Features And Efficacy Of GSA Schedule Contract For Small Business Owners

The abbreviation of GSA in association with the schedule contracts stands for General Services Administration. This is a term which is exclusively prevalent in the United States and is a legal organization which gives in for long-term contracts which are essentially government wide by nature. These contracts are addressed to the commercial firms, regarding the wide scaled provision of all kinds of products and services which are relevant and prevalent in the commercial facets of functioning. The outstanding feature of these kinds of contracts is that these are characterized to give out products and services at remarkably reasonable prices that are also attached with discounts as well. Various commercial organizations in the United States have undergone such contracts with the GSA and that they are still up to continuing the same on account of the fact that the services offered by these contracts are really effective in saving funds at large.

GSA Schedule Contract For Small Business Owners

A GSA Schedule Contract is something that is also referred to as the Multiple Award Schedule Contract and that it gives in for one of the most significant vehicles of the government contracts whatsoever and this is on account of the fact that these contracts are high in smoothening the government sales procedures and their execution in the United States.

These contracts, with the help of their pre-determined terms and conditions on pricing, cater the companies sell to the government buyers and in this regard it has to be mentioned that one of the most significant features that can be attached on to the Advance GSA contracts is the GSA which gives in for advanced and organized negotiations that effectively build a bridge between the federal government who is seeking to purchase various goods and services and the manufacturing companies who are up to selling the same to the government. However in this regard it is necessary to point out that GSA services are used at large by the state, federal as well as the local leveled governments, all of which are highly provided with almost every kind of a good or a service required in their functioning.

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5 Pointers Why 8a Certified Advantage Outweigh Cost And Time?

It’s not unknown how tough the US marketplace had evolved into in the post 9/11 world. A dwindling economy continued for over half a decade and now that the US market is getting back on its feet, thanks to the recent economic measures on the home front, companies are expecting to see prosperous days ahead. In this current economic scenario, it goes without saying that this is the perfect time for entrepreneurs to launch their startups and for small businesses to explore the hidden frontiers of prosperity - the federal marketplace - by cashing in with the 8a certified advantage.

8a Certified Advantage

Many small business firms are confused as to how the 8a certification outweighs the cost and time involved in getting this coveted approval from SBA. Here are 5 pointers to help your decide –

1. Sole Sourcing – it is a powerful vehicle that enables the federal agencies to award contracts (including purchase of goods and products and procuring for services) from 8a certified companies without having them to bid for the project. On the other hand sole sourcing enables the 8a certified small business firms to win contracts without entering into project bidding with their closest competitors, directly from the federal marketplace.

2. Limited Competition – Once you get your business 8a certified you actually limit the competition on getting federal contracts! You will be surprised to know that there are approximately 24 million businesses operating in the US soil, not surprisingly only 8500 of these firms gets to enjoy 8a certified advantage. So you have plenty of free space to jump into!

3. Huge Federal Spending - the federal government spends a lot of dollars each year on federal contracts with the 8a certified firms for procuring goods and services at pre-negotiated rates. Last year the amount of federal spending for 8a program was a staggering $30 billion. Now could you believe that? It’s only feasible if you get your small business certified through SBA 8a application.

4. Large Contract Amounts – Now that’s another catch for applicants who wish to benefit from 8a certified advantage. Contracts are quite large for all 8a approved firms. You must know that federal contracts are awarded up to $4 million for products and services and up to 6.5 million for manufacturing deals.

5. Honest and Fair Pricing - yes, only in the federal marketplace you’ll get to benefit from the honest and better pricing structure. The 8a certified firms gets a full and open source price adjustment is offered by federal customers to 8a firms up to 10% of the fixed contract amount.

So you can see from the above that once you can see your SBA 8a application through the certifying authority you’re in a win-win situation. Take benefit of the 8a certified advantage and set your business rolling on the fast lane of success.

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Learn The Several Benefits Of Timing An 8a Certification

Are you a small business owner looking forward to cement your financial stability in the highly competitive market place? Then you must get your business 8(a) certified. However, deciding when to go forward with an 8a application process is something that businesses don’t realize more often. In fact, it’s not an easy decision either. But then, waiting for the right time to apply might hinder your chances of getting your business 8a certified at all. In some cases it might be too late for your company and since you didn’t apply upfront you end up missing out on the lucrative opportunity that SBA 8a has to offer to small businesses. So due to a miss-timing of the 8a application your small business misses out the opportunity of becoming a large federal contractor. But all of these can be avoided if you have known the 8a certification benefits and properly timed your application.

