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American Express OPEN releases survey of small-business owners

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New York—Last year, federal contracts accounted for 38% of small-business contractors’ total revenue, according to a new report from American Express OPEN. The report was based on an online survey of more than 1,500 small businesses registered in the Federal Procurement Data System and on the Central Contractor Registration.

Small businesses that are succeeding in government contracting spend approximately $86,000 a year in time and money pursuing federal contracts, the survey found.

A key tactic to winning federal business is getting on the General Services Administration (GSA) Schedule, with 34% of active small-business contractors saying they are on it.

The survey also found that 80% of active small-business contractors that are on the GSA Schedule generate annual revenue of at least $1 million, with nearly half (47%) of this income coming from federal contracts.

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