By Frank Bennett, Procurement Consultant
This article was originally published in our monthly KYPTAC Newsletter. If you have any questions about this topic, your KYPTAC consultant is here to help! Not a client? Sign up here.
The government fiscal year runs October through September. As such, July 1 started the government fiscal end-of-year period. Due to budgeting, government agencies spend more money in the last fiscal quarter than the first three quarters combined. This spending will reach an apex over the next 60 days! The annual trend in increased government spending every August and September brings amazing opportunities for private sector companies looking to win more government contracts, or simply to win their first one. What steps should you take to maximize the impact of the government’s fiscal year-end spending spike?
Check BidMatch Regularly If you get BidMatch leads from KYPTAC, make sure you are checking them regularly. If your BidMatch profile is not yet set up, there is no better time to set it up. Connect with your KYPTAC procurement consultant if you would like to set up a new BidMatch account. Also, if you need to tweak your BidMatch profile to maximize your opportunities, your consultant can help you analyze and update your terms.
Update Your DSBS Profile DSBS.SBA.gov is the database government agencies use when they want to search for private sector vendors that can fulfill their needs. Most often, government agencies use DSBS when the product or service they need is valued under $25,000, as in most cases, they are not required to publicly post opportunities under this value line. Instead, they will often privately source companies that can provide the products and services they need, either through DSBS or their own personal networks. Just like a resume, when government agencies search DSBS for potential vendors, they are looking for complete, professional and regularly updated profiles. Agencies will rarely, if ever, consider a potential vendor with critical information missing from their DSBS profile. The most important attributes to an effective DSBS profile are your narrative statement, contact information, key terms and performance history. If you are interested in updating your DSBS profile, reach out to your KYPTAC consultant. They can walk you through the process with you and recommend updates to your DSBS profile.
Stay in Contact with Your Government “Rolodex” While government agencies are buying at a breakneck speed in the fiscal fourth quarter, it is important to keep in touch with your government agency contacts. This is a good time to make sure you have provided a copy of your capability statement to decision makers at government agencies that buy what you sell.
Reach out to Current Contacts Find a way to connect with your current government contacts going into the fourth quarter. This can be as simple as sending an email with an updated capability statement. Businesses that are fresh on the minds of decision makers hold an advantage when decisions are being made quickly.
Expand Your Network Do an analysis of agencies that regularly purchase what you sell. Your KYPTAC consultant can help you locate specific key contacts and influencers in agencies that are great prospects for your offerings.
Connect with Potential Partners The faster agencies spend money, the faster they award contracts. The faster contracts are awarded, the higher the need for subcontractors. While you are trying to connect with your government agency contacts, it is also a good time to connect with your contacts at companies that could be good project partners.
Use Your Certifications Government agencies and prime contractors are highly focused on achieving their socioeconomic goals in the fiscal fourth quarter. As such, opportunities for small businesses with certifications such as HUBZone, WOSB, SDWOSB, 8(a), MBE, etc. increase toward the end of the year. If you are close to completing a certification process, this is the time to work toward completion. If you have a current certification, make sure everybody knows!
Check Your Capability Statement and SAM.gov Lastly, make sure your capability statement information is up-to-date and also make sure your SAM.gov account is active. While these may seem like small things, you want to be ready to respond when contracting opportunities arise.
Schedule an appointment with your KYPTAC procurement consultant today to strategize how your business can make the most of the government end-of-year spending surge. You can connect with your consultant on our website at https://www.kyptac.com/our-team. Frank Bennett, KYPTAC Western Kentucky Procurement Consultant, can be reached by email at firstname.lastname@example.org.