EZ8A - 8a certification benefits

Here’s our video explaining all about properly timing your 8a application and what benefits would you be getting out of it. Watch it here –

Now that you know that timing of your 8a application is crucial don’t waste valuable moments. Get In touch with a certified 8a consultant, learn the 8a certification benefits and set your business on the road to unprecedented prosperity.

For more tips and suggestions on small business success and how 8a certification can help fulfil your business goals, stay connected to ez8a.

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Role Of The 8A Certification Consultants In Upholding Business Authorities In America

The term 8a certification refers to an effective step that has been undertaken by the authority of the Small Business Administration so as to cater the scope of the business processes that have been stuck behind, to get back on the roll of processing. This is a feature that is in prevalence in the land of the United States of America and it is a fact that the inception of such a concept has created revolutions amongst the existing business authorities in this country. This is on account of the fact that this feature has been initiated by the authority of the Small Business Administration 8a which undertakes the responsibility of upholding the downtrodden business initiators so that they can get capable enough in making their grounds firm enough so as to compete with the other business authorities who have reached high levels of profits out of their processes.

8A Certification Small Business Consultants

It is a noteworthy fact that the program of the 8a certification is supposed to have certain qualifications and criteria to be fulfilled by the initiators of the business authority who seeks to be involved into the processing of this program and it is reality that fulfillment of these criteria is not a very easy process and it is here that the integrity of the role of the 8a certification consultants come into the forefront. These are persons who are supposed to be entitled with the task of making the building a bridge between the business owners and the 8a authorities which would let the former to carry out the criteria required, in a proper manner. These persons are efficient in helping the seekers to shirk out the additional hassles of going through the procedural methods of 8a certification so that the under-privileged lot of the society can avail the advantages of this authority at a rapid pace.

As is mentioned earlier that the 8a certification is an authority that has been grounded on the base of the Small Business Administration and that the latter is characterized by a number of mainstream criteria that are mandatory to be fulfilled so as to get eligible for consideration of the authorities. The sba qualification, in association with the term, refers to the features that are brought under consideration so as to register a particular business authority under the SBA, which include the concerned authority to be a proved small-scale business authority.

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SBA Federal Contract Opportunities To Women Owned Small Business

SBA 8a certification has offered new opportunities to get more federal contracts for women owned small business. As per its final verdict on the program, it has included a new certification, known as edWOSB (Economically Challenged Women Owned Small Business). As per this new program, women business owners get increased chances of getting the government contracts.

Women Owned Small Business SBA Certification Federal Contract

Benefits of edWOSB program

• As per the new program, women business owners can also win set-aside government contracts
• 5% of these federal government set-aside expenditure is for the WOSB or edWOSB program
• Projects that are less than $3 million and $5 million can take advantage of this set-aside
• 5% of the subcontract requirements are fixed to wosb from large major contractors
• Along with other programs like SDVOSB and HUBZone, this new program has equal opportunity
• The new program also has a separate mentor protégé
• The program has no term limit
• Nearly 83 industries that are qualified by NAICS codes are enlisted in the program
• On 45 industries, rule of 2 for wosb is implied
• On nearly 38 industries there is no rule of 2 for edwosb companies

How to get 8A Certification

You can get new 8a small business certification in a number of ways, some of which are –

o Third party certification
o Using existing 8a or 8a BD certification
o Using DOT’s DBE certification
o Self certification

Procedure for Self Certification

The procedure for self certification is as follows:

1. As per the SBA final rule guidelines, you need to determine whether you are eligible for the program
2. Your business needs to have at least 51% women ownership
3. The financial threshold of the women owners should be as follows:
o Gross asset should be less than $6 million
o Net worth of business should be less than $750,000
o The annual income or salary of owners should be less than $350,000
4. You need to review 83 industries under NAICS and see whether you are meeting the standardized size
5. As per your business qualification you need to choose either wosb or edwosb program
6. You need to provide documents for the program, which are as follows:
a. Business profile – type, financial statement, tax returns, and so on
b. Owner’s (s’) profile – financial statement, personal tax return, credit history, and so on
c. Management profile – list of employees with residential details, list of officers with residential details, and so on
d. You need to fill out IRS form 4506-T
e. You need to fill out SBA 413 form
f. You need to fill out SBA guidebook’s appendix C, in case you are applying for edWOSB certification
7. You need to register or update (if already registered) your CCR registration
8. You need to complete or update DSBS database of SBA
9. You need to complete or update ORCA database
10. You need to sign all the documents mentioned above with notary affidavit
11. Then submit all the documents along with the application form to repository database of WOSB or edWOSB
12. Need to maintain a duplicate copy for company record

However, if you want to be free from the hassles of so much paperwork and stringent application procedure, you can take help of a professional consultant and pay more attention to increase your business revenue.

