With the SAM Registration, there come plenty of benefits that far exceed those with government contracting. This includes items like: grant and cooperative agreements, increased credibility, networking and partnership opportunities, and much more. Let’s dive into some hidden benefits of having a SAM Registration, and why your company may want (or need) one today!
Access to Grants and Other Agreements
With a SAM Registration in your back pocket, you will be able to receive federal grants from the government. As companies that do not make money, non-profits can benefit from federal grants highly by receiving funds to help them kickstart a program or event. Agencies like Department of Health and Human Services (HHS) and the National Science Foundation (NHS) use SAM to verify eligibility for grants from the federal government.
As stated above, non-profits and other institutions will be able to apply for federal grants through Grants.gov. Having a SAM Registration is required for companies to apply for federal grants, and access Grants.gov by extension.
Additionally, cooperative agreements that involve partnerships with and between private organizations and government agencies require a SAM Registration in order to be verified as a US federal government vendor.
Increased Credibility
While not necessary if you are not doing federal contract or grant work, having a SAM Registration can boost credibility by showcasing that you are verified with the federal government. It can also help your business represent that it follows government compliant and regulations as well as becoming a preferred partner for companies that need to subcontract work under federal contractors.
Having your SAM Registration can add a level of trust to companies, leading to new partnerships and cooperations.
Networking and Partnership Opportunities
With a SAM Registration in your back pocket, you will be able to participate in networking and partnership opportunities. This can include programs such as joint ventures with government contractors, teaming agreements, and mentorship opportunities. This is perfect for companies that aren’t ready or fully prepared to become a prime contractor.
Join venture’s typically refer to projects where two companies or contractors team up to bid on the same project, splitting resources and marketing efforts. A good example of a joint venture might be if a real estate agent refers a client to a mortgage broker and vice versa. In this instance for government contracting, an IT firm might form a joint venture with a defense contractor to bid on a cybersecurity contract with the Department of Defense.
Teaming agreements are when prime contractors hire subcontractors to fulfill part of the work that the prime contractor has. This is different than a joint venture as the prime contractor will handle most of the work and both (or all) companies will remain independent during the project. Though you may not be a prime contractor, this is a great opportunity for small businesses to get the recognition from larger companies to win contracts on their own in the future.
Using SAM as a Marketing Tool
If you’re not planning to participate in federal contracting as a prime contractor or other, you can still use your registration as a marketing tool on your website. People love credibility, so what better to show off that credibility than your active SAM status as done through a federal government agency. This can also be beneficial for government agencies and future partnerships who are looking for reliable and credible companies to do business with.
Having a SAM Registration also shows that your business meets compliance and eligibility regulations set forth by the United States federal government. What better way to let other businesses know you meet requirements than showing off your SAM Registration.
Conclusion
In the end, there are many ways that you can benefit from a SAM Registration beyond the reason of competing for government contracts. Some of the best benefits are having access to grant opportunities from the federal government, increased credibility as a company that meets federal regulations, teaming and joint venture opportunities, using your SAM as a marketing tool, and so much more.
If you have a SAM Registration and want to spruce it up or optimize it but you’re not sure where to start, reach out to our help desk at 1-855-233-3266 and a trusted FEDCON Advisor will be able to help you, guiding you in the right direction that is beneficial for both you and your business.
