Each year the U.S. Government spends $500 billion on goods and services. Thanks to changes in federal policy, women-owned businesses have a greater chance to win government contracts. The Small Business Association’s (SBA) Women-Owned Small Business (WOSB) Program, which went into effect on February 4, 2011, could potentially benefit 684,000 women-owned businesses. The rule is another tool to help the government meet its statutory goal that 5% of federal contracting dollars go to women-owned small businesses who currently receive 3.4% of federal contract dollars.
Male-owned businesses are also not exempt; they can take part in the program by partnering with women-owned businesses to pursue federal contracts.
To help business owners take advantage of this exciting growth opportunity, American Express OPEN created an OPEN Insight Guide, Government Contracting: Women in Procurement, found on OPEN Forum. The OPEN Insight Guide offers tips and advice to help them understand the program and determine whether their businesses qualify to participate.
Inside the OPEN Insight Guide, readers will find:
- Expert advice from small business contractors on their plans to take advantage of the program – such as, updating one’s Central Contractor Registration records; adding new NAICS codes and taking a more proactive look at teaming
- Insights into the program’s history and the opportunities it offers women-owned businesses – such as, the key to the program is that it limits the number of businesses competing for a contract.
- A list of the 83 eligible industries as well as a list of resources to help business owners connect with experts and other small business owners
- A checklist for women small business owners to determine their businesses eligibility
It’s encouraging to learn that the government is supporting us in our small businesses. At Fairfield County Woman, we also support women who want to succeed. Remember to use our resources namely our Directory Submission, which lists your business to gain even more exposure.