Please Check Video  GSA Schedule Contract & 8A Certification

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How To Form An 8A Certified Small Business Administration

In the United States small and medium scale enterprises play a hugely important role keeping the nation’s economy running. As a result, it has become important more than ever to provide these business organizations with optimum support so that they can continue making contributions in the economy. A large number of socially and economically challenged entrepreneurs in the country are involved in the small and medium scale enterprises sector which has grown exponentially over the last few years. The 8a certificate has been introduced to provide some extra leverage to the small businesses owned by economically and socially challenged entrepreneurs. 8a certified small business administration enjoys some extra facilities from the government and are able to stay in the market competing with large business corporations.

8A Certified Small Business Administration

In order to file a successful application for an 8a certificate a business organization has to prove certain things. This certificate is for those who have been in a disadvantageous position for a long time in history due to no fault of their own. The socially disadvantaged class includes African American, Native Americans, Hispanic Americans and Asia Pacific Americans. All these people have suffered some sort of racial or ethnic repression at some point of time and the 8a certificate is designed to provide them some respite in matters of business and self employment. An 8a certified small business administration must be governed by those who are in a socially disadvantageous position. However, the business organization has to prove that it is in a similar situation if it has to earn a certificate.

8a Certification - What is 8(a) Certification Advantage?

Another important requisite for having an 8a certificate is being economically challenged. In the United States anyone having a capital less than $250,000 is economically challenged and is eligible for an 8a certificate. It is to be kept in mind that there are a large number people who are economically challenged when it comes to investing money in business. It is possible for 8a certified small business administration to gain some extra leverage in the market and be in business competing with others. It is to be kept in mind that there are a large number of people who think that when it comes to capital, small and medium scale enterprises lag far behind larger corporations. This certificate works a lot to allow the small business units enjoy certain facilities that would help them move forward in the market. Moreover, businesses managed by women are also eligible for 8a certificates.

The best way to file a successful application for 8a certificates is to take the help of professional 8a certification consultant who has quite a few years of experience in this field. There is no room for making errors in the process as if once the applications gets rejected all future efforts get even tougher. Hence, a professional consultant can help a person out in this regard and can make the filing process a successful affair. It is better for clients to contact more than one service provider and choose the right one.

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How To Hit Upon The Right Growth Strategy For Your Business?

Do you feel that the surrounding market ambiance in which your organization keeps running is some sort of a green eyed monster? Well, it is pretty natural on your part if you feel so especially when things in the world of business tend to get so knotty in these days. In the midst of the culminating pressure points as well as challenges in the business world it is pretty important on your part that you hit upon the right growth strategy for your business. Here is a brief discussion on some of the strategies that you might like to consider in this regard.

If you have to hit upon the right growth strategy for your business you need to proceed the right way. So, let us just make it a point that we are going to focus on the right points with no rooms for slipups.

8a certification

Have proper and streamlined financial plan ready

In the first place, you do have to make it sure that you have a proper as well as streamlined financial plan ready with you. A financial plan should lay the foundation of your success in your respective niche or target market. So, preparing a streamlined financial plan should be at the top of your priority list. While setting up the financial plan for your company you should know the ultimate objective of the plan very well. You need to remember one small thing in this regard. Break the plan in terms of monthly goals as well as yearly goals.

Chalk out a befitting product development as well as service catering plan

If you really wish to make it sure that you are going to make a seamless entry to your niche market or your target market then it is evidently important on your part to have a befitting product development as well as service catering plan ready at your disposal. These plans are going to create the right sort o podium that you need to accomplish your objective as well as flourish in the competitive market. You should have a complete as well as a surefire process which is going to ensure that the product ranges which you propose to launch in your respective target market is going to be a big hit. In order to make it sure that your products are going to enjoy some sort of a surefire success in your target market you do need to make it a point that you are going to focus on three things quite specifically. Those three vital aspects are as follows- market analysis, market research as well as proper as well as streamliu8ned product designing procedure. A perfect combination of these three vital components is definitely going to make it sure that you are going to rest assured of the success of your products as well as services even before you rope them in the market.

