If you're navigating the world of securing grants, corporate contracts, or federal government contracts for your professional services business, it's important to align with the requirements and expectations of these opportunities.
One key element in meeting these requirements?
Alignment!
Making sure your goals, strategies, and operations march in step with the program objectives can pave your path toward success. This process is central to our philosophy here at UpwardAction, where we firmly believe alignment is essential in achieving excellence, in all areas of Work and wellness.
So, if you're contemplating grants, corporate contracts, or government contracts for your enterprise, consider the following list a roadmap to prepare your business for success:
- Employer Identification Number (EIN): Apply for this tax identification number via the IRS website here.
- D-U-N-S Number: A unique identifier for business credit reporting, obtained through D&B's website here.
- Business Bank Account: Open an account at your chosen bank to separate your business and personal finances.
- Business License: Obtain the necessary licenses to operate legally in your state or locality. More information can be found on the U.S. Small Business Administration website.
- Business Plan: An important component for demonstrating your business's potential, resources for creating a business plan are available on the U.S. Small Business Administration website.
- System for Award Management (SAM) Registration: Register on the SAM database here to be eligible for federal contracts.
- Small Business Administration (SBA) Certification: Qualify for contracts set aside for small businesses with this certification. Resources are provided by the U.S. Small Business Administration.
- Past Performance References: Maintain a list of business references and past work to demonstrate your company's reliability and capabilities.
- Federal Supply Classification (FSC) and North American Industry Classification System (NAICS) Codes: Identify the goods or services your business offers with these codes. Find more information here for NAICS codes.
- Financial Audit Reports: Keep these reports up-to-date and reflective of your company's financial health.
- Women's Business Enterprise National Council (WBENC) Certification: If your company is at least 51 percent owned, controlled, operated, and managed by a woman or women, consider applying for WBENC certification on their website.
- Professional Liability Insurance: Also known as Errors and Omissions (E&O) Insurance, this type of coverage protects businesses against potential lawsuits and claims made by clients or third parties for negligence or mistakes made during professional services. This insurance covers the costs of legal defense and any settlements or judgments if your business is found liable. Whether it's a small oversight or a significant error, professional liability insurance is a critical safety net for businesses that provide services or advice to clients.
Consider this a list of business fundamentals. When you've got the business basics in place, your company will grow and go where your creativity, innovation, and reputation for excellence leads you. Godspeed!
If you need more information about this list, use the “Contact Us“ form on our website to let us know.
