What small businesses need to know to win government contracts

Listen and subscribe to Financial Freestyle on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. On the latest episode of Financial Freestyle with Ross Mac, US Small Business Administration associate administrator of government contracting Jackie Robinson-Burnette breaks down everything small business owners should know to win government contracts.
Last year, the US government awarded $178 billion to small businesses. "What many people don't know is that the government spends $600 billion a year," Robinson-Burnette says. "Congress mandates that we spend 23% of that with small businesses," including women-owned businesses, veteran-owned businesses, and businesses in historically underutilized business zones. She explains that government contracts range from custodial services to information technology to medical support. "We have contracts that are under $250,000, which is very small to the federal government, but it could be a huge opportunity for a small, especially a small minority or disadvantaged, business."
According to Robinson-Burnette, the SBA offers training to help businesses prepare to apply for contracts, including a mentor protégé program that pairs less experienced small businesses with professional contractors. She recommends finding the government agency your business most aligns with. Then, she says to contact the office of Small Disadvantaged Business to start building a relationship and find out what opportunities are coming up within the next year.
Financial Freestyle with Ross Mac on Yahoo Finance is dedicated to promoting economic prosperity for all. Through expert insights, practical advice, and inspiring success stories, we empower you to build and grow wealth.
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