NAICS codes and the WI Supplier Diversity Program
https://info.winvale.com/blog/understanding-naics-codes-and-their-structure
The Wisconsin Supplier Diversity Program (WISDP) aims to ensure that minority, woman, and veteran-owned businesses have a fair opportunity to participate in state government contracting. Understanding North American Industry Classification System (NAICS) codes is crucial for businesses involved with the WISDP because these codes play a significant role in identifying potential contracting opportunities.
What Are NAICS Codes? NAICS codes are a standardized method used by federal agencies to classify businesses according to their economic activities. These codes are essential for collecting, analyzing, and publishing statistical data about the U.S. business economy. Businesses use NAICS codes to identify their primary services or products, which helps in aligning with relevant government contracts.
Why Are NAICS Codes Important to the WISDP?
- Business Identification: NAICS codes help identify your business in specific categories. This is crucial for the WISDP as it helps determine if your business qualifies for participation based on the services or products you offer.
- Opportunity Alignment: By using the right NAICS code, businesses can better align themselves with appropriate state contracts. This code tells the contracting agency what your business does and ensures that you are considered for projects requiring your specific expertise.
- Streamlined Processes: For businesses seeking government contracts, such as those available through the WISDP, having a NAICS code simplifies the procurement process. It helps in categorizing your offerings under the General Services Administration (GSA) Schedules, making it easier for government agencies to find and engage your services.
- Size Standards and Set-Asides: NAICS codes are used to determine business size standards. Knowing whether you qualify as a small business according to these standards can be beneficial, as the WISDP offers several set-aside contracts specifically for small businesses. This can significantly enhance your chances of winning government contracts.
Finding Your NAICS Code To find the appropriate NAICS code for your business, you can use the search function on the official NAICS website. This allows you to enter keywords related to your business activities and find the corresponding codes.
Conclusion For businesses participating in the WISDP, understanding and correctly using NAICS codes is not just a bureaucratic requirement but a strategic approach to state goverment contracting. It facilitates better identification and alignment with potential opportunities, ultimately aiding in business growth and contributing to a more open procurement process in Wisconsin's state government.
THE LIEUTENANT GOVERNOR’S SMALL BUSINESS ACADEMY
https://wedc.org/build-your-small-business/small-business-academy/
The Lieutenant Governor's Small Business Academy is a comprehensive event designed to support small business owners and aspiring entrepreneurs through a mixture of practical workshops and networking opportunities. The event, now in its 10th year, is hosted by the Wisconsin Economic Development Corporation (WEDC) and covers a broad array of topics crucial for business growth and development.
The topics covered at the Academy include financing options, legal concerns, regulatory issues, information technology, small business certifications, and identifying markets and sales opportunities. Specific panels and presentations are designed to address starting and growing a small business, accessing capital, government certifications, financial planning, branding, digital marketing, and strategies for growth and expansion.
This year's academy included virtual sessions held over multiple days, starting from May 2-5, with the option for participants to join in-person events across various locations in Wisconsin on the final day. These locations included Appleton, Beloit, Eau Claire, Green Bay, Hayward, La Crosse, Madison, Milwaukee (North and South sides), Racine/Kenosha, and Rhinelander.
The event was well-attended with more than 600 participants, offering a significant opportunity for networking and learning from successful business leaders and community development experts.
Thinking International?
Are you a small business looking to begin or continue expanding your business internationally? The Small Business Administration’s Office of International Trade might be a great place to start! The SBA also offers grants run through the STEP Grants. In Wisconsin, the Wisconsin Economic Development Center runs this program. Exporting is a great way to expand business to new markets, but it can be daunting, so please don’t hesitate to contact SDP or any of the above resources for help.
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Newly Certified Businesses
We are excited to welcome the following newly certified businesses to the Supplier Diversity Program!
| A++ Services LLC - MBE/WBE |
| Advertising Boelter & Lincoln Milwaukee, Inc - WBE |
| Bazow Enterprises LLC - WBE |
| Brown Logistics Inc - MBE |
| Cardamom Health, Inc. - MBE |
| Chaska Consulting - MBE/WBE |
| Current Electrical Services, Inc. - DVB |
| DataStaff, Inc. - WBE |
| Earth Angel, LLC - MBE/WBE |
| Earthly Temptation - MBE/WBE |
| Enspyre LLC - MBE |
| Ernessi Organics, LLC - DVB |
| Life, Like Camera - MBE |
| LITTLE 1ST LLC - MBE/WBE |
| M&B Cleaning Service, LLC - WBE |
| Pdice Entertainment llc - MBE |
| Taylored Creations - MBE |
| Tech Smart Solutions LLC - MBE |
| The Ellevate Collective, LLC - WBE |
| Trinity Review Services Inc - MBE |
| Triple Double Logistics, LLC - MBE |
| VP Trucking LLC - MBE |
| Y & P Cargo Transport LLC - MBE/WBE |
Risks:
Emerging Risks by NC State University Enterprise Risk Management Initiative:
There is significant turnover in the top risks for 2024 relative to the prior year. Economic conditions, inflationary pressures and finding and retaining talent remain a major concern for businesses. Read more (you will be redirected to erm.ncsu.edu).
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