Think of alterative channels

You do need to think of alternative channels in this regard. It is indeed pretty imperative on your part. These channels are more or less going to serve the purpose of a back-up plan for you. In order to figure out how to make the most out of these channels you can resort to an 8a certification program. When you get yourself engaged in a crucial task such as thinking over the alternative channels then it truly becomes important on your part that you are going to focus on proper screening as well as analysis of the target market. When it comes to the issue of alternative channels for the growth of your business you have got to think about the real prowess of social networking. Social media marketing is quite an in-thing in the present scenario. You do need to mull over the effectiveness of social media in this regard. In order to hit your target market with a bang you do need to make it a point that you are going to integrate the efforts of your sales team with your social media marketing initiatives.

Focus on intensive growth spectrums

It is really imperative on your pat to be able to think of or focus on intensive growth spectrums which happen to be an integral part of various industry verticals in the present scenario. You do need to know what your compatriots or pals as well; as your close rivals prefer to do in the challenging as well as changing business scenario.

Make it a point that you are going to cast a cautious glance at the few aspects that have been suggested to you. These happen to be the growth strategies initiated as well as followed by an array of developing or growing organizations all over the globe.

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Top Ideas To help You Achieve Success As An Entrepreneur

Winners don’t do different things. They do normal things in a bit different way. The maxim is true in its entirety. If you are an entrepreneur by profession and are in the habit of seeking constant streams or sources of ideas you should get the point that every time you might not need a concept which is as new as a new penny just out of the mint. In order to achieve success as an entrepreneur you mint have to mine a little harder. Probably you are going to find a perfect mix and match of the traditional methods as well as some mint fresh concepts useful for your ultimate objective. Here is a quick peep at some quintessential ideas which are going to help you a lot in terms of accomplishing your objectives and set your mark as a visionary entrepreneur of this era.

Overcome pessimism

Pessimism can prove to be biggest hurdle for your success as an entrepreneur. It is an impediment as well as a predicament. So you do need to make it sure that you are going to overcome pessimism at any cost. In order to overcome the problem of pessimism you can make use of the technique which renowned and astute motivators would like to describe as ‘auto-suggestions’. It is a particularly useful method which is often adopted by professionals, sports people as well as top notch sales people so that they can tide over the negative feelings that threaten to unhinge their mindset.

Go for a certification program

If your business is in a state of its formative years or in its startup phases then you do need to go for a certification program. You can consider the 8a certification program in this regard. With the help of this kind of a helpful program you are going to win your spur in your respective field of business in due course of time.

Use latest technologies

Use latest technologies such as crowd sourcing, social sharing through internet, life style apps, specific tools for enhancing productivity (TENXER, EVERNOTE). These technologies are gradually turning out to be the tools that change the way business are done on global platforms.

Take care of official red tapes

Take care of official red tapes are going to be a pain in the neck if you are not careful enough about them. Do everything in your power to make sure that the obstructions are well taken care of. If you have to pull strings, then pull strings. Use your connections. You would be surprised to know that an 8 a certification program can prove helpful in this regard. If you are 8a certified then you get to face less amount of stringency from official circles.

In order to give you a final word on this issue, you must make it a point that you are not going to get distracted while making your earnest initiatives. If you have to achieve success as an entrepreneur then you do need to make it a point that you are going to turn out to be more productive in a true sense. You need to reinstate or concretize your business vision. You have to tap into your expertise or potential and most importantly you have to keep asking questions that keep you motivated and help you brave through oddities.

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How Small Businesses Can Increase Their Sales Through Federal Contracting?

If you are an owner of a small business, you can increase your sales through federal contracting. As per the law, the federal agencies are needed to establish contracting goals. In fact, twenty-three percent of all the government purchases are intended for small businesses and these contracts goals are established for small disadvantaged businesses, service disabled veteran owned businesses, firms in HUBZone area, and women-owned businesses. So, if you are an owner of a small business, you can take this opportunity to bid on for federal contracts.

The U.S. government is the world’s biggest buyer of goods and services. It purchases about all categories of service and commodities available. It’s actually up to you to promote and match your company’s services and products to the purchasing requirements of the federal agencies.

However, not all small business owners can get an access to the federal contracting opportunities. Only the firms that are eligible for the SBA certifications can compete for the federal contracts.

How Small Businesses Can Increase Their Sales Through Federal Contracting?

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Getting the business certified

The first thing that you need to do is get your business certified by the SBA. If you are a small business owner who is economically and socially disadvantaged you should obtain 8a certification. If you are a woman who owns and controls 51% of a small business, you are eligible for women owned small business certification. On the other hand if you are a service disabled veteran who owns a small business, you should obtain SDVOSB certification. The small businesses that have their principal offices and thirty-five percent of their employees located in a HUBZone area are eligible for HUBZone certification. By obtaining the SBA certifications, the small business can get sole source and set-aside contracts.

