Lincoln Strategies, LLC We help firms succeed in government markets. | |||
Is your firm a “small business” in competitions for federal contracts? | |||
Does your firm qualify as a “small business” for competitions for federal contracts? To answer the question, you need to look at the assigned “NAICS” (rhymes with “rakes”) Code. “NAICS" is the abbreviation for the “North American Industrial Classification System."The government assigns a NAICS Code to virtually all competitions for contracts, such as Requests for Proposals (RFPs), and Combined Synopses/Solicitations.NAICS Code 541330, for example, is for “Engineering Services.” The size standard for that NAICS Code is $4.5 million. Let's say that a federal competition for a contract is classified under that NAICS Code. Which firms would be "small businesses" for that competition? The answer: firms that provide engineering services and that have average annual revenues that do not exceed $4.5 million. (“Average annual revenues” refer to a firm's average gross revenues for the three most recently completed fiscal years.)By definition, a non-profit organization is not a “business concern” and, therefore, cannot be classified as a “small business” under any circumstances.The above is a simplified summary of size standards and NAICS Codes. Contact Lincoln Strategies, LLC for more information on size standards, their importance in strategic planning, and how to consider them when evaluating or pursuing specific contract opportunities.Click on the following link to download the entire list of NAICS Codes and their associated size standards. | |||
| Free download: NAICS Codes and Associated Size Standards (PDF)Source: U.S. Small Business Administration | ||
