Memphis, known for its rich cultural heritage and vibrant business environment, is home to a thriving small business community. These enterprises play a crucial role in the city's economy, contributing to job creation and fostering local development. However, many small businesses face significant challenges when it comes to accessing opportunities and resources, hindering their growth potential. In this article, we will explore the importance of government contracting for small businesses in Memphis and how it can serve as a catalyst for economic growth and revitalization.
Engaging in government contracting offers several benefits to small businesses. Firstly, government contracts provide a reliable and steady source of income, enabling small businesses to plan for the future and invest in growth opportunities. Secondly, these contracts often have longer-term durations, allowing businesses to develop sustainable business models. Moreover, working with government agencies enhances a business's reputation, providing a stamp of approval that can attract other customers and clients. Lastly, government contracts can serve as a stepping stone for small businesses to enter new markets and expand their customer base beyond Memphis.
Government contracting presents a unique opportunity for small businesses in Memphis to overcome some of these challenges. Federal, state and local government entities require a wide range of goods and services, and they actively seek qualified contractors to fulfill these needs. By actively pursuing government contracts, small businesses can gain access to a stable revenue stream, establish long-term relationships with government agencies and enhance their credibility in the marketplace.
The Tennessee Small Business Development Center at Southwest Tennessee Community College and The Tennessee APEX Accelerator have partnered to create two training seminars on July 12, 2023. Veronica Clark, APEX/PTAC counselor, will give an overview of how to do business with the government as well as identifying government contract opportunities. There are two separate seminars both in person or online.
Government contracting overview (9-10:30 a.m.) — Attendees learn about how contracting with the federal government can open the door to many opportunities for small business and can aid in a company’s growth. This seminar covers the basics of government contracting, what it takes to be a government contractor and an overview of the steps to get started. Attendees will determine if the government is purchasing their products and services.
How to identify contracting opportunities (11a.m.-12:30 p.m.) — In this training, you will discover practical steps for growing your business with the government including utilizing the System for Award Management (SAM), Beta.sam.gov, Federal Procurement Data System (FPDS.gov), Dynamic Small Business Search (DSBS) and USAspending.gov.
For small businesses in Memphis, government contracting represents an avenue for growth, stability and increased competitiveness. By actively pursuing these opportunities, entrepreneurs can access the resources and support they need to thrive in today's dynamic business landscape. Local and state governments can play a crucial role in fostering an environment that encourages small business participation in government contracting by streamlining processes, providing training and mentorship programs and increasing transparency. By harnessing the power of government contracting, Memphis can nurture its small business ecosystem, driving economic growth, and creating a brighter future for all.
To register for the event please visit www.tsbdc.org.
