Opportunities for Women Owned Small Businesses (WOSB)
Most governmental agencies and large corporations have programs for doing business with women owned small businesses. In order to participate in these programs, your business must be “certified” as women owned and managed. Obtaining certification can be an important business development strategy for women business owners. There are several entities that provide this certification, although they use very similar criteria.
The first group to sponsor a certification program is the National Women Business Owners Corporation (NWBOC). Their Woman Business Enterprise (WBE) certification is the industry standard and is recognized by procurement officers across the country, in both the public and private sectors.
The WBE certification process is rigorous and time consuming. A large amount of documentation is required, including an extensive application and questionnaire, background information, legal documents, tax returns, financial statements and a site visit. The purpose is to verify and document that:
Women own 51% or more of the business, and
Women exercise management control.
Once you obtain WBE Certification, you can explore the opportunities available to you in both private sector and government programs. For instance, the SBA (Small Business Administration) published the Women-Owned Small Business Contracting Rule on February 4, 2011. This specifically expands the opportunities for a WOSB. Their stated goal is that 5% of government contracting funds go to WOSBs.
Obtaining WBE Certification is an important business development strategy for women business owners. We have the necessary background and skills to understand the business financials, the personal financial and estate plans of the business owner and the marketing strategies that will help the business grow. Here are a few ways that Succession Strategies can assist you.
WBE Certification Process
“Soup to nuts” assistance in submitting your WBE Certification package, including:
Gather and organize the documents necessary to support your ownership structure;
Review and make recommendations regarding your website, company history and company capabilities in order to highlight your status as “women owned and managed”;
Prepare an application ready package for submission to the appropriate certifying entity (NWBOC, WBWNC, SBA, etc.)
Review the package that you have created; and/or
Provide advice (on an hourly consulting basis) in regards to whether the WBE certification makes sense for your business.
WBE Certification can open marketing channels and contracting opportunities in several different areas:
Local, State and Federal government contracting opportunities
Large corporations that do business with the government often need to demonstrate “vendor diversity”. They frequently have “diversity outreach” programs that target a portion of purchases from WOSBs.
Large prime contractors are interested in “teaming” opportunities. They want to use a WOSB as a sub-contractor on government contracts.
The certifying entities (such as NWBOC) help facilitate your marketing efforts through their “marketplace matching” services.
Government Contracting Assistance
On February 4, 2011, the Small Business Administration (SBA) published the Women-Owned Small Business Contracting Rule. This rule is aimed at leveling the playing field for women-owned small businesses to compete for and win federal contacts. They have established a statutory goal that 5% of federal contracting dollars go to women-owned small businesses.
The SBA is tasked with ensuring that companies who meet the prerequisites have the opportunity to participate in the Federal WOSB set aside contract opportunities. The rule identifies 83 industries (as defined by their 4-digit NAISC codes) in which WOSBs are underrepresented.
Succession Strategies can help your firm successfully do business with the government in several ways. We can help you:
Understand how to use the tools provided by the Federal government. These include a number of websites and registration portals. It is through these sites that the government purchasing agents verify your capabilities and status for set asides.
Identify the federal agencies and contacts that match your NAISC codes and capabilities.
Refine your business description to meet the small business standards definition and requirements.
Create a marketing plan to reach into government business arenas.
The Federal government contracts for $575 billion of goods and services each year. Each of the 176 Federal agencies manages their own contracting process. Navigating this complex and difficult structure can be expensive, time consuming and frustrating. We can help you determine:
Does Federal contracting make sense for you?
What kinds of opportunities exist?
How would you go about securing a contract?
Together we can make your venture into government contracting a success.
