Federal Contracts Essay Example | Topics and Well Written Essays - 750 words

Federal Contracts - Essay Example This move is extremely essential for small entrepreneurs to expand their businesses. This paper analyzes the federal act support for small businesspersons with the aim of expanding their businesses. It further provides an organizational chart that supports working with the federal contracting system. Federal Contracts under a given Business Development Program Federal government only provides support to businesspersons or prime contractors that are performing at least one active EPA contract. In addition, they must also be eligible for the award of federal contracts. The other parties who are bound to receive assistance are companies whose corporate policy is to promote, develop and implement subcontracting opportunities for the sector of socioeconomic. In order to help such small businesses that are still starting, but have a viable idea; the SBA came up with the 8(a) Business Development Program. What is the 8(a) Business Development Program? Business Development Program is assista nce program for small-disadvantaged businesspersons with bigger ideas. This program also offers a broad scope of assistance to firms under people who are economically disadvantaged. ... Business Development Program Benefits The Business Development Program assists inspiring entrepreneurs greatly since participants being able to receive sole-source contracts of roughly $4 million for goods and services. Concerning manufacturing, the participants receive a total of $6.5 million, which is to assist in establishment and expansion of already existing business. Additionally, as much as this program helps, 8(a) still assists in building of competitive advantage. This program also helps in the improvement of institutional expertise by assisting participants to take part in competitive acquisitions (Ralph & John, 1995). Firms under 8(a) program are capable of forming joint ventures that assist them in teaming up to bid contracts. This process enhances the ability of most firms to perform larger prime contracts and overcome the effects of contract bundling. It is also possible for such companies to combine and form one large contract as highlighted in the Mentor Protege Progr am. There are usually the requirements and the objectives of the 8(a) Business Development Program, which involves graduation of firms to higher notch of competitive advantage. This process assures organizations of thriving in competitive business environment. The goal of this program is to help firms maintain balance between their commercial and government businesses. As stipulated in the NAICS code, it also provides the limit on the amount of dollar value of sole-source contracts that individual participant is likely to receive while taking part in the program, which is roughly $100 million. The requirements include the following: a) Systematic evaluations b) Yearly reviews c) Business planning