March is Women’s HERstory Month, a time to reflect on the progress women have made in various industries—including government contracting—and to explore what the future holds. From legal roadblocks that once kept women from independently owning businesses to a projected massive wealth transfer, women are expected to reshape the economy and specifically government contracting in the next few years. But how did we get here, and what can we expect moving forward?
A Not-So-Distant Past: When Women Couldn’t Own Businesses Alone
It’s hard to imagine now, but just over 50 years ago, women in America faced significant financial and legal barriers to entrepreneurship – or rather their lack of sole entrepreneurship. Before the Equal Credit Opportunity Act of 1974, financial institutions required women to have a male co-signer–whether a husband, father, or brother—to obtain a business loan. This was a time women were not allowed to finance their own homes or open a credit card – without a male cosigner. While women have been running businesses for centuries before this, they were often legally or financially chained to men in order to do so. It wasn’t until 1988, with the passage of the Women’s Business Ownership Act, that women were granted the right to take out business loans in their own name without a male cosigner. This landmark paved the way for independent female entrepreneurs, allowing them to enter industries previously dominated by men.
The Rise of Women in Government Contracting
Despite these strides, women still faced an uphill battle in securing government contracts. Recognizing the need for change, the Women-Owned Small Business (WOSB) Federal Contracting Program was established in 2000, setting a goal for the federal government to award at least 5% of contracting dollars to women-owned businesses annually. However, the official program would not go see the full benefits until 2011 under the Obama administration. While this is progress, women entrepreneurs continue to fight for their fair share of federal contracts, competing in an environment where larger, more well-established companies often have the upper hand. This push is an amazing stride for women owned small businesses – however the 5% goal has only been met 2 years since its inception.
How GCA Helps Women-Owned Small Businesses Succeed
At the Government Contractors Association (GCA), we believe that every small business, especially those owned by women, should have access to the resources and strategies needed to win government contracts. Navigating the complex world of government contracting can feel like an uphill battle, but GCA is here to hold your hand and walk you through each step.
- Education & Training – GCA provides workshops, coaching, and both 6 and 12 week courses to help women entrepreneurs understand government contracting, proposal writing, and compliance requirements.
- Certifications & Registrations – Many women-owned businesses struggle with the certification process required for WOSB and other set-aside contracts. GCA guides businesses through the certification process, ensuring they qualify for exclusive opportunities.
- Networking– GCA connects women-owned small businesses with teaming partners, other women owned businesses, and winners in the government space through our GovCon Community.
- Strategy & Growth Support – Winning contracts is just the beginning. GCA helps women entrepreneurs scale their businesses and develop long-term success strategies within the government marketplace.
Through these initiatives, GCA has helped countless women-owned businesses secure contracts, increase revenue, and break barriers in traditionally male-dominated industries.
The Great Wealth Transfer: A Game Changer for Women in Business?
Here’s where the future gets interesting. In the next decade, women are expected to control an unprecedented share of U.S. wealth. Due to generational shifts and longer life expectancy, women are projected to inherit up to $30 trillion in assets, according to an article written by Forbes. By 2030, it is estimated that women will control nearly 75% of the country’s wealth.
This shift has the potential to revolutionize industries, including government contracting. More wealth in the hands of women means more increments in female-led businesses, more capital to start and expand companies, and increased influence in sectors where women have historically been underrepresented.
The Road Ahead: Challenges and Opportunities
While women’s financial influence is growing, challenges remain. Recent legal rulings have begun rolling back diversity, equity, and inclusion (DEI) initiatives that helped women and minorities gain fairer access to federal contracts.
Moreover, wealth alone does not guarantee systemic change. Women entrepreneurs and business leaders must advocate for continued reforms, ensure government policies support equitable contracting opportunities, and mentor the next generation of female business owners.
As we celebrate Women’s HERstory Month, we must ask: What steps can we take today to ensure this historic wealth transfer empowers women in meaningful ways? How can government policies evolve to support female entrepreneurs in the long run? The future is bright, but it will take intention and action to fully realize the promise of this economic shift.
Women have come a long way in the business world, but the journey is far from over. The question is not just whether women will control the wealth—but how they will use it to shape the future of government contracting and beyond.
Sources:
https://www.linkedin.com/pulse/women-federal-government-contracting-evolving-small-business-sayles
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