Christmas in July! Capitalizing on the Federal Fiscal Year-End Spending Now
As we welcome July, the start of the federal government’s fiscal year 4th Quarter ending on September 30th, we also prepare for the government’s annual year-end spending spree.
In the world of federal agencies, unspent budget allocations can be seen as a misjudgment of need and potentially lead to reduced allocations in the subsequent budget year. Hence, the phrase “use-it-or-lose-it spending” has become synonymous with the 4th Quarter (“Q4”), as agencies hurry to utilize their remaining budget funding.
In an annual pattern, during the months of July, August, and September, the federal government expends nearly one-third of its annual budget. The crescendo of this spending spree reaches its peak in September, marking it as the highest spending month of the year.
For companies aspiring to expand their government contracting business, Q4 represents a unique window of opportunity. The most critical step to benefit from Q4 spending is to begin your groundwork early.
Begin by investigating expiring contracts and engage with the respective agencies well in advance to establish professional relationships. When contracts are up for renewal or rebidding, your company will already be a familiar name in their contact list.
It is essential for businesses to market themselves to the government and take advantage of programs such as the MatchMaker and Market Intel Database platforms to help build relationships and find contract opportunities.
Starting in July, it’s beneficial to actively revisit your relationships with these agencies, remind them of your offerings, send your Capability Statement, and don’t be afraid to ask for the order and to steer some of the Q4 budget allocation towards your business.
You should also ensure that your SAM & DSBS are current, compliant, and complete. If you are listed on a GSA MAS Schedule, make sure your information and pricing are updated and all mandatory modifications have been submitted. You want to be certain that your prices, products, and services are current before the spending rush begins.
In addition, if you qualify under certain socio-economic conditions get SBA Certified to qualify for sole source and set-aside contracts.
As per trends and predictions, Q4 spending for FYE2023 is anticipated to surpass $220 Billion. This presents an immense opportunity to boost your revenues. In times of urgent or pressing spending, federal buyers rely on trusted sources. Do they know you?
FedBiz Access (“FedBiz”) has an experienced team that works with small businesses and takes the time to get to know your business and ask questions to ensure you have a solid contracting plan. FedBiz is a leading government contracting business development and marketing firm that provides engagement strategy coaching, SAM & DSBS registration, set-aside certification registrations, GSA Schedules, and targeted market research.
FedBiz has over 22 years of experience working with thousands of companies worldwide to help them win over $35.7 billion in awards. From registration to award, FedBiz helps businesses succeed in the government marketplace.
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