Goverment Contracting: Lesson 1
Benefits and Risks
Veronica Clark, the PTAC Consultant of the University of Tennessee’s Procurement Technical Assistance Center, discusses the benefits and risks of Government Contracting.
Topics:
- Benefits
- Risks
Test Your Knowledge
To receive credit for taking this course through TSBDC, watch the video and take the quiz that will appear below to demonstrate your knowledge.
Video Lesson Topics
- 0:15
- Benefits
Government contracting is an excellent way for small businesses to diversify their revenue streams. Government contracting has good compensation and a good reputation. Good reputation refers to getting payments on time. The government always has their information out to the public, and you can access that information at usaspending.gov. In addition, it is a long vender, with some of the contracts ranging three to five years.
- 1:21
- Risks
The first risk is payment. While the government normally pays on time, it can potentially take up to sixty days for the government to pay a small business. A small business needs to ensure that they have other streams of revenues, where they can pay their payroll up to three months. Occasionally, the government does not pay on time, and terminates their contract with a small business, leaving no stability. So it is very important to understand the Federal Acquisition Regulations.
Topics & Lessons
Each Below Topic Contains a Video Lesson and Helpful Downloadable Information
Benefits and Risks
Getting Started
Optional Certifications for Contracting
Capabilities Statements
PTAC
HUBZone Certifications
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