Getting the business registered on the contracting resources

If you think that by getting your business certified, you can win government contracts you are wrong! You need to register on the contracting resources because these are the places where the federal procurement officers usually search for when they are in look out for contractors. As a business owner of a small business, you can register your company on the DSBS database, SAM, GSA Schedules, FedBizOpps, Federal Procurement Data System, OSDBU.Gov and USASpending.gov.

Identifying federal contracting opportunities

As a small business owner you should be able to identify the federal contracting opportunities. You need to be proactive. You should first decide the products or services which you want to sell to the federal government and look for the agencies that need your services or products the most. Remember one thing that the federal government is considered as the biggest consumer of goods and services in the world. It buys almost all kinds of products and services. You just need to find out which agency needs your product/service. After finding this out, you should start bidding on the contracting jobs available. Federal Business Opportunities website is a great place to find the federal contracting jobs.

Obtaining SBA certifications are truly an awesome idea! Especially if you are a small business looking to win federal contracts!

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7 Common Myths About The 8a Certification

Myth 1 : I can’t get certified if a family member is already in the program

The SBA has a waiver, which can be granted if the two firms are located in and market to a different territory or if they are in different industries.

Myth 2 : A majority of my sales must come from the private sector or I will lose my certification

The SBA has business mixed targets that your firm must meet in the ‘Transitional years’—years five to nine of its certification. In the years 5-9 you must have 15-55% of your sales from the private sector. If you fail to meet these targets you could lose your ability to perform on sole source 8a contracts. Automatically if you don’t make good faith efforts to correct this business mix target, you could lose your certification.

Myth 3: A firm cannot get certified unless it’s been in business for at least two years

The SBA has a waiver, which can be granted to firms that are wanting to obtain the certification sooner than two years. Typical requirements are that:

• The owner has a significant business background and has a significant technical background in the industry of the applicant concerned.
• The firm has successfully performed on at least one federal contract
• The firm has a potential for success indicated by income, profit and the firm must have at least one tax return.
Note a two year waiver is not needed if the only reason the firm is less than two years old is that it has an entity type change. For example, from a sole proprietorship to a corporation.

7 Common Myths About The 8a Certification

Myth 4 : A firm cannot get certified if it’s had a prior application rejected by the SBA

The SBA rejects 70% of 8a applications for a lack of completeness. Having your application rejected on its first attempt is very common.

Myth 5: An 8a certification isn’t that beneficial for my business

In 2011 8a certified firms received 18.4 billion dollars in federal contracts. This represents 2-3 million dollars in additional annual revenue per 8a certified firm.

Myth 6 : A company should be a well established mid-tier business before applying for the 8a certification

The SBA will certify firms with as little as $100,000 a year in annual revenue. Once certified, the SBA gives the firm the ability to enter into: joint venture and mentor protégé agreements with large federal contractors. These relationships enable the 8a certified firm to greatly increased growth by providing them with expertise, bonding, insurance, financial capabilities and other assistance.

Myth 7 : I must be a 100 % member of a minority group in order to prove SBA that I am socially disadvantaged

If an individual can show a 25% or more blood lineage to a presumed disadvantaged minority group like Hispanic American, African American, Sub-Continent Asian, Asian Pacific American or a Native American, he/she can qualify for an 8a certification. In some cases, the SBA will ask for additional supporting documentation to show that you represent yourself as a member of that presumed group in American society.

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How To Get In Touch With The Right Person After 8A Certification

If you think that getting the 8A certification is all that you need to do, to get access to the hugely funded federal projects, you are absolutely wrong. An 8A contract is all about pitching the right person the right time.

Often applicants after getting the 8 A Certification get confused where to look for feasible contracting options. If you are keen to initiate your business growths and sales efforts then it is imperative for you to get in touch with the right contracting persons. If you fail to communicate with the right person, it is quite likely that even after being awarded by the federal certification; you will not be able to reap of 8A contracts.

8 A Certification

After being awarded with the SBA 8A certification, your sole objective is to look for federal contractors and try to get access to government contracting. The section managers, program managers or functional area managers often administer such authority. Such qualified professionals take the executive decision where the dollars should be spent to earn maximum income. It is considered one of the most difficult parts of federal contracting. After being awarded, often applicants lack the opportunity to gain access to the government projects. Hence, it is imperative to implement a strategy to overcome this hurdle.

