Exploring Government Contracting: Why Getting Ready Now for FY2024 Matters

Government contracting isn’t just for big companies – it’s open to all businesses. If you’re wondering what that means, think about how the government buys things, like computers, uniforms, or even janitorial or staffing services. The government needs a lot (of everything), and that’s where businesses like yours come in. Getting ready for the Fiscal Year 2024 (“FY2024”) that starts on October 1st is important if you want your piece of the pie.

You might be wondering, “Why do I need to think about this now?” Well, imagine getting ready for a big event. You don’t want to do everything at the last minute, right? Planning ahead allows you to do your research, be prepared, and create relationships.

Given the immense scale and scope of government procurement, preparing for the upcoming fiscal year (“FY”) is crucial. This is particularly true if you’re considering capitalizing on gaining market share in government contracting.

So, why should you begin planning for FY 2024 now?

1. Forward Planning: The Early Bird Catches the Worm

The government contracting landscape is competitive and complex. By beginning your preparations now, you’re more likely to gain a competitive edge. Early planning allows you to familiarize yourself with the regulatory environment, understand contract requirements, and identify your unique selling propositions that could make your bid more attractive. It’s important that you have a professional Capability Statement and Website that demonstrate your core competencies, capabilities, differentiators, and past performance.

2. Market Research: Understanding Federal Buying Patterns

By researching prior contract awards, you can get an insight into buyers and competitors, giving you an advantage to win government awards. The Market Intel Database provides instant access to open opportunities, upcoming opportunities, and ‘hidden’ future opportunities not visible to the public. This includes information at the federal, state, and local levels. Such information helps you align your business strategy accordingly, ensuring your offerings meet the government’s needs.

3. Optimizing Registrations and Listings

Federal contracts require businesses to meet specific criteria and have updated registrations including your annual filing in the System for Award Management (SAM) and the SBA Dynamic Small Business System (DSBS). FedBiz Access, with its comprehensive knowledge of the procurement process, can help optimize your filings to be current, compliant, and complete, improving your chances of securing a contract.

4. Building Relationships

Establishing relationships with government buyers and key decision-makers takes time. Starting now provides you with an opportunity to build and nurture these relationships, understand their needs, and position your business as a reliable provider for their requirements. To get in front of buyers and small business liaisons the MatchMaker provides strategy, research, and marketing to win awards. It gives you full access to the Market Intel Database, monthly one-on-one engagement coaching and solicitation review, and personalized email campaigns to contracting officials.

5. Preparing for Bid Proposals

Successful Proposal Writing is both art and science. Beginning early gives you sufficient time to understand the ins and outs of bid proposal writing, gather all the necessary information, and craft a compelling narrative that stands out. In advance of proposal reviews, you should have a well-crafted management, past performance, and technical overview section written that can be used in any proposal.

6. Positioning for Expiring Contracts

Approximately 90% of government service contracts expire and require renewal. By beginning your research and planning now, you can identify these expiring contracts and position your business to bid for them. FedBiz Access can assist you in targeting these contracts effectively using the Market Intel Database, which has a specific Roadmap to expiring contracts based on your industry codes.

7. Personnel Training and Capacity Building

Government contracts often require specific certifications and capabilities. By planning early, you can identify any gaps in your team’s skills or qualifications and take the necessary steps to address them, increasing your chances of contract success.

8. Regulatory Compliance

Government contracts come with their own set of regulations and compliance requirements. Early preparation and understanding gives you ample time to ensure that your business is fully compliant under the Federal Acquisition Regulations (“FAR”), avoiding potential roadblocks later.

9. Financial Readiness

Securing government contracts often requires significant financial resources. Starting your preparations now allows you to assess your financial resources and arrange for any necessary financing to put you in a strong position when bidding.

10. Managing Risk

Entering the government contracting space comes with risks. By planning now, you can identify potential risk areas, develop strategies to mitigate them, and ensure a smooth bidding process. It’s also important for you to establish early a “Go – No Go” criteria as a decision point when evaluation contract opportunities. This will save you time and resources from chasing solicitations you cannot qualify for or fulfill. Be realistic in your approach and prepare in advance so you can compete for and win on the proposals that meet your capabilities.

By planning ahead for FY2024 and partnering with a trusted advisor like FedBiz Access, your business can seize the opportunities that government contracting offers. Remember, success in this marketplace is not just about securing contracts, but also about establishing your business as a reliable, long-term partner in government contracting.

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, proposal writing, 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.

Your Government Registration Level (“GRL”) is your roadmap from registration to award.