As a small business owner, my company has achieved excellent results when processing government contracts. This is how my business has thrived and thrived in uncertain times. The government spends billions of dollars on goods and services each year, creating enormous market opportunities for businesses of all sizes. Therefore, it is important to understand the competitive landscape in this space.
The BGOV200 2023 annual report rankings indicate significant inequality in the distribution of federal procurement revenue. The report shows that of the total federal contract money, the top 200 contractors generated a significant 65.3%, while approximately 90,000 other providers accounted for the remaining third of the contract money, and one-third of the contract money went to 15 providers in 2021, 2022.
Even the SBA itself confirmed in its 2020 report that about 91% of $560 billion in government contracts that year went to non-minority-owned companies or corporations, showing just how big the Challenge for small businesses is to secure government contracts based on the situation we face as minority-owned small businesses.
Read the rest of Forbes’ story here.
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