What to Do After You've Been Awarded a Government Contract

The first thing to say is: congratulations! Winning a government contract is a major achievement and a major opportunity. In fiscal year 2016, the federal government awarded 24 percent of its contracting dollars to small businesses, slightly above its annual target of 23 percent.

Of course, being awarded the contract is only the first step--now you have to deliver on your promises. The guidelines and best practices below will help you follow through and do a good job so that you can continue to win federal contracts in the future.

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Evaluating a Government Contract Management System

Contract management within the government involves navigating common challenges for all large organizations, as well as specific considerations beyond those faced in the private sector. Federal contracts are subject to the Federal Acquisition Regulation (FAR) System, which guides acquisition planning, contract formation, and administration. Federal agencies must comply with strict, detailed guidelines that regulate spending, contract evaluation processes, and other aspects of the contract management lifecycle. State and local agencies are subject to certain federal or state laws, but may not be bound to follow FAR regulations when it comes to dealing with contracts.

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5 Contract Management Best Practices for Government Contracts

For many businesses, landing a government contract can become a much welcomed source of steady income. Of course, proper and timely performance will be of the utmost importance, as government agencies and entities will not tolerate any lapses or delays. Obviously, all contracts should be handled in a professional manner, but the consequences of breaching a government contract can be even more dire than is the case with other types of contracts. Thus, here are five best practices for managing government contracts.

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