Let's face it, running a business isn’t easy. Every year presents new challenges - growth, planning, cash flow, workforce development - and the past few years have thrown some extra curveballs our way with the pandemic, supply chain disruptions, and inflation. Now 2023 isn’t going to be a cakewalk either. The risk of recession, finding new revenue streams, and keeping our workforce stable looms large. Moreover, these challenges are likely to linger into 2024! But don't worry, TurboGSA explores these challenges and shows you how getting a GSA contract can help you tackle them head-on.
It seems likely you are already intrigued by the possibilities of a GSA contract, so let’s recap what it is. A GSA contract is a pre-negotiated agreement between the government and a private sector company that allows agencies to purchase commercial goods and services at predetermined prices. This contract provides a streamlined and efficient procurement process for government agencies and ensures they can purchase from a high-quality and reliable source.
This article delves into how a GSA contract can help you face and overcome this year’s challenges. What are the specific challenges businesses face in 2020? They include:
- The threat of recession
- Workforce stability
- Finding new revenue streams
Having a government contract, particularly a GSA Schedule contract, can provide a level of stability and security for firms during recessionary times. As the government is typically seen as a reliable source of revenue, even during economic downturns, having a government contract can help to protect a firm from the adverse effects of a recession. It can provide a steady source of new revenue for your firm even during tough economic times in the commercial sector. By diversifying their revenue streams, firms can help to mitigate the impact of a recession and maintain their financial stability.
Workforce stability threat
Having a government contract also provides numerous benefits for businesses looking to hire and retain workers. Firstly, having a stable source of revenue from a government contract can help your business to maintain its financial stability, which is essential for hiring and retaining employees. Secondly, working with the government often requires a large, skilled workforce. Companies with government contracts may be more attractive to job seekers looking for stability and opportunities for growth and advancement. Additionally, having a government contract can help your business build a reputation as a reliable and trustworthy employer, attracting top talent and reducing turnover. Overall, a government contract can provide stability, benefits, and opportunities needed to hire and retain a high-quality its.
Growing Revenues by Building Trust
Building trust with federal agencies is a critical aspect of success in the government sector, and a GSA Schedule contract can be a valuable tool in achieving this. A GSA contract signals to federal agencies that a business has undergone a rigorous evaluation process, proving its ability to provide quality products and services. This credibility and reliability can be the foundation for a strong, trusting relationship with federal agencies, both locally and nationwide.
Moreover, a GSA Schedule contract provides you with access to a vast customer base, enabling you to foster relationships with federal agencies across the country. This helps establish a solid reputation as a provider of top-notch products and services.
In conclusion, a GSA Schedule contract can be a powerful tool for businesses looking to establish trust and build a positive relationship with federal agencies, leading to increased success and revenue in the government sector.
While we’ve discussed how a GSA contract helps you deal with current 2023 and 2024 challenges, don’t forget that this contract can deliver the following benefits for the next 20 years. That’s right, A GSA contract is a 5-year contract with three 5-year option periods.
Increased Market Reach
A GSA Schedule contract offers access to a wide range of federal, state, and local government agencies, providing a unique opportunity to tap into a large and stable market. The rigorous application and negotiation process to obtain a GSA Schedule contract also enhances your firm's credibility, establishing it as a trusted and reliable supplier to the government.
With a GSA Schedule contract, your firm gains wider exposure, showcasing its products and services to a diverse customer base and building a positive reputation. leading to new business opportunities and increased demand. In sum, a GSA Schedule contract is a valuable tool for you to expand your reach and increase your competitiveness in the government market.
Streamlined Procurement Process
A GSA Schedule greatly streamlines the federal procurement process, making it more efficient and cost-effective for government agencies and you. By providing a pre-negotiated agreement between the government and private sector companies, the GSA Schedule contract simplifies the procurement process, reducing administrative burden and increasing efficiency. In fact, GSA says that the average number of days to process an order is 15 days, compared to 265 days with traditional government procurements.
Another advantage of a GSA Schedule contract is that it provides a level of standardization to the procurement process. With the terms and conditions of the contract already established, both government agencies and private sector firms know exactly what to expect, reducing the risk of misunderstandings and disputes. This leads to more consistent procurements.
Enhanced Competitive Advantage
Your GSA Schedule contract can provide a significant competitive advantage for you when looking to do business with the government. By offering a streamlined and simplified procurement process, the GSA Schedule contract can help you stand out in a crowded market and win more business.
With the prices and terms of the contract already established, agencies can quickly and easily purchase the goods and services they need without having to go through a lengthy and time-consuming process. This can give your company a distinct advantage over your competitors, enabling you to win more business and increase their market share.
A GSA Schedule contract also plays a crucial role in enhancing a firm's competitive advantage by providing reducing the administrative burden and increasing visibility and credibility. By taking advantage of these opportunities provided by a GSA Schedule contract, your company can win more business and increase its market share, improving its overall competitiveness in the market.
But my Firm is not a Household Name
Having a GSA Schedule contract helps your business get noticed by agencies, even if you don't have a well-known name. Firstly, a GSA Schedule contract provides your firm visibility with federal agencies, as it is listed in the GSA Advantage database, a comprehensive online resource that government agencies use to find products and services, thus helping you get noticed. It also places you into the GSA eLibrary for contracting officers to find you and gives GSA vendors access to the eBuy system with RFPs exclusive to contract holders.
Secondly, a GSA Schedule contract demonstrates that a business has been vetted and approved by the government, which can increase credibility and trust with these agencies. This helps you to stand out since agencies are more likely to do business with companies that have undergone a rigorous evaluation and are trusted by the government.
Simply put, having a GSA Schedule contract is a major advantage for you to tap into the government market. By simplifying procurement processes, reducing costs, boosting credibility and visibility, and expanding the range of products and services offered, a GSA Schedule contract gives you a leg up in a competitive landscape. With the increasing demand for government contracts, securing a GSA Schedule contract in 2023 is becoming a must-have for firms like yours looking to overcome 2023 challenges, increase their market reach, and differentiate themselves from the pack. Why not get started now?