We have done public work before. mostly for smaller local municipal agencies.
some decent sized projects
We are trying to understand the pre-qaulification process for larger government agencies and each time we stop at the financial statement portion of the application.
Let's face it, this economy has slammed us and we are operating on the end of a thread.
we absolutely qualify for the work we would like to go after in terms of scale, complexity, consultants and staff etc.
So the question: does anyone have any idea how much weight does the financials of a firm carry? Thanks
Your finances are important from a cost liability standpoint. If you win the award and fail to finish the project, the client will be faced with a number of costs until a new contractor is brought on board. To mitigate this, they review your financials and requests for a bid and performance bond to be submitted as necessary. It's simply an insurance policy.
The financials are important because they tell the company if you can afford the bonds and also if you guys are keeping good and honest books. If the contract is directly from the government, then this is less of an issue. If it's a federal contract that has been handed to a larger global contractor, say CH2M, then it will be more important as they have investors and PR concerns and are forced to run a tighter ship than the gov.
The best thing you can do if have your past 3 year financials audited. You will get a certificate and a pretty little package that you can submit with your proposal.
Financials are important but are one part of your technical proposal. My experience is technically compliant, lowest bid always wins. Your successful past performance with a similar scoped project with help patch any rough parts in your financials if there are any.
Review the RFP for the evaluation criteria. There should be some information on how the proposal will be weighted. If there isn't, then just ask. This is what addendums are for.
Cheers.
Aug 31, 12 10:26 am ·
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Question: preqaulifying for government/public work
We have done public work before. mostly for smaller local municipal agencies.
some decent sized projects
We are trying to understand the pre-qaulification process for larger government agencies and each time we stop at the financial statement portion of the application.
Let's face it, this economy has slammed us and we are operating on the end of a thread.
we absolutely qualify for the work we would like to go after in terms of scale, complexity, consultants and staff etc.
So the question: does anyone have any idea how much weight does the financials of a firm carry? Thanks
Your finances are important from a cost liability standpoint. If you win the award and fail to finish the project, the client will be faced with a number of costs until a new contractor is brought on board. To mitigate this, they review your financials and requests for a bid and performance bond to be submitted as necessary. It's simply an insurance policy.
The financials are important because they tell the company if you can afford the bonds and also if you guys are keeping good and honest books. If the contract is directly from the government, then this is less of an issue. If it's a federal contract that has been handed to a larger global contractor, say CH2M, then it will be more important as they have investors and PR concerns and are forced to run a tighter ship than the gov.
The best thing you can do if have your past 3 year financials audited. You will get a certificate and a pretty little package that you can submit with your proposal.
Financials are important but are one part of your technical proposal. My experience is technically compliant, lowest bid always wins. Your successful past performance with a similar scoped project with help patch any rough parts in your financials if there are any.
Review the RFP for the evaluation criteria. There should be some information on how the proposal will be weighted. If there isn't, then just ask. This is what addendums are for.
Cheers.
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