Strategic Consulting Solutions, Inc.


How Women’s Small Businesses Contracting Just Made History

Women’s history month is upon us, so it seems timely that we take a quick moment to celebrate the strides women entrepreneurs have made in the past half century…and the great strides we are making today! Thanks to the Equal Pay Act of 1963 and the Women’s Business Ownership Act of 1988 (and their supporters), the entrepreneurial path has been and will continue to be traversed by many great women. While women-owned small businesses are the the rise, the world is taking notice to something else right now — the fact that history has been made in the world of women’s contracting! This is because the federal government has finally reached their 5% women’s small business contracting goal.  

Historical Importance

The SBA’s Women-Owned Small Business Federal Contract Program was created in 2011 with the goal of expanding opportunities to Women-Owned Small Businesses (WOSBs) and Economically Disadvantaged WOSBs (EDWOSBs) to compete for business with the federal government and gain access to the $90.7 billion in annual contracts that are given to small scale firms.

During the fiscal year of 2015, and for the first time in history, 5.05 percent or 17.8 billion of that 90.7 billion went to WOSBs.

Over the past ten years, the United States has seen an increase in women-owned businesses — by over two million businesses! In fact, today’s women-owned businesses rest somewhere around 9.8 million businesses, which is up 26.8 percent from 2007’s numbers (source: National Women’s Business Council). Women entrepreneurship is definitely on the rise and is further proven by the fact that women-owned businesses generate $1.4 trillion in receipts.

Big Wins and Entrepreneurial Support

While this news it great for WOSBs, this support has been seen throughout the entrepreneurial and small-business sector, nationwide. That’s because “the federal government awarded an all-time high of 25.75 percent of government contracts to all small businesses, supporting 537,000 American jobs” (source: SBA). For the American economy that equates to jobs, innovations and growth, and we couldn’t be more excited!  

Future Growth and Awareness

Did you know?:

  • Women represent more than 50 percent of the American population
  • There are 9.8 million women-owned businesses in the United States as of 2016
  • More than half of Americans are employed by small businesses
  • Women-owned businesses only receive 4 percent of venture capital

While women’s business ownership is reportedly up nearly 27 percent, women are still hugely underrepresented in terms of receiving federal contracts and capital. And while we’ve made great strides, these numbers are still a bit alarming. So we say this to you: Women entrepreneurs, let’s raise the bar above the 5 percent mark and meet it! There are federal dollars waiting to help grow these economically necessary and vital businesses! It starts with awareness — now that you know these federal contracting dollars exist, let’s go compete and win some bids!

To read more about the story, visit: How Women are Making History: SBA Lauds Record Achievement in Women’s Small Business Contracting.

Need Help?

Strategic Consulting Solutions is dedicated to helping entrepreneurs of all kinds thrive and knock down any accounting and compliance hurdles that come their way. We can help you understand government cost accounting requirements, implement systems and processes to achieve compliance, assist you through DCAA audits, and help you accurately manage and streamline your business processes. Strategic Consulting Solutions supports companies with contracts with federal agencies including DOD, DOE, EPA, among others. We understand the complexities of the world of government contracting and want to help you navigate it so you can focus on what it is that you do best, running your business.

 

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