In this regard, one of the most basic things that you can do is you can consult with the contracting officers. By talking with the contracting officers you can locate the feasible project opportunities available. The primary function of the contracting officers is to monitor and control the contracts. It is the duty of the contracting officers to take care of all the legal formalities and paperwork involved to make sure that no complications arise due to lack of proper documentation. The budget of the contract plays a significant role in the federal programs; however, the contracting officers do not have any authority in regard to control of the budget.

It depends on you who will control the budget. For instance, if you are a seller of information technology services, you might want to get in touch with the OCIO- Chief Information Officer’s bureau. It is quite likely that you may have to interact with a number of people at the OCIO and find it difficult to locate the right individual. It depends on you how will you determine the right individual who monitors the appropriate budget for the particular type of service offered by you.

According to SBA professionals and business analysts, one of the best and extremely useful ways to look for the 8A contracts is by focusing on individual sales. By concentrating on individual sales along with business development efforts on particular people, you can ferry the contracts the way you wish to. This is considered one of the less-expensive and most-efficient options to look for the 8A projects.

Preparing for the federal programs and acquiring the certifications successfully is just a small part of the federal projects. The most important part is acquiring the project after being awarded with the 8a certification. Hence, it is recommended to devise effecti8ve business strategy and look for feasible options to reap the advantages off 8A programs.

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Tips To GSA Pricing Negotiation

Negotiation is basically a skill, which may be honed over time until it is perfect. However, developing this skill needs a lot of persistence and practice. The General Service Administration in the United States allows for negotiation. It conducts a price negotiation with the company that wants to apply for the federal contract. The price negotiation is generally conducted after the submission of the GSA application. The main objective of the negotiation is to get the best price for the federal government.

By obtaining a GSA contract, the vendor comes to an agreement to offer the best price to the government for any quantity. But, it’s also true that the General Services Administration will look for more concession. So, before starting the negotiation, it’s important that you do a thorough research.

GSA Schedule Contract

You are in fact highly recommended to seek products that are same as yours and are listed on the General Services Administration. However, there are some complications with regard to this.

• A GSA applicant may always try not to give the extra cost of the products that arise due to quality difference between their products and the one that is listed on the Schedule. Quality differences between the products are determined on the basis of weight, strength, warranty, product lifetime and durability.
• If the company is located in an area where the number of competitors you have is few, modifying the pricing strategy becomes a difficult affair. This is mainly because of the presence of the few regional competitors. Such a situation generally demands higher price to General Services Administration for your firm and less concessions.
• The General Services Administration ensures the Schedule holder to provide the most favored customer pricing. At whatever price you are selling your products to the commercial clients, it’s important to remember that it’s the price that General Services Administration presumes.
• As a GSA applicant, you should monitor the quantity discounts or payment that are proposed by your competitor to the General Services Administration. Proper monitoring will give you an insight on the successful discounts that were made by your competitors previously. By doing this, you can be enlightened about the negotiated agreements, which GSA acknowledged previously.

At Advance GSA, we say to our clients that every kind of price concession will have something in store for the Schedule holder. Therefore, we suggest our clients to try their luck for GSA bulk order discounts rather than the blanket price concessions. Getting faster payment terms need to be requested as an important part of price concession.

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8 A Certification Financial Requirements And Limits

8 A Certification is a United States Small Business Development Program for the small businesses. By obtaining the certification, small businesses can get an access to the federal contracting opportunities. So, getting certified by the SBA is a big thing for small companies that want to grow.

Not every small company can get 8a certified by the Small Business Administration. The firm needs to be eligible for the 8a program. For being eligible, the firm has to be small as per the SBA standards; the owner of the firm should be disadvantaged both socially and economically, he/she should have a good character, the company has to be owned and controlled by the disadvantaged individuals and it should have been in business for a minimum of two years. Only if the company and the entrepreneur have all these qualifications, the SBA is going to approve the 8a application of the firm.

8 A Certification Financial Requirements

Here in this article we are going to discuss in detail about the financial requirements and limits for obtaining the 8 a certification.

Personal net worth--$250K

The applicant’s personal net worth should not be more than $250K. But do you know what this figure takes into account? It includes all your cash, bonds, stocks, savings and checking accounts, automobiles, RVs, motorcycles and other assets. Though you will need to declare the value of your company, home, 401ks and IRAS on the SBA Form 413 or personal financial statement, they will not be included within the personal net worth limit. The Small Business Administration doesn’t include the value of your home, company or retirement accounts.

