Camden- On Thursday February 29, 2024 LAEDA held its virtual training called Selling to Large Corporations & Government Agencies where small businesses attended to take the guesswork out of the procurement process when they consider doing business with large corporations or government agencies. The virtual room was filled with valuable information from the following speakers: (1) Ana Villagran, Certification Auditor at The State of New Jersey Division of Revenue and Enterprise Services; (2) Mariana Hinojosa, LAEDA’s Assistant Program Manager- Women’s Business Center; (3) Jamila Powell, LAEDA’s Program Manager- Women’s Business Center; (4) Merfred “Mimi” Feliz, Camden Verified Coordinator – LAEDA Business Services Center; and (5) Jennifer Ortiz, owner of Creations by Jenn.
Did you know that government procurement is a hefty load, but can be started by simply selling business-to-business? One of the best business practices for building capacity is to start small, especially as some businesses do not have funds to hold some large contracts when they are first starting the business.
There are many considerations when trying to compete for large contracts including some the following:
Determining if there is a market for your products and or services is critical when starting the process of selling to government agencies or larger businesses. It is important that business owners understand their customers’ problems/ needs so that they can provide solutions.
Having the capital that is needed to fund and or operate the business is necessary because this contributes to the business owners being able to successfully complete a project. In addition, having capital on the front end to fund a contract is necessary because there is often a 30-60 day wait process in order to get payment from those contracts. This means that having enough resources to take the project from start to finish is important. Why? Because it will help to avoid or overcome any obstacles’ or roadblocks that will keep you from completing a project or losing a contract.
Having a good credit score is also crucial to starting a business or expanding onto an existing business. Building a credit history allows the business owner, bankers and lenders to see growth. This is why accessing capital is of essence for the business to be financially stable.
State certifications can also be a way for businesses to be seen by potential clients. There are various certifications one can apply for to be considered set aside programs. Some include Minority-Owned Business Enterprise (MBE), Woman-Owned Business Enterprise (WBE), Small Business Enterprise (SBE), Veteran/Disabled Veteran Owned Business Enterprise (VOB, DVOB). For more information, please visit the NJ Division of Revenue and Enterprise Services Uniform Certification Service. You can also visit the following sites for information about obtaining government contracts:
(1) Sam.gov Registration Services
(2) NJStart
(3) Dynamic Small Business Search (DSBS)
The business world is constantly changing and thus it is important to do research and learn as much as possible before making a final decision. If you would like assistance with the the procourement process or other bsuiness development goals, visit www.laeda.com or call (856) 338-1177. To view LAEDA’s calendar of upcoming events, visit the following link: http://laeda.com/Events.aspx.