After the financial crisis of 2008, the US market entered into a boom phase that ultimately became the best and longest bull run since World War II. However, periods of robust growth and economic prosperity are inevitably followed by a downturn as ups and downs constitute a natural part of the business cycle.
“Over the past two years, many analysts have been warning businesses and consumers to prepare for a recession. Typically, making an accurate prediction on this matter is a futile exercise unless some particularly disruptive event occurs, a prime example being the current pandemic,” says GovSpend, a leading technology company that has built the most comprehensive database on government spending.
“As the public health crisis causes the US economy to slow dramatically and severely curtails access to international markets, American enterprises are in desperate need of sales opportunities to remain solvent. Doing business with the 90,000 US governmental agencies (federal, state, and local) is among the few viable routes for companies to pursue. Since the early cases of the virus were reported in the United States, GovSpend, which helps corporations sell to the government, has experienced dramatic growth.”
Unlike traditional buyers, a government cannot stop spending even during a recession because it has a responsibility to ensure the continued delivery of services to its constituents. US government agencies will be among the few organizations that will actually be spending more money in the months ahead, GovSpend notes. The administration has already authorized over $2 trillion in additional federal spending – an amount that does even include the additional state and local relief packages. With a recession looming, companies can dramatically improve their fighting chances if they secure customers in the public sector. GovSpend offers three resources that can immediately assist firms in winning government business and not only weather the current storm but uncover opportunities for future growth.
The platform developed by GovSpend houses a massive database of government purchase orders, revealing what agencies are buying, from whom, and at what price. The company also offers GovQuote, which is a free resource where government agencies post requests for quotations (RFQs), and it has proved immensely helpful, allowing enterprises to win government business within mere hours. Another invaluable tool is GovSales University – an online set of classes educating companies on how to sell to the government. This powerful collection of resources provides commercial organizations with all of the information they need to win business from the government. One recent example demonstrates the advantages of diversifying into the public sector: an agency posted an RFQ for 174 laptop computers and awarded a $154,000+ contract within just 48 hours.
Founded and led by veteran business executive Jeff Rubenstein, GovSpend is a software-as-a-service (SaaS) solutions provider that has achieved national recognition for building a unique database. Its proprietary platform aggregates purchasing data directly from local, state, and federal government agencies, offering vendors and buyers powerful search, analytics, and reporting capabilities. GovSpend has made it its mission to maximize the efficiency of the purchasing process in the government marketplace, enabling all parties to derive tremendous benefits by identifying the most attractive propositions.