Nov 16, 2023
How Small Businesses Can Mitigate Risks and Secure Success
Small and medium-sized businesses should have a keen eye on risks and should keep risk management as their important business tool. They should always be ready to face unexpected surprises to avoid damage. They should also have a myriad of strategies in place to mitigate the risks. Some common risk management strategies for small businesses are to implement security controls, file returns on time, develop security procedures and policies, and improve awareness among employees. Why should small businesses focus on risk mitigation strategies? By having a comprehensive risk management strategy in place, the organization will be able to protect itself from potential threats. The other benefits of staying vigilant about risks are as follows. How can small businesses mitigate risks? Risk management is an important component of any business that protects it from an uncertain economic environment. A sound risk management strategy can help the business to prevent such risks or at least mitigate them. Following are the components of this risk management strategy and a few ways for SMEs to mitigate risks. Prioritize the risks and threats This should be the first step in creating a risk management plan. Businesses should prioritize the risks as very likely to occur, […]
Nov 8, 2023
Top Defense Logistics Agency Contracts
Defense Logistics Agency Contracts The Defense Logistics Agency is the part of the United States defense world that provides logistics supply for military services and other federal and state agencies. DLA is responsible for managing the end-to-end global defense supply chain, from raw materials to end-user disposition, for the five military services, 11 combatant commands, other federal, state, and local agencies, and partner and allied nations. HOSE NONMETALLIC Agency Name: Defense Logistics Agency NAICS Code: 326220 Solicitation Posting Type: COMBINE Summary: This notice outlines a proposed procurement for the acquisition of nonmetallic hoses with National Stock Number (NSN) 4720-01-649-0601. The procurement is issued by the Commander, and delivery is required within a tight timeframe. Procurement Details: FCI TALLAHASSEE Agency Name: Federal Prison System / Bureau of Prisons Solicitation ID: 1150256 SetAside Type: Total Small Business Set-Aside Summary: This solicitation is requesting quotes for commercial items and follows the standard procedures and regulations outlined in FAR Subpart 12.6. Interested parties should provide quotes in response to this RFQ, and all clauses and provisions incorporated into the solicitation are based on the regulations in effect through Federal Acquisition Circular 2023-05. The NAICS code and small business size standard are also provided for […]
Oct 27, 2023
Navigating Changes in SBA’s 8(a) Program Application Process
The Small Business Administration’s 8(a) program, designed to support socially and economically disadvantaged small businesses, has recently undergone changes due to legal challenges. While it wasn’t directly targeted by a U.S. Supreme Court decision affecting college admission programs, it has been impacted, and more adjustments may be on the horizon as litigation continues. At the core of the issue is how social disadvantage is determined for program eligibility. Previously, individuals from specific racial groups could establish their social disadvantage. However, a court ruling highlighted the need for a more narrowly tailored approach. To comply, the SBA now requires individuals to describe their social disadvantage rather than relying on race-based assumptions. Here’s what small business owners need to know: Basic Qualification Factors For 8(a) Program Individuals from specific racial backgrounds could establish their social disadvantage to qualify for the 8(a) program. They must also meet other ownership and economic qualifications outlined by the SBA. To comply with the ruling, the SBA now requires applicants to describe their social disadvantage in detail. This can be done through a questionnaire provided by the SBA or by preparing a “social disadvantage narrative.” The goal is to provide evidence of social disadvantage beyond relying solely […]