By Shawn Rogers, KY APEX Accelerator Procurement Consultant
This article was originally published in our monthly KY APEX Accelerator Newsletter. If you have any questions about this topic, your KY APEX Accelerator consultant is here to help! Not a client? Sign up here.
As federal fiscal year 2023 (FY23) draws to a close on September 30 and the new fiscal year is right around the corner, we are sharing some tips to help you successfully wrap up the current year and springboard into the new fiscal year. According to The Pulse, the federal government’s Quarter 4 spending last fiscal year accounted for 34 percent of all FY22 obligations. As we enter September, federal agencies still have some remaining funds they must spend before the fiscal year ends, leading to a massive spending spree. So, how can you tap into those opportunities? Follow Up & Engage (But Don’t Spam!) Follow up and engage with federal agency contacts. However, a word of caution – now is not the time to email blast every contracting officer in your contact list. It is a busy time for them as they try to wrap up their fiscal year obligations. Instead, focus on reconnecting with those contacts who have opted into your promotional offers and those with whom you have established communication earlier in the year. Consider sending out an end-of-year special to attract attention and differentiate yourself from competing companies. Consider a Micro-Purchase Strategy Agencies often use micro-purchases via government credit cards as they look to spend their remaining dollars. This is a great time to offer an end-of-year special sized to the micro-purchase threshold for your product or service. Micro-purchases can also be utilized to get your foot in the door with federal agencies and position yourself for more significant opportunities in the future. Patience is Key! September can be one of the most challenging months to get in touch with contracting officers as they are working tirelessly to spend those end-of-year dollars. Be patient. Do not express frustration about unanswered phone calls or emails when you finally connect. Make the most of your time by being prepared to make a great impression! As FY23 winds down, it is a perfect time to reflect on the past year and plan for success in FY24. By October 1, federal agencies are required to publish a forecast of contracting opportunities. You can utilize this information to plan and prepare for upcoming solicitations. The posted opportunities are what an agency intends to acquire in the coming year. Keep in mind that priorities and funding could change, resulting in cancelations or delays for that year. Other tips to help you kick off FY24:
Review your System for Award Management (SAM) profile. Make note of your expiration date, note what needs to be changed and set a deadline for yourself to renew it.
Update your Dynamic Small Business Search (DSBS) Profile. Is your profile optimized to include a capabilities narrative, keywords and past performance (references)?
Review your capability statement. Note what needs to be updated and set a deadline for updating it. Remember that the KY APEX Accelerator team is happy to review and provide feedback on your capability statement’s content and layout!
Develop a GovCon marketing plan for FY24. Schedule time with your KY APEX Accelerator procurement consultant to conduct market research and map out outreach events to attend in the coming year.
Do you want to discuss your end-of-year strategy or formulate a new one for next year? Reach out to your KY APEX Accelerator team! We can help you craft a plan customized to your business. If it's been a while since your last meeting with your regional procurement consultant, now is the perfect time to request an annual check-in to discuss this topic and many others for the upcoming fiscal year. If you are unsure how to connect with your consultant, you can request assistance by contacting us at kyapex@kstc.com or by registering as a client on our website.