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All Business Features Give Me 5 and Government Contracting

Wednesday, July 22, 2009  
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Just for Small Business

Government (Sub) Contracting Can Be Good for Your Business

By Denise O'Berry

I'm sure you've probably heard about lucrative government contracts that have propelled companies into profitability. That can happen to your business too. But as with any type of business arrangement, you have to do your due diligence to make sure it will work for you.

You can learn more about contracting and teaming to serve the federal government, by attending one of the series of Give Me 5 educational webinars, created by American Express OPEN and Women Impacting Public Policy (WIPP). The webinar, called “Subcontracting and Teaming in Federal Contracting” is scheduled for August 4, from 2:00 PM to 3:00 PM ET.

This webinar will help you learn about the pros and cons of subcontracting and important clauses that will protect your business.

In a release about the webinar, Lourdes Martin-Rosa, American Express OPEN Advisor on Government Contracting, offered these important tips surrounding subcontracting and teaming opportunities within government contracting.

·         Finding the right opportunity Learning about different teaming opportunities will help you decide which teaming or subcontracting opportunity fits best with your company. Look to the Federal Business Opportunities site where small businesses can search, monitor and retrieve opportunities from the Federal government. Another Web site to use is the Small Business Administration’s SUB-Net site where small businesses can search for government contracting opportunities and teaming arrangements.

·         Finding the right partner Teaming with another company involves finding the right partner that can combine products and services with your company. Some things to consider when doing research on another company include; checking their credit history, working capital, past performances and if they have any current teaming relationships. Discuss both company’s strengths and weaknesses and future goals.

·         Review every detail Small business owners should be knowledgeable about the standard terms and conditions of the agreement. Make sure to ask questions about all aspects of agreements including: claims, regulations, federal policy, state laws, reimbursement, payment, responsibility and licenses. If you want a second opinion, consult with an attorney prior to entering into a teaming or subcontracting agreement. Going over every small detail will help identify any potential problems or disagreements that can be solved prior to arrangements being made.

It would be a good idea to mark you calendar now because August 4 will be here before you know it. You can register for the webinar by clicking here.

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