According to this article from Inc., small businesses can look for support from the US Government (via the Small Business Administration) in three areas:
1. Help with securing federal contracts (there will be higher procurement goals for small businesses businesses-especially those run by women, veterans and those located in historically underutilized business zones
2. Added money for resources (allocating additional funds for the agency’s staffing needs may help alleviate some of the customer service and processing glitches the agency encountered during the pandemic)
3. Elevating women-owned businesses (The SBA’s Office of Women’s Business Ownership will now report directly to the Office of the Administrator)
While small businesses definitely took a hit over the past 20 months of a pandemic-impacted world, being small did provide a few advantages. When it comes to determination and the ability to pivot quickly, small businesses often leave large corporations in the dust. This recent piece from Forbes is a compilation of the best small business stories of the year. This piece includes a look at “How Andrea Jung, Lisa Mensah And Women Over 50 Are Safeguarding Small Businesses” as well as a look at how the pandemic actually spawned over 4 million new businesses in “Covid’s Entrepreneur Explosion”.
Last week, Forbes released their list of the 100 Most Powerful Women in the World. Women on the list are from 30 countries and territories and work across finance, technology, politics, philanthropy and entertainment industries. The article accompanying the list states, “All of these women represent [that] it’s not just enough to have money, or a position of power. A person must be doing something with their fortune, voice or public platform.”
This December 2, 2021 release from the White House highlights that while the US federal government is the largest purchaser of goods and services in the world, less than 10 percent of those federal contracting dollars typically go to small disadvantaged businesses (SBDs). In addition, while women own roughly 20 percent of all US small businesses, less than 5 percent of federal contracting dollars go to women-owned small businesses. This press piece also shares information about a new set of reforms to the federal procurement process to help meet the current administration’s target of increasing the share of federal contracts to SDBs during Fiscal Year 2022 to 11 percent.
Of all Fortune 500 companies, only 41 are currently headed by women (which is less than 10%). Despite this lack of representation, having a woman at the helm can often positively impact a corporate bottom line. This recent piece from Forbes outlines five reasons why companies can benefit from placing women in the top spots.