The governments have realized that supporting the business community could propel the country’s economy to greater lengths hence leading to increase in GDP (gross domestic product).
Federal Business Opportunities are commonly known as Fed Biz Ops or FBO. Federal procurement guidelines require that bids worth $25,000 or more to be published through FedBizOpps.
It’s also important to note that guides on FedBizOpps do not include state and local opportunities, state and local contracts can usually be found on your state or county procurement portal.
The internal structures of a business corporation which are not for Profit Corporation are different but there are similar benefits to incorporating such as separate legal entity, limited liability, possible tax benefits, and better access to financing and continuous existence.
If the firm goes bankrupt, investors will not lose more than their investment and members will not lose more than their membership dues (unless the stakeholder or member has provided personal guarantees for the firm’s debts).
Registered user can also create profiles that are searchable by government users and registered government user can use FBO to search vendor profiles. There is a common misconception that the Federal Government does not offer enough funding opportunities specifically targeted at increasing and supporting the participation.
The U.S. uses fedbizopps for General Services Administration integrated with Federal Government computer system, the system is subject to monitoring and individuals found performing unauthorized activities and are subject to disciplinary action including criminal prosecution.
The main difference between the State and Local and Federal opportunities are such that in state and local contracting, Low barrier to entry, Higher volume of opportunities, Less red tape, More friendly towards small businesses, Faster selling cycle, Better cash flow and Fewer information requirements where Federal opportunities include Longer selling cycle, it is More bureaucratic, Requires Cage and Duns and has Number which is free in registration.
The pursuit of State, local or federal contracts is something that many business owners consider to be critical to the success and growth of their business.
The Socioeconomic Requirements in these government platforms exists in areas such as Equal Opportunity/Favorable Action, Environmental Protection and Drug-Free Workplace.
These include special socio-economic preferences that afford opportunities to new and small business contractors that do not exist in the commercial marketplace and the comfort of dealing with a generally reliable customer.
To prepare your business for federal contracting opportunities, it is important for you to understand these assets.
Each agency releases a projection of anticipated procurement activities that includes potential small business opportunities.
It is said that Government buyers are sensitive. Convincing government buyers that you’re a worthwhile business partner who can help them achieve their goals requires a different approach that one you’re used to seeing in the marketable sector. Teaming with other small businesses is a great way to provide the collective services that agencies often seek within one contract.