The federal fiscal year begins on October 1st and ends on September 30th. The fourth quarter spans July, August, and September.
During fiscal year 2023, $758.6 billion was awarded to businesses, including federal contracts, with $246.4 billion occurring in the fourth quarter. This represents 32.4% of all spending. Ideally, each quarter should account for 25% of the annual spending. However, the fourth quarter presents the greatest opportunity to government contracts. The question is, are you ready to take advantage of the fourth quarter and secure your share of this spending?
Every year I teach large and small businesses well over one hundred classes on government contracts. During these classes, I often review marketing materials that businesses plan to present to government procurement officers. There are some widespread mistakes I see in their federal and state government-focused capability statements, DSBS narratives, and websites. Here are the two most common mistakes:
When it comes to government contracting, you want to be on top of your game, and that means having a killer capture plan and implementing advanced strategies that are rarely used. In this article, we're going to walk you through the steps for developing a short-term contracting acquisition plan, expanding your business with some hidden methodologies, and then implementing a long-term plan with advanced techniques.
Does your client base primarily consist of companies in the private sector? Are you considering expanding your reach into the public sector with a focus on securing government contracts?
Working with the government can be a rewarding opportunity. If you invest the time to learn the "ins & outs" of what it takes to be successful, it will be worth it. Many articles highlight the benefits of bidding on government contracts and may make it look easy. However, only after being fully prepared will the process become less confusing, allowing you to operate with a more straightforward approach.
A mission-driven approach can set your government contracting business apart, aligning with federal priorities and gaining a competitive edge. To delve deeper into how this philosophy can transform your business, watch our exclusive interview with Keith Scott. He shares insights on building a mission-driven enterprise and leveraging opportunities in government contracts. Don’t miss out on valuable tips and strategies—check out the video now!
We are now in the period during which agencies become sharply aware that they need to deploy any remaining budget before the end of the fiscal year or risk losing that funding in the following year. During this period, Federal agencies have historically committed approximately 31% of all contracting dollars. Government contracting officers will be looking for qualified contractors to provide needed products and services.
Join the GCA Family
Only 22% of federal contracting dollars are awarded to small businesses. Our goal is to be an agent of change by helping businesses owned by women, minorities, and veterans to get their fair share of the opportunities in the government market.
