Small Business Contracts exceeds $100 Billion

Last month, the Small Business Administration released its scorecard for fiscal year 2017. Among the news was that small business contracts have exceeded $100 billion dollars for the first time ever. This milestone stems from surpassed expectations: the federal government has a small business contracting goal that 23% of government-wide contracting spending comes from small businesses, and the federal government has exceeded its goal for the last five years in a row.

Unfortunately, the federal government did miss its goals for government-wide prime contracting for women-owned small businesses, as the government aimed for 5% but only hit 4.71%. Likewise, the federal government also missed its prime and subcontracting for Historically Underutilized Business Zones.

However, small business contracts exceeding $100 billion is an exciting milestone. The scorecard also revealed the eight agencies with the highest mark of an A-plus: The Department of Homeland Security, the Department of Commerce, the Department of Labor, the Department of the Interior, the Department of Housing and Urban Development, the Office of Personnel Management, the Nuclear Regulatory Commission, and the SBA. The A-plus grade reflects the agencies’ “significant efforts” toward meeting the 23% small business contracting goal. Going into next year, the SBA hopes to reach out to small business tech. Of course, higher numbers and surpassed goals are expected for fiscal year 2018 again.

Small business owners usually handle all their current work by themselves, although outsourcing some work proved to be effective. Xero Bookkeepers can cover all that relates to your business’ accounts. And you will have more time to develop your business.