Dec 13, 2023
How NAICS Code Work and Determine Your Business’s Classification
The NAICS, or the North American Industry Classification System, is a standard tool that the Federal statistical agencies have used to classify business establishments. The main purpose of this classification is to collect, analyze, and publish the statistical data that are relevant to the business economy of the United States. The main purpose of developing the NAICS code is to allow a very high level of comparability in business statistics among North American Countries. What is NAICS? The NAICS is a standard that Federal statistical agencies have used to classify business establishments for the sole purpose of analyzing, collecting, and publishing the statistical data that are related to the business economy of the United States. It was originally developed by OMB or the Office of Management and Budget. It was started in 1997 to replace the SIC or the Standard Industrial Classification system. Structure of NAICS The NAICS is a product-oriented concept, and thus, it tends to group establishments into industries based on the similarity in the processes used to produce the goods or the services. NAICS generally makes use of a hierarchical structure. In this structure, there is a strong relationship between the items in a specific category. The […]
Dec 7, 2023
Are Federal Contracts Tax-Exempt?
The federal government offers contracting opportunities for small businesses. SMEs who are interested in doing business with the Government can make use of this system to search and acquire opportunities. A federal contract is a legal document in which the agencies request certain conditions to acquire the desired service from the selected small business. The federal government will select the business that demonstrates the best proposal to achieve the service both economically and technically. About federal contracts Government contracts offer exceptional financial opportunities for small businesses. The US government is the largest consumer in the world, and it buys all types of products and services in different quantities. It is required by the law that the US government buys from small businesses. The Government will want to buy from small businesses for a number of reasons, and these include, The entire process of requesting business proposals, evaluating the sales bids, and awarding contracts to the businesses generally happens on a level playing field. The federal government will actually accept bids from any of the qualified businesses. Some of the federal contracts are also set aside for small businesses exclusively. The Small Business Administration will work with federal agencies to award […]
Nov 27, 2023
Your Key to Success in Defense Nuclear Facilities Contracts – MySetAside
Defense contracts are agreements for a contractor to provide services and supplies to a sub-agency of the Department of Defence in the United States. According to the defense policy, the contractor could either be a civilian or a private company. Reports suggest that a majority of the federal agencies are making use of private companies to do the government jobs. There are a number of advantages of outsourcing the defense nuclear facility contracts to external agencies. Giving away contracts frees up the defense personnel for military work. How can small and medium-sized businesses make use of these outsourcing contracts and strengthen their business? Let us explore here. Small Business Administration Services SBA, or the Small Business Administration, is an agency that is meant to assist small businesses. It helps to alleviate the stress of starting a small business. The main goal of SBA is to help people in building and setting up their successful businesses. The main goal of SBA is to help people in building a successful business. It offers businesses with outreach programs, subcontracting procurement opportunities, and training. The Federal Government has specific contracts meant for small businesses. It also gives off defense nuclear facilities contracts for small […]