If you’re a small business, there are recent changes in federal procurement that can help your business grow. The Federal Government has just made it easier for you to increase revenues and find clients.
On Dec. 3, 2021 there were new reforms introduced by the Federal procurement. In order to ensure economic recovery (in particular small businesses) to have a more even recovery after COVID-19, there are goals to double our economic goals for small-disadvantaged businesses.
Rural firms have recently only been getting 7% of those federal dollars, and some types of firms, such as Black-owned companies are only seeing 1.2%. The Biden administration has been working to rectify this. Here’s a quick snapshot of what you’ll find in the federal statement:
- For the first time, asking agencies to increase their goals so that governmentwide spending results in 11% of contracting dollars being awarded to small, disadvantaged businesses (SDBs), up from the current statutory goal of 5%. This is the first step toward meeting the president’s goal of ensuring that 15% of federal contracts go to SDBs by 2025.
- Releasing, for the first time, disaggregated data of federal contracting spent by race/ethnicity of business owner, a powerful transparency and management tool.
- Implementing major changes to the federal government’s use of “category management” to boost contracting opportunities for underserved small businesses.
- Increasing the number of new entrants to the federal marketplace and reversing declines in the small business supplier base.
- Adopting key management practices to drive accountability and institutionalize achievement of small business contracting goals.
The Federal Government is also considering decentralized procurement solutions along with eyeing up micro-purchases. The fact is our current administration is looking to make life better and faster for SMBs.
There’s a link below to the entire statement, and we’d recommend taking a few minutes to read it.
After you read the statement head back here and think about getting started with us at e-GovMarket. We’re a great place for your small business to find the government entities that are about to start looking for you!