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?
Many leaders talk about connections and their positive impact on our business, especially if they're the "right" connections. Yes, that's true, but did you know when it comes to developing relationships with government agencies, it's not just about entering information into your database and throwing out a name when you feel it will help your cause?
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.
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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.