Annual salary--$250K

The applicant’s annual salary should not be beyond $250K. The person needs to be the highest paid one in the company. Moreover, his/her salary needs to be reasonable as per the industry standards and should be reasonable in proportion to the annual gross revenue of the firm. The Small Business Administration is going to consider both the salary as well as the amount the entrepreneur draws from the bank account of the company while determining what all is constituted in the ‘total owner compensation.’

Assets market value--$4 million

The individual who is applying for SBA 8a application needs to keep one very important thing in mind. He/she should make sure that the total market value of all the assets that he/she possess is not more than 4 million dollars. The person can ignore the liabilities when considering the total market value of the assets.

The 8a application reviewers generally look for any large or unusual transfers of money between the accounts during the three year period preceding the 8a application submittal. Few things, which the reviewers look for include huge amounts of money presented to relatives or mortgages for homes, which are quickly paid off.

3 year average AGI--$250K

The applicant’s 3 year average AGI or adjusted gross income as shown on the federal tax returns should not be more than $250K.

As far as the financial requirements and limits for 8 a certification is concerned, you should note the above-mentioned four points. They are going to be of great help to you while preparing the SBA 8a application.

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SBA 8a Application: 4 Major Mistakes Applicants Often Make

Do you want your small business to get 8a certified? You first need to make sure whether you are eligible for the SBA 8 a certification requirements. If you are unable to meet any one of them, you will be rejected by the United States Small Business Administration. The SBA is very strict with reviewing the application. Any mistake on your part will delay your request and cause harassment to you or even jeopardize your chances of getting 8a certified by the SBA.

8 a certification

Here in this blog, we have discussed the four major mistakes, which applicants often make while applying for the 8a program. Make sure not to make these mistakes when you apply for the certification program.

Never appoint your better half as the CEO of your company

Many applicants make the mistake of appointing their spouse as the CEO of the firm. This is one of the major mistakes they do. You should never do this unless your better half has a strong background in business management or has held a top management position in other companies in the past. Make sure your spouse has technical credentials as well if you plan to appoint him/her in the position of CEO.  The person you appoint as the Chief Executing Officer of your small firm should have the appropriate skills, expertise, licenses and credentials required to succeed in the industry.

Never obtain contracts from your X-employer

You should make it a point not to acquire contracts from your past employers. If you do acquire contracts from them, it will see as if your form is just a front for them. All you need to do is develop a wide base of clients and have a balanced project portfolio before getting involved in the SBA 8a application procedure.

Never appoint a number of Board of Directors

One of the major mistakes, which small companies often do is, just after few months of their commencement they appoint a number of board of directors. Never do this because you might dilute your firm control or come up with an affiliation or size problem. Carefully vet all the directors and officers before applying for the 8 a certification because these people will need to submit some of their personal documents as part of the firm’s 8a application.

Never show a loss on company taxes

Applicants often think that they might get approval from the SBA if they show the agency that they have incurred losses while running the company. Never do this. Instead show positive equity and positive revenue in your business to prove the SBA that your firm is in a stable and healthy condition.

Always make sure that you do not make these above-mentioned SBA 8a application mistakes if you want your company to get 8a certified at one go.

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Arranging The Personal Financials Is Compulsory Before Requesting For 8A Certification

If you are thinking to request for the 8A certification without arranging your finances, it is quite certain that your 8A application will get denied. According to the federal rules set of the SBA, your personal finances must be synchronized to get access to federal funded contracts.

Requesting for the 8A programs needs fulfillment of numerous pre-requisites. One of the key requisites to be fulfilled for successful 8A certification is the appropriate planning of your financials. According to the rules of the government programs, if you are requesting for schedule projects you must correctly coordinate the financial position of your firm and deliver your SBA application in a methodical and disciplined way. Professionals suggest that, if you own a small firm and wish to get rid of your personal financial barriers effortlessly to request for the 8a programs, it can be completed in a number of ways namely:

8a Certification

 Assembling a list of the liabilities

Before you request for the 8 A Certification programs, arrange a list of all your incomplete dues and liabilities namely credit card accounts, car payments, mortgages and HELOCs. Agreeing to the SBA, if you are a candidate you must disclose all your liability to the SBA.

Placing papers for all accounts

If you own an account for any liability or asset, appropriate documents must be delivered to display its current value. To validate the existence of such accounts, suitable documents must be offered instead of just word-of-mouth.

Good riddance from debts

If you have any federal obligation such as linens, arrear taxes or student loans it is highly suggested to pay it off. In case you are unable to pay your debt completely, establish up a formal payment option with the leading federal agencies like IRS, SBA, or Department of Education. Ensure that the plan is included in the 8A application before submitting it.

