Contract Opportunities are Expanding Rapidly for Women-Owned Businesses

This week, the Small Business Administration (SBA) and the General Services Administration (GSA) announced the addition of hundreds of new NAICS Codes to the list of industries within the Women-Owned Small Business program. Moreover, the ultimate goal of Fiscal Year 2022 is to award the most GSA Contracts to WOSB Certified companies in history. 

In 2021, overall federal spending dropped from the previous year; small business set-asides devoted strictly to women-owned businesses increased by more than a billion dollars. This is positive news, but it still is not enough. Women need to be a more significant part of the small business community and a focus of GSA contracts in the future.

The Federal Government and its agencies hope to bring more women into the business world, specifically in industries lacking in gender diversity. Recently, the SBA announced over 300 new NAICS (North American Industry Classification System) codes to be added in sectors such as IT, Cybersecurity, and professional services. 

Throughout the history of the GSA and its acquisition programs, contracts awarded in these specific industries have been predominantly overpopulated with male-owned businesses. Thanks to new NAICS Codes and billions of dollars in added contracts, more women-owned businesses will be awarded contracts than ever before. 

The GSA wrote in a recent article that a few main tactics would be put in place to achieve its goal of increasing women throughout the small business industry. 

• Awarding more GSA contracts to WOSBs in FY22, with at least 5% of those contracts being prime and subcontracting awards, respectively;
• Offering more matchmaking events for increased subcontracting opportunities.
• Buyers from across the Federal Government are looking solely to women-owned small businesses for specific contracts. 

If you’re a women-owned business and aren’t yet working with the Government, there is no better time to get started. Government Services Exchange will help you get registered, certified, and prepared to win relevant contracts. Call us today at (866) 850-1710 for a FREE consultation with a WOSB specialist.