How To Use Sam.Gov To Win $40K (Beginners Guide)

Summary

Dr. KY Parks shares a strategic approach to winning government contracts through sam.gov, emphasizing the importance of responding to 'sources sought' notices, which are similar to requests for information. Although these notices do not guarantee a sale, they serve as a marketing tool and can lead to opportunities like the $40,000 contract awarded to Dr. Parks by the National Science Foundation. The speaker advises a 90/10 rule, where 90% of business development efforts should be spent on active solicitations, while 10% are allocated to sources sought notices. Parks also suggests following up on responses and engaging with small business representatives to increase the chances of securing contracts. The summary highlights the need for a balanced approach, leveraging both active solicitations and sources sought notices to maximize contract opportunities.

Takeaways

• 📌 Utilize sam.gov for free access to contract opportunities without needing to log in.
• 🔍 Use the 'sources sought' search feature, which is similar to a request for information, to understand what the government is potentially interested in purchasing.
• 🛒 Consider the '90110 rule' where 90% of business development efforts should be spent on active solicitations, while 10% can be allocated to responding to sources sought notices.
• 📢 Responding to a sources sought notice is akin to handing out a flyer; it provides information but does not guarantee a sale or contract award.
• ⏳ Follow up is crucial after responding to a sources sought notice, treating it as an RFP and maintaining contact with the relevant point of contact.
• 📈 Responding to sources sought notices can increase the chances of a potential RFP being set aside for small businesses, including those owned by women, veterans, or individuals with disabilities.
• 💡 Small businesses often miss out on opportunities by not responding to sources sought notices, which can lead to contracts being awarded to larger businesses.
• 📋 Keep track of all sources sought notifications and follow-ups using a system like a Google sheet for easy reference and organization.
• 📞 Reach out to the small business representative associated with a particular agency for assistance in getting your proposal in front of the decision-makers.
• 💼 Having a GSA schedule or being a certified small business can increase the likelihood of a sole-source contract award if you meet the requirements.
• 🚫 Be cautious not to spend too much time on sources sought notices as they do not always result in a purchase, and revenue generation should be the primary focus.
• 📚 Invest in learning and using strategies and systems to improve the chances of winning contracts, such as those shared by Dr. KY Parks, who has experience with over $50 million in government contracts.

Q & A

What is the purpose of using sam.gov for contract opportunities?

Sam.gov is a platform that allows businesses to access government contract opportunities for free without the need to log in. It helps businesses to find potential contracts and respond to requests for information from the government.

What is a 'sources sought' notice and how is it similar to a request for information?

A 'sources sought' notice is a type of announcement similar to a request for information. It's used by the government to gather information from industry experts before making a purchase, much like how a consumer might research before buying a television.

What is the '9010 rule' mentioned in the script and why is it important?

The '9010 rule' suggests that businesses should spend 90% of their business development efforts on active solicitations and only 10% on sources sought notices. This is because sources sought notices do not guarantee a sale or contract, whereas active solicitations are more likely to result in actual business.

How does responding to a sources sought notice potentially lead to a contract?

By responding to a sources sought notice, a business provides the government with the information they are seeking. This can put the business on the government's radar and potentially lead to a contract if the government decides to set aside the opportunity for a particular type of business, such as a small business.

What is the advantage of having a GSA schedule when responding to a sources sought notice?

Having a GSA schedule can increase the likelihood of a business being considered for a sole source award. This is because the government may be able to directly award work to a business with a GSA schedule, simplifying the procurement process.

Why is it important to follow up after responding to a sources sought notice?

Following up after responding to a sources sought notice is crucial because it keeps the business top of mind for the government agency. It also provides an opportunity to establish a point of contact and further discuss how the business can meet the agency's needs.

What is the significance of setting up a capability brief after responding to a sources sought notice?

A capability brief showcases the business's expertise and past performance, positioning it as a preferred vendor for the government. It helps to reinforce the business's ability to deliver on the requirements outlined in the sources sought notice.

What is the 'HUBZone' and how does it relate to the sources sought process?

HUBZone stands for Historically Underutilized Business Zone. It is a government program that helps small businesses in urban and rural areas gain preferential access to federal procurement opportunities. The script mentions that the sole source threshold of $4.5 million applies to HUBZone businesses, among others.

Why is it suggested not to spend more than 10% of business development time on sources sought notices?

The suggestion to limit time spent on sources sought notices to 10% is due to the fact that these notices do not guarantee a purchase or contract. Businesses need to focus the majority of their efforts on active solicitations, which are more likely to result in revenue.

What is the role of the Small Business Representative (SBR) in the context of sources sought notices?

The SBR is associated with a particular agency and can assist businesses in getting their responses to sources sought notices in front of decision-makers. They can help ensure that a business's interest and capabilities are communicated effectively to those who can award contracts.

How can a business track the sources sought notices they have responded to?

A business can track their responses to sources sought notices by creating a Google sheet or using another form of tracking system. This allows them to keep organized and follow up on opportunities in a timely manner.

What is the speaker's name and what is their background in relation to government contracts?

The speaker is Dr. KY Parks, who has over 10 years of experience in the space of government contracts and has been awarded over $50 million in federal government contracts. They are offering advice on how to effectively bid and win contracts.