Growing revenue through GSA Advantage and GSA Advantage eBuy contracts can be tricky. There is a lot of money to be made through these contractor channels but there are quite a few steps to getting a GSA Advantage and eBuy contract. Everything about your proposal, quote, and company specifications needs to be what the federal government entity is looking for. There is a lot of paperwork and often, the competition is steep.
However, that doesn’t mean you should forego the option to grow revenue through GSA Advantage and eBuy. This option is a lot of work and very particular but if you get GSA Advantage and eBuy contracts, all the particulars will be worth it.
This ultimate guide is going to show you the best way to grow your company’s revenue through GSA Advantage and eBuy contracts.
What is GSA Advantage?
The GSA Advantage is an online catalog that is primarily for the federal government’s use, even though anyone may browse. This catalog offers all the branches of the federal government access to information about companies and products that they may be in need of. While many of these contractors are private small businesses, they have all been vetted and awarded a GSA Contract.
The reason the contractors vie for the attention of these federal buyers is that there is a lot of money that is spent through this resource. In 2019, the GSA Schedules Sales reached a whopping $32,854,206,060. That is in one year!
Thus, it is easy to see how if a small business gets even a fraction of that lucrative pie, the caliber of their income and capabilities will skyrocket. Additionally, GSA Advantage eBuy is also a network that the government relies upon heavily. If your company has a great rapport with a federal buyer, their reputation will precede them. This means that eventually, the whole of the federal government will know that your company does good work at a fair price. If that happens, your company will likely be set with clients and income for as long as you want to keep working.
What is GSA eBuy?
GSA eBuy is a component of GSA Advantage eBuy, which encompasses many of GSA Advantage’s key components. Specifically, GSA eBuy focuses on the procurement of assets through what is something like a job board.
Through GSA Advantage eBuy, federal buyers post Request for Quotations (RFQs) or Requests for Proposals (RFPs) depending on the specific needs of the project. From there, GSA contractors (and others, but it is a good idea to already have a GSA contract) can respond with their quotes or proposals.
However, this is not just a quick email with a CV attachment. Both RFQs and RFPs are highly-detailed, fill between fifteen to twenty pages, and delve into every aspect of your business. While this might seem excessive, if you are chosen for the job, it could change the course of your company; so a little paperwork will certainly be worth it.
Growing Revenue with GSA Advantage eBuy
While creating an RFQ or RFP sounds like a lot of work (and it is) the time that is saved by not having to focus on a lot of different clients and chasing down payments is major stress relief. After a business understands what is expected of them through these quotes and proposals, they find that their revenue grows extremely quickly. Here are the best ways to ensure that once you start seeking GSA contracts, you are growing revenue with GSA Advantage eBuy.
The numbers are clear. Over the last five years, GSA sales have continued to increase. Plus, with the new initiatives that were put into practice at the end of 2019, GSA Schedule Sales are up $64,923,346 from the fiscal year of 2018. That means that the federal government is hiring more contractors.
Considering these regulations are new to everyone, especially the Schedule 70 IT (or the IT scope), this is the best time to get in and learn along with everyone else. That way, you will not be playing catchup. Instead, you will become an asset, simply because you have more experience with the process than anyone coming in after you.
Methods of Boosting Your Business in the Private Sector
There is more than one way to market your services once you are awarded a GSA schedule. Many businesses believe that gaining a GSA Contract is only beneficial to earning jobs by federal buyers. However, this is not true.
Obtaining this award opens up your company’s options for both the federal market and the private sector.
Esteem: Whether you are working in the commercial market or the federal market, it still bolsters your business’s esteem to have a GSA Contract. Due to the nature of the intricacy of getting a GSA Contract, such an achievement is highly regarded. Therefore, businesses in the private sector are likely to be impressed by your GSA status.
Opportunities: Even if you work for a federal buyer, it doesn’t mean that all the connections you are going to get from that buyer are federal. The different range of people you can potentially build a rapport with through a GSA contract opens your company up for a lot of opportunities. You just have to know how to recognize and capitalize on them.
Learn Different Ways of Working: In the private sector, businesses can pretty much do whatever they want. Therefore, it is rare that business owners embrace new opportunities for the way their business works. Yet, when you are working with the federal government, you need to learn how to do things differently. So, this gives you an asset in the commercial market, as you likely have a different and highly-effective way of billing and organizing. These different ways are likely going to be impressive to commercial customers who are used to getting what they get from every other contractor.
There is a lot to remember when it comes to applying to an following through with a GSA Contract. Even though what you do for the federal market might be impressive to the commercial market but it will not transfer well to the federal market. Here a GSA Advantage eBuy Contract:
Using the Same Material for Commercial and Federal Markets: The commercial market appreciates creativity and uniqueness in their marketing material. The government wants it all done a certain way. The two are drastically different target markets. They need to be treated as such. Do not use the same material for both commercial and federal markets.
Keeping Social Media Strictly for Marketing: There is so much potential for social media, beyond just marketing. Instead of simply product pushing, use social media for research. Social media, even for the federal market, can be a wealth of information that can be used to leverage your marketing efforts.
Find Your Niche: In the commercial market, you find your niche. You don’t try to get everyone to buy your product. You prioritize your target audience or your ideal customer and you cater to their needs. You should do the same thing within the federal market. You don’t want to try to appeal to the whole federal market. Rather, you want to find your ideal customer within the federal government and cater to their needs.
To close, when it comes to growing revenue with GSA Advantage eBuy, there is a clear pattern that decides if the business will be successful. By gathering as much information about what GSA Advantage eBuy is, as well as being aware of the mistakes and successes of other companies, you will accurately prepare yourself for your own GSA Contractor journey.