The 3-Step Approach to Competing with High Federal Dollars in Defense Contracting

budget monitoringAlmost every government agency is struggling to keep up with the budget cuts, and one of the hardest hit departments is the Department of Defense. Throughout the government, the budget cuts has significantly affected the nature of federal contracting.

Despite this, the defense industry is still a better investment than other sectors. The DoD is still the biggest employer in the world, and as such, business opportunities are still plenty. Arms merchants, in particular, dominate the global market, because the DoD spends a significant amount every day for technology and technical services.

If you want to join those government contractors and compete for tight federal dollars, here’s a step-by-step approach to guide you:

Familiarize Yourself with the Things You Need

Whether it’s the small business professionals in the Army, Navy, Air Force, or other Defense Agencies, it’s important to identify your target market within the department. Also, look for opportunities by checking the Federal Business Opportunities website.

Mil-Pac Technology suggests that you read the Federal Acquisition Regulations as well, so you know the procedures about shipping, packaging, and labeling before jumping into a contract.

Register Your Business

Obtain a DUNS (Data Universal Number System) Number and register with the System for Awards Management (SAM) to get a contract from the DoD. The DUNS Number, a nine-character identification, is important, because some government agencies, even those of other countries, require vendors and businesses to obtain this unique numeric identifier.

Ask for Help

The DoD marketplace is complicated, so it’s important to ask for additional assistance. Procurement Technical Assistance Centers (PTACs), Electronic Business, Small Business Professionals, and the DefenseLink are there to help you with your concerns. PTACs, in particular, can provide you with information on how to do business with the DoD, as well as assistance, counseling, and training.

There are also software developers that can help you with the very specialized requirements of defense contract packaging and shipping.

As long as you watch your costs, make sure your accounting system is efficient, and follow this simple approach, defense contracting will become that big window of investment opportunity you’ve been waiting for.