As a small-business owner, my company has obtained great results from working on government contracts. This is how my business has propelled and thrived amidst uncertain times. The government spends billions of dollars each year on goods and services, creating a vast market opportunity for businesses of all sizes. Therefore, it is key to understand the competitive landscape in this area.
The 2023 BGOV200 Annual Report Rankings point out a significant disparity in federal procurement revenue distribution. The report reveals that out of the total federal contract dollars, the top 200 contractors captured a substantial 65.3%, while approximately 90,000 other vendors accounted for the remaining one-third of contract dollars, and one-third of contracting money went to 15 vendors in 2021, 2022.
Even the SBA itself, in its 2020 report, confirmed that approximately 91% of the $560 billion worth of government contracts that year went to non-minority-owned businesses or corporations, displaying how much of a challenge it is for small businesses to secure government contracts based on the landscape we as minority-owned small businesses face.
Read the rest of the story from Forbes here.