Keep a record of assets

Maintain a record of all your assets before prior sending the application for the 8A program. If you possess an asset together with your spouse, do not forget to indicate it in the list. It is compulsory for you to make the SBA alert of each asset, online accounts or 401k plans you own, prior sending the requesting for 8A certification.

Place your documents in order

After organizing all your documents, use a binder or folder where it can be easily accessed when needed while creating for 8A application. You can utilize your account statement to aid your financials while sending application.

If you do not obey to the basic instructions and layouts set by the government program, your request will get denied. Meeting the financial requirements is one of the rudimentary requirements to get your company 8Acertified successfully. Hence, it is compulsory for you to pay attention to the above-mentioned ideas and solve your financials prior submitting your SBA certification request to bid for government projects.

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Basic Facts about 8a Certification

8a Certification

If you have started a small business and wondering where to and how to qualify for a WOSB or EDWOSB program, then the first thing you would need is an 8a certification from the SBA. However, you need to meet some requirements to get eligible for this certification.

To get qualified for 8a certification, you need to have a basic knowledge on it. WOSB or woman owned small business is a Federal program, which offers equal access to women and economically disadvantaged women, owning small businesses for contracting opportunities in the Federal. Through this program, contracting officers can set aside some specific federal contracts and offer them to EDWOSB or WOSB, as per the 300 NAICS codes, mentioned in the federal. Some of the eligibility factors for 8a application approval are as follows:

  • The firm needs to be at least 51% owned by women, who are in unconditional control over administration.

  • All the governing body members (women) need to be the US citizen.

  • Apart from the women, no man should have any control on the firm’s administration.

  • Women, in charge of administration should have adequate managerial experience and expertise.

  • The owners of the firm need to manage full time.

The above-mentioned factors are mandatory for SBA 8a certification for both EDWOSB and WOSB programs. For EDWOSB program, you need to  have some additional requirements, which are:

  • The business should have a net worth of not more than $750,000.

  • The gross income of an individual need to be not more than $350,000 a year for the last 3 consecutive years.

The benefit of 8a certification is that it is a significant marketing tool for economically and socially disadvantaged women, having small business. With this certification, they get access to the federal government contracts. However, in the initial stage, contracting under this 8a program may seem a little hard, because the competition is open and contracts are gained through a procurement of sealed bid. But, in the long run it proves beneficial for both the 8a contractor and the government. To get your 8a application approved by the SBA, you can take help of a professional expert and do away with the application hassles. Every money spent toward the professional consultancy would  worth once you get the certificate.

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SBA 8a Consultant Increases The Approval Chances of Your Application!

8a Certification

If you have started a business then you need SBA 8a approval to manage and control the daily operations of your company. To get the SBA approval, it is better to take help of a reliable 8a consultant and increase the chance of approval.

Does taking help of a consultant mean getting a guaranteed SBA approval on your application?

The answer is a definite NO.  If any consultant claims that he can give you guarantee of having your 8a application approved by the SBA, then you better try looking for another consultancy. Apart from the SBA, nobody can guarantee the approval. Beware of the desperate consultancies who promise money back guarantee, in case of rejection of the application. A good consultant would ensure that your 8a application meets all the necessary requirements for getting SBA approval. It can only assure that your application will get a fair review. A good consultant is aware of SBA requirements for 8a certification and sees that there are no irregularities in your application.

How to select a reliable SBA 8a consultant?

When you are looking for a good and reliable 8a consultant, consider the following tips and make your choice:

• Check with BBB: Whenever you come across a consultancy company, the most authentic way to check its credibility is through BBB or Better Business Bureau. If the company is listed in BBB website and has at least a “B” grading, you can say that it is quite reliable. Check out the various customers’ reviews and grievances and see how the company has handled such issues. If the issues have been resolved by the company, you can go ahead with it.

• Check the website: Once you have short listed the consultancy companies from the BBB, you can check out the homepage of each. If the company is reliable enough, it will have a physical address on the website. It will also state its affiliates (if there is any) and state about the principals clearly.

• Check references: The consultancy companies display the list of customers who have acquired certifications with their help. You can directly make a call to these people and check about the company, regarding their service, originally quoted price, duration to get the application completed, process used by the consultancy to manage and collect data submitted by the clients, and so on.

Once you are satisfied with the chosen 8a consultant, you can call them up and speak about your potential problem. If you feel the chosen one is cent percent trustworthy then provide them with the necessary documents and move ahead to get the SBA 8a certification.

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