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Team Up with Other Businesses for Elevated Success!

 

Teaming is a term used when two or more businesses agree to join together in order to pursue and bid on government contracts. In many cases, collaborating with other companies can help create more opportunities that would otherwise be too difficult for some companies to obtain on their own. By gaining access to the additional resources from other companies, such as key personnel, financial resources, equipment, bonding, experience, contacts, bonding, skills and expertise, businesses can gain an advantage in securing contracts over their competition. It’s always a good idea for business owners to get advice from business consulting services who can help determine whether teaming up with another company would be advantageous.

Teaming up with other business can increase your company's success!

Teaming up with other business can increase your company’s success!

 

The Benefits of Teaming

Teaming is a growing trend in the government contracting sector for a variety of reasons. It can, for one, increase your capabilities, allowing you to accept contracts that are bigger and more complex. The government is progressively consolidating the requirements for procurement in order to reduce administrative expenses. However, this also minimizes chances of smaller businesses landing tgese projects. Business valuation services can be used to assess what your company can bring to the table in teaming collaborations and help business owners determine if it provides worthwhile opportunities for them.

Any size business can use teaming effectively. Small businesses can team with like size businesses or with ones that are even larger. A variety of different arrangements can be made, no matter the size of your organization. The benefits remain the same in any given scenario. According to American Express OPEN’s government contracting survey, small businesses acquired 54 percent more prime contracts when they were involved in teaming (compared to the national average).

Teaming also provides flexibility in how business relationships are arranged. They can be in the form of partnerships, joint ventures, mentor protégé or the typical prime-subcontractor arrangement. Be sure to utilize business consulting services in order to determine which would be suitable for your business.

Anyone interested in learning more about teaming opportunities should attend government network events and conferences that are industry specific (but with government focus). There are also over 7,000 government-related groups that you can join on LinkedIn (145 groups are directly related to government contracting). Before teaming with another company, it’s a good idea to seek the advice of business consulting services to construct a strategy aligned with your goals.

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