4 Ways Prevailing Wage Contractors Can Become Successful
Opportunities for Prevailing Wage Contractors
Securing government contracting opportunities can sometimes be a challenge. Though you can still expect a healthy amount of the market open to small businesses and prevailing wage contractors, even given the fluctuations in the budget and economy, you still have to consider competition.
Tips for Prevailing Wage Contractors
Here are several tips in securing government contracting opportunities.
1. Know the rules involved in government contracting.
Dealing with government as a client is different from dealing with the private sector. While you can easily get excited by the prospect of securing a contract, you need to know the likely obligations involved in selling to the federal government.
For example, you can expect much longer lead times. When it comes to the contract itself, you can also expect stricter bidding and product requirements.
It’s important to familiarize yourself with how government contracting is conducted, so that you can fully maximize every opportunity that arises.
2. Be strategic with your business and services.
Different agencies and departments within the federal government have different goals. As a strategic prevailing wage contractor, you can start by analyzing the goals of different agencies and working out what unique product or service you can offer. Identify these specific opportunities can help you become more competitive.
One way to start with your strategic planning is to examine the budget scheme of the federal government. This is information that’s open to the public. The federal government’s budget reflects how much it has to spend on different types of projects. If you can identify the kinds of public works the government will be investing in, you can then focus on marketing, developing and contracting that kind of project.
3. Keep updated with the opportunities for prevailing wage contracts.
After you’ve identified which agencies and departments align with your core business products and services, you need to actively look for government contracting opportunities. You can search websites such as USASpending.Gov, which is a publicly-accessible and searchable website where you can see how the government budget is spent.
You can also look at the output of different market intelligence firms to track opportunities.
4. Build relationships with government and industry contacts.
Attend agency- or industry-specific government events. You can build your network there, and establish relationships with the procurement community, industry experts, influencers, and key government personalities.
You can also use opportunities like these to build partnerships with people who can help your business grow, such as marketing experts, procurement representatives, and government mentors.
Work with Fringe Benefit Specialist ARCHER JORDAN
Securing government contracting opportunities is about putting your best foot forward. You need to have the best team in making your offers and bids the most competitive. Our team of insurance and benefits professionals can help you create the perfect fringe benefits offer.
Here at ARCHER JORDAN, we ensure that the benefits plan we provide adheres to SCA and DBA prevailing wage requirements, among other government regulations. Call us now at +1 888-745-0754