The Federal Small Business World is buzzing about the flood of new Small Business regulations being put into effect.  How much should you care about these changes as a Small Business participant in the Federal contracting arena?

You should care a lot as many of these new regulations could affect your compliance with Federal regulations. Falling out of compliance can have catastrophic effects on your future as an owner and on the business as a whole. Being naive to the world of Federal regulations is not an excuse if you decide to partake in accepting Federal dollars. Investing a few hours reading the many articles, blogs, and newsletters published for free can help to quickly identify the regulations that may affect your compliance.  For Example: see SBA / FAR relating to changes to “subcontracting” regulations.  Most importantly, contact an attorney or qualified consultant that specializes in Federal compliance. They should be up to speed on the intent of the new regulations and efficiently assist you with developing a plan for maintaining compliance.

Just as important as knowledge of compliance is knowledge of opportunity…

 In the words of Peter Drucker- "The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." 

Those firms who recognize the magnitude of these recent changes and can adjust the trajectory of their business to take full advantage before their competition, will reap the benefits of this investment. Just the changes implemented under the “Runway Act” alone will dictate who you should seek out to team with your business for participation in future procurement opportunities. Those who understand how to maximize their presence in their target market by understanding and applying these changes to their specific environment will be presented with the most opportunity. Be smart and use the new year to invest some time researching, networking, and planning for additional opportunities to expand your current marketing channels and always remember…be Bold!