Many large companies may have minimum requirements they expect all their suppliers to maintain, else they may terminate certain suppliers’ contracts. Most large companies keep these requirements relatively private, but there are best practices that can be followed to help ensure you don’t receive a notice that you may be dropped as a supplier.
Landing new contracts and keeping existing ones are two crucial goals business owners aim for. To accomplish these goals, you need to make sure inquiries* being made into your business credit reports reflect a positive picture of your company.
For many small businesses, becoming a supplier to a major corporation can be transformative. A large lucrative contract can bring a significant increase in revenues as well as attract other large corporate customers.
The United States Government is the world’s largest buyer of products and services, according to the Small Business Administration, and they are legally required to do a certain percentage of their business with small companies in the United States. This is a tremendous opportunity for small business owners, but before you bid for government contracts, you first should obtain the proper information and registrations.
Once all of the eligibility requirements for federal government contracts and grants have been met, there is certain protocol small businesses must abide by in order to bid for them and different databases that suppliers can use to search for available contracts.
*Inquiries are the number of individual product(s) purchased by a customer(s) on a D&B D-U-N-S® Number in a rolling one-year time period. Although the specific name of the inquiring customer(s) is not available, your product may allow you to see the inquiring customer’s industry.