In the News: Small Businesses Get $145.7B in Prime Contracts from the Federal Government

When small businesses are awarded contracts from the federal government, it pays off in many different ways. And that is what just happened with the record $145.7 billion in prime contracts for small businesses. According to the Small Business Administration (SBA), the $145.7 billion from prime contracts along with another $82.8 billion in subcontracts given to small businesses was responsible for creating almost one million jobs.

This article Federal Government Awards Record $145.7 Billion in Contracts to Small Business, in this week’s roundup looks at the effort the SBA and the federal government put to award at least 23% of the contracts to small businesses. But this year, they awarded  26.01% of the overall federal contracts, which exceeds the mandated 23% in prime contracts.

The roundup also looks at a couple of important issues for small businesses this week, the implementation of Google Ads’ three-strike system on publishers, which will affect many small business owners, and the tax considerations of selling a business.


Small Business News Roundup – July 30, 2021
See what the rest of the roundup has to offer this week:

Office Workers Among Those Most Likely to Favor Smart Lockers to Get Packages Securely
According to a new study from Pitney Bowes, office workers are the most likely to favor smart lockers to get packages securely. Millennials and urban dwellers are also part of this group that sees the benefit of using smart lockers. Office Workers and Smart Lockers As employers and employees look for ways to optimize the workplace the work/business environment is changing.

Google Ads Imposing 3 Strike System on Publishers
Come September 2021, Google is going to be testing a new strike-based pilot program for repeat Google Ads policies violators. The three-strike ad policy system will have increasing levels of penalty, but before the strikes, you will first get a warning.

1 in 4 Entrepreneurs Fail at Their Business Before Succeeding
1 in 4 entrepreneurs fails at least once before succeeding. It takes entrepreneurs an average of three years for their business to begin supporting them financially. These somewhat blunt statistics involving entrepreneurialism were the findings of a study by Skynova, a small business resource for creating professional invoices.

American Workers Take 2.7 Hours of Breaks Daily – What are They Doing?
Taking regular breaks is vital for workers to stay focused, productive and alert, but is the US workforce taking too many breaks? According to research by Solitaired, providers of activities to help sustain healthy bodies and minds, workers in the US take an average of 2.7 hours of breaks each day.

74% of Consumers Prefer Texting with Businesses if a Real Person is Texting Back
Almost three-quarters of consumers prefer texting as a means of communicating with businesses, providing a real person is texting back. This was the finding of the communication and payment for local business providers, Podium’s, 2021 Local Business Messaging Trends report.

Zoho Invoice is Now Free to Empower Small Businesses
Taking any cost of the expense sheet for a small business is always a great thing. And this makes the announcement of Zoho Invoice being available for free even better. Why, because this is a proven cloud-based invoicing solution with more than 30 real-time reports so you can easily navigate the billing and payment collection process.

Entrepreneurs Often Lack Marketing Help When Starting a Business
Launching a business is not without its challenges, and the more help, support and advice entrepreneurs receive, the likelier they are to succeed. This was the finding of a report by Skynova, a small business resource for creating professional invoices using an online platform.

Selling a Business Tax Considerations
If you’re concerned about taking a tax hit when you sell your business, get a business valuation done. The business valuation is an appraisal that can help you set your price. It can also help you estimate the tax impact ahead of time. It may also bring to light ways you can lessen that impact. We’ll take you through all you need to know.

Why Thinking Outside the Box is Useless
One of my favorite expressions is “there is no truth outside yourself”. We need to realize that everything we see in the world is viewed through our own point of view. What is the implications of that positively and negatively for your business? On the Small Business Radio Show this week, Kenneth Cukier is an award-winning journalist and bestselling author.

What is 3D Printing?
3D printing is an additive process in which three-dimensional objects are made from digital files. It entails laying down a series of layers of material until the object is created. This innovative production process uses materials like plastic, ceramic, metal, or any other material to make complex shapes.

Image: Depositphotos

This article, "In the News: Small Businesses Get $145.7B in Prime Contracts from the Federal Government" was first published on Small Business Trends


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