The U.S. federal government is the largest purchaser of goods and services in the world. For small businesses negatively impacted by the pandemic over the past two years, this may offer a glimmer of hope as many attempt to pivot to stay afloat. While several businesses were forced to close due to losses, new businesses were formed by laid-off or dissatisfied workers.

But new firms are more vulnerable to economic swings. (more…)

The American economy depends on jobs created by small businesses, which account for 64% of new jobs created every year. Some of the best-run U.S. small businesses are those participating in the Small Business Administration’s 8(a) program. The annual review required to maintain eligibility in the program can seem onerous to some, but it ensures participating firms are adequately capitalized and operating in a stable manner.

An annual business plan review is beneficial to all companies, but for 8(a) firms, the mandate prompts them to align their efforts with changes in the market to ensure they have a plan to respond. (more…)