you’re a small business. Teaming up with fellow contractors is a great way to build credibility and proficiency while improving your chances of winning bids. Locating and connecting with these quality individuals, however, will require a little prep work on your part.

First, focus on getting involved. Networking plays a big role in the government contract world, and this can be done a number of ways. Participating in events, such as government conferences, and joining local business groups can help you locate others who might also be interested in government contracting. Additionally, connecting with various resources via social media can help you establish yourself and get your foot in the door.

When looking for fellow professionals with whom to team up, start by working on smaller projects together first. This will help you determine whether the relationship is a good fit.

Participating in a Mentorship

A great way to learn the ins and outs of how to get government contracts is to connect with someone who is already experienced in the field. The U.S. Small Business Administration offers a mentor protégé program which is designed specifically to help small business owners understand the government contracting process. There are several requirements in order to become a protégé, but being able to participate in a mentorship will make it well worth your time and efforts.

A mentor can provide guidance and advice on everything from the various types of government contracts to best practices for writing proposals, and even how certain strategies, such as invoice factoring, can help improve your cash flow. Partnering with an established mentor can also help you build credibility.

Government Provided Resources

To make the process of contracting a little bit easier, the government has put together a number of resources which are available through procurement center representatives and commercial market representatives. Procurement center reps help potential contractors to better understand the process and are available to assist with other concerns that may arise in the interim.

Commercial market representatives provide assistance with various parts of the process, such as obtaining subcontracts and reviewing prime contractors. They also handle the training on the subcontracting assistance program.

A Step in the Right Direction

The field of government contracting is highly competitive. The one thing you can do to differentiate yourself and strengthen your chances of being successful is to focus on developing relationships with the right people. Doing so effectively will help you establish yourself as a trusted player in the contracting realm.

Triumph Business Capital is a respected resource in the government contracting industry. For more information on our government contract factoring services, or to learn more about whether factoring would be a good fit for you, give us a call. We’re here to help.