Dec 19, 2023
8(a) Program Explained: Turbocharge Your Small Business Growth
The 8 (a) Business Development program is basically a business assistance program for small and disadvantaged businesses. This program offers tremendous assistance to firms that are controlled and owned by at least 51% of the individuals from economically disadvantaged backgrounds. Focus of 8(a) program The 8(a) is seen as an important tool that helps entrepreneurs with social and economic disadvantages to seek access to the economic mainstream of the US society. It is with the help of this special program that aspiring entrepreneurs are able to gain a positive foothold in government contracts. The major focus of the program is to provide business development support in major areas such as mentoring, business counseling, procurement assistance, financial assistance, training, and other management and technical assistance. Benefits of the program Small businesses can participate in the 8 (a) business development program in two phases over a period of nine years. The first four years are referred to as the developmental stage, and the next five years are referred to as the transition stage. There are a number of benefits for businesses participating in the 8 (a) business development program. They are as follows. How does the 8(a) program turbocharge the business development […]
Dec 13, 2023
How NAICS Code Work and Determine Your Business’s Classification
The NAICS, or the North American Industry Classification System, is a standard tool that the Federal statistical agencies have used to classify business establishments. The main purpose of this classification is to collect, analyze, and publish the statistical data that are relevant to the business economy of the United States. The main purpose of developing the NAICS code is to allow a very high level of comparability in business statistics among North American Countries. What is NAICS? The NAICS is a standard that Federal statistical agencies have used to classify business establishments for the sole purpose of analyzing, collecting, and publishing the statistical data that are related to the business economy of the United States. It was originally developed by OMB or the Office of Management and Budget. It was started in 1997 to replace the SIC or the Standard Industrial Classification system. Structure of NAICS The NAICS is a product-oriented concept, and thus, it tends to group establishments into industries based on the similarity in the processes used to produce the goods or the services. NAICS generally makes use of a hierarchical structure. In this structure, there is a strong relationship between the items in a specific category. The […]
Dec 7, 2023
Are Federal Contracts Tax-Exempt?
The federal government offers contracting opportunities for small businesses. SMEs who are interested in doing business with the Government can make use of this system to search and acquire opportunities. A federal contract is a legal document in which the agencies request certain conditions to acquire the desired service from the selected small business. The federal government will select the business that demonstrates the best proposal to achieve the service both economically and technically. About federal contracts Government contracts offer exceptional financial opportunities for small businesses. The US government is the largest consumer in the world, and it buys all types of products and services in different quantities. It is required by the law that the US government buys from small businesses. The Government will want to buy from small businesses for a number of reasons, and these include, The entire process of requesting business proposals, evaluating the sales bids, and awarding contracts to the businesses generally happens on a level playing field. The federal government will actually accept bids from any of the qualified businesses. Some of the federal contracts are also set aside for small businesses exclusively. The Small Business Administration will work with federal agencies to award […]