Each day, government agencies spend over 20 billion dollars on products and services across several different industries, including medical and health, construction and renovation, and public works and defense just to name a few. With over 85,000 different agencies handling these funds, this makes the U.S. government the largest purchaser of goods and services in the world and makes it a vital source of revenue for hundreds of thousands of private businesses across the nation.
How does the government spend the money?
The U.S. spends this money through several thousands of unique contracts awarded to private businesses and vendors who through a process of submitting government bids have proven to be the best suited to deliver the required products and services. The contracts vary in length of time, dollar amount, and scope, and are generally open to both big and small businesses. This means that with so much money to spend across dozens of industries at the federal, state, and local levels, there are literally thousands of opportunities for private business and vendors to find and secure the right contract to grow their business.
Find the right government bids for your business and industry
There are a variety of sources to find the right government bids for your business and industry, ranging from government agency websites, to newspapers and contract reporters, to electronic data feeds and downloads, to word of mouth; but very few private businesses have the time or the resources to scour each outlet for information to find the bid opportunities tailored specifically towards their professional expertise. Many seek the assistance of online RFP or bid search service providers such that have custom searches to help you narrow your search by filtering for types of business or by region, provide you with various market analysis tools, and offer web-based or live customer support to learn their program. But most of the time you are still overwhelmed by too many results or the need to pay for additional filtering options and features that are only available in pro- or premium-level memberships. Of course, even then you’re still not guaranteed a successful government bid; there’s still much research and preparation before you can write a winning bid.
Get an edge – Learn more about the competition
Remember that you will you be competing against several other businesses to land a government contract, so it’s best to know as much history as possible to give you the competitive edge you need. An effective way of doing this is by learning about how the funding government has spent money in the past in order to understand how it intends on spending money in the future. This is where GovSpend’s proprietary database of purchasing information from all federal, state and local agencies gives you the tools and market intelligence to effectively negotiate and win the right government bids to grow your business or agency. GovSpend also gives you the ability to view thousands of vendor profiles and selling history, so that you can learn which of your competitors sold your similar product or service and for how much. No other RFP or bid search service lets you find precise purchasing information quite like this. There are several rules and regulations governing how contracts are awarded, but generally speaking, government contracts are often awarded to the lowest bidder. Having this kind of detailed purchasing history information is vital to writing a winning government bid.
Put it all together
Different federal, state and local agencies will have different requirements for submitting proposals. It’s best to follow each of these requirements perfectly, meet all deadlines, and provide as much detailed and well-researched information in your bid as possible. There are several reputable bid software services that help you gather and organize all of the required documentation to submit a great bid. All of this, coupled with the unique information GovSpend can provide, will have you winning the right government bids for your business in no time.