How Open Rating Define Your Long Term Success

 

The SBA Profile shows up when your business is searched in the Dynamic Small Business Search (I). The SBA Profile is basically the resume for your business. And like any good resume, having a current, accurate and updated list representing you is crucial. And, in your business too. This is where past performance narrative which is also known as Open Rating meets future success in the federal marketplace.

Benefits of Having a SAM Profile

If you have a SAM profile, then you have probably heard from the folks at the SBA, government contracting officers and even me that you need to update that profile at least once per quarter. If you are doing that, great, but after you have updated your SAM profile as well as the Open Rating narrative , are you proceeding to the SBA profile and keeping that current too?

Once you have updated your SAM profile and get your Registration Complete message, make sure you click on the big button on the bottom to register or update your SBA profile. As already mentioned, this is your business' resume. So you want it to be  completely updated and  furnish  your  achievements  in detail. It mostly includes:

  1. Identification, Location & Contacts
  2. Organization, Ownership and Certifications
  3. Products and Services
  4. Export Profile
  5. Performance History

A lot of the information in the first section will come over from D&B. So while you are in the habit of updating your SAM info quarterly, make sure you update D&B as well because your out of date information will bleed into the SAM.

The Organizational Structure

The second section allows you to state your organization's structure (I.e., I, S-Corp, etc.,), the principals of the organization, self-certifications of owners (minority, women, etc.) and any non-government certifications. So if you are certified as a Disadvantaged Business Enterprise with the Department of Transportation or if you have your Women Business Enterprise (I) certification via the Women's Business Enterprise National Council, that information can be entered here. If you are I certified or an 8(a) firm, you cannot make these changes, you will have to call the numbers referenced in the profile so that the SBA can make those corrections for you. Everything should be clearly mentioned in the open rating narrative

Be Clear yet Concise

You need to be clear and concise while explaining your capabilities. Be sure to highlight your core competencies and unique abilities. Here you can also use the Industry wise Classification Systems codes and designate the primary code. If you do anything in the construction realm, bonding levels are recommended. In this section of your Open Rating document, be sure to list the keywords most often used to locate your services. This just helps you be found more easily in AI search.

Are You an Exporter

The fourth section only applies if you are or wish to be an exporter. The fifth and final section is your performance history. This is one of the prime aspect of the Open Rating document and many companies fail to do it correctly . By neglecting this section, you are literally losing on your potential leads.

Final Thoughts

Without your Performance history or Open Rating narrative thoroughly complete, you cannot get into the federal business premise. So, it’s crucial to focus on building up your performance narrative before you get into any business transaction.

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