Understanding your Federal Government client and their specific needs is important in developing the right strategies for getting your first Federal contract or increasing your revenues by winning new contracts or follow on work. Good market research is essential in determining where the Government uses your products or services and what types of contracts it uses to procure such products and services.
This research will help you determine what you need to do to comply with the applicable Federal regulations. For example if the target customer agency uses GSA multiple award schedules to procure a service, the rules are different than an agency that only uses the RFP process. If you are trying to get a cost reimbursable contract award, there are a number of accounting and administrative requirements that you will have to meet that are not required under a firm fixed price or labor hour contract.
Applying the rules of the Cost Accounting Standards (CAS) is another area that requires practical experience about who is covered and how. Knowledge of the exemptions is critical to avoiding unnecessary coverage that adds another level of complexity to performing Government contracts. At the same time, a company should be incorporating the requirements of CAS in designing its management cost accounting system so that the transition to CAS is made easier.
Once you have Government contracts you must be diligent to complete the scope of work and also not perform work outside the scope unless approved by the Administrative Contracting Officer (ACO). All work outside the original scope is subject to price changes called equitable adjustments. There are numerous rules that protect both the contractor and the Government on changes. Having experts at your fingertips who know the answers is vital to the long term success of your company.
In conclusion, a savvy company will know its Government customer and how it procures goods and services as well as the regulatory requirements that must be met to win new contracts and keep their existing Government contracts. Having the experts at Strategic FAR Advisors on your side will ensure your company is positioned to take the necessary steps to comply with your contractual and regulatory requirements.