FedBiz’5 Podcast | Episode 29: Recession Proof Your Business

Recession Proof Your Business

Government contracting is a good way to expand your business opportunities in preparation for a potential downturn in the economy.

In this episode of FedBiz’5, we are hosting Amanda Bach from FedBiz Access to discuss the how you may be able to recession proof your business by expanding your government contracting opportunities.

So why is it important for businesses to learn about and understand government contracting in preparation as the U.S. and world economies approach a forecasted recession?

With persistent inflation, a likely increase in the Federal Reserve interest rate, and the Ukraine war as threats to the health of the U.S. economy, diversification is important as commercial and consumer spending slows. For example, the consumer price index shot up more than 9.1% in June, creating more trepidation for the economic outlook.

However, the federal government remains the largest single purchaser of goods and services in the world. With the federal government working to simulate the economy, government spending will likely continue to grow. Why not get your piece of this pie?

The federal government makes “small” purchases (under the Simplified Acquisition Procedures regulation, small businesses must be considered for all federal awards under $250,000 if there are two or more small business offerors expected to compete). These purchases include everything from office supplies, office furniture, security systems, spending for commercial services, including IT software and service solutions, janitorial, landscaping, facilities management, marketing, and other services.

In addition, large contracts are awarded to prime contractors that need small business subcontractors to meet their set-aside contracting goals. These large projects include everything from military hardware, large scale engineering and construction projects, and major IT system upgrades, to name a few.

To take advantage of the current economic environment, time is of the essence and there is and will be an influx of businesses in pursuit of government contracting work as the recession is coming upon us.

The important steps are to get informed by knowing who your government buyers are and get connected with them, as well as having your business ‘government ready’, including all registrations compliant, complete, and competitive. In addition, submitting applicable set-aside certifications and a GSA Schedule contract that your business may qualify for. This is all part of your Government Readiness Level (“GRL”).

It is important to be educated regarding all the contracting vehicles that are available to your business. FedBiz Access provides its clients with solutions, including registration services, training, engagement coaching, and market research. This provides you with the necessary tools and resources to find your government buyers, know when they’re buying, how they’re buying, and get connected with the right targeted government buyers for your business.

FedBiz has over 21 years of experience working with thousands of companies worldwide to help them win over $35.7 billion in awards. From registration to award, FedBiz Access helps businesses succeed in the government marketplace.