There is no time like the present to start keeping up with U.S. federal news. I know you may be thinking we’re talking about politics, but the reality is that Federal news covers much more than that and often covers news directly related to government contracting.
Here are the top three reasons you should be following the latest news.
1. Expanding your Knowledge Base
As a government contractor, I’m sure you can truly say you learn something new every day. As cliché as that sounds, the fact of the matter is that government contracting has endless requirements, rules, regulations, legalities, markets, acquisition vehicles, agencies, you name it. Maybe you’re thinking you will learn it all with time, but not so fast! Here’s the catch: the government contracting field is changing all the time. Federal news sources cover these changes, from GSA news, new SINs and acquisition vehicles to whistleblower scandals and huge awards. Not only that, but these sources also document changes in executive initiatives and agency budgets.
Think about it, if President Trump increases the Department of Defense’s budget, and your company sells weapons, that is probably a useful piece of information for you to know for your procurement planning. Following these news updates will keep you up to date and will ensure that you avoid common contracting faux-pas and are making informed contracting decisions that will hopefully increase your profitability.
2. Compliance Concerns
Federal news sources are also known for broadcasting changes in regulations, especially in regard to the GSA and the FAR. Missing these changes can be an enormous downfall for your company, as compliance is absolutely mandatory. If you do not follow the regulations of your contracts, you could lose your contracts, lose money and could even end up in a law suit. How’s that for hitting rock bottom? Not only should you be keeping up with contract changes for yourself, but also for any clients if you are a prime contractor or a contracting consultant. In this case, it is your responsibility to ensure that those who are working with you are following the correct procedures. This will give your company a reliable reputation and will help you to avoid damaging situations with clients.
3. Proving Credibility
Keeping up with what is happening in the federal government, specifically the acquisition field, can be a great tool for you to boost your credibility as a contractor. Create an informational blog that you update frequently with up to date information to show clients, government customers, or partners that you are a credible source. Don’t forget to have an active presence on social media sites such as LinkedIn, Facebook and Twitter. Use these digital platforms to inform your followers with your take on federal news and how it could affect them. This saves others the research and proves that your company is in the know and on the ball.