Changes have come to SBA's Small Business program in 2020! New regulations and program changes were posted throughout the year (WOSB certification requirements) but the most significant changes for Small Business Federal contractors were published October 16th and took effect November 16th… Are you prepared? Recognizing and effectively adapting to an ever-changing environment is core to the success of a sustainable business.
Change in your business environment is inevitable and deciphering how your business model will be affected is crucial. Effective adaption is achieved by embracing the necessary changes and properly communicating these changes to your employees—these are key to not just surviving—but to flourishing. Change has normally been the catalyst for explosive growth for my clients who embrace and affect rapid adoption.
So, what should Federal contractors be doing right now? They should be obtaining legal counsel that specializes in SBA compliance in order to gain an understanding of why the change was put in place and to understand which requirement(s) may affect their business. Sometimes new regulations can be somewhat ambiguous so case history will ultimately be pertinent in order to define the intent.
Understanding WHY regulations are put in place will allow you to anticipate the spirit behind the regulation and prevent you from making misguided crucial decisions. Be engaged, take an interest, but leave interpretation and guidance to the professionals as a little investment up front will undoubtedly pay off.
Stay tuned for part 2 as I will be discussing specific examples of how some of these changes will reshape the Federal construction environment moving forward. Embrace change. Be a “rapid adopter”; and, be BOLD!
