Unlock the secrets to federal contracting success in FY2025! In this episode, we break down the record-breaking FY2024 federal contract awards to small businesses, which hit an unprecedented $183 billion—accounting for 28.8% of all eligible federal contracting dollars. This marks the fourth year in a row the government has surpassed its 23% small business contracting goal, signaling a robust commitment to small business inclusion and supporting over one million jobs.
We dive deep into:
- The historic numbers: From the overall $183.3 billion prime contracts to the record dollar awards for Small Disadvantaged Businesses (SDBs), Women-Owned Small Businesses (WOSBs), Service-Disabled Veteran-Owned Small Businesses (SDVOSBs), and HUBZone firms. We'll discuss how SDBs received approximately $78.1 billion, WOSBs $31.7 billion, SDVOSBs $32.8 billion (exceeding their new 5% goal), and HUBZone firms $17.5 billion.
- Why these trends matter for your business: Understand how the increase in small business set-aside contracts (reaching a record $69.6 billion in FY2024) and the consistent "A" grades for most federal agencies demonstrate a strong, receptive environment for small contractors.
- Actionable strategies for FY2025 and beyond:
- What to watch for in FY2025: We cover the upcoming 15% SDB goal for 2025, continued focus on WOSB and HUBZone categories, and the ongoing impact of agency scorecards and accountability.
If you're a small business eyeing federal work, the door is wide open. Tune in to learn how to position your company to ride this wave of federal support and capitalize on the growing opportunities in the federal marketplace.
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