The Federal Government is Going on a Spending Spree: How to Ensure they Buy from You
It’s no secret that government agencies ramp up their spending at the end of every fiscal year as they aim to exhaust available funds before they expire. However, this year is bound to lead to even more bid opportunities than usual for companies like yours.
According to NextGov, “federal agencies are trying to spend as much as 40 percent of their budgets in the final two months of the fiscal year.”
To Put It into Perspective:
Contracting experts at The Pulse claim …
- “The Defense Department has only obligated $177 billion in contracts of a projected $574 billion in discretionary spending for fiscal 2018.
- The Veterans Affairs Department has spent $15 billion of a projected $88 billion, or 17 percent of its money.
- The Health and Human Services Department has spent 23 percent of its projected $65 billion.
- Homeland Security has spent about 27 percent of its $44 billion.
- Only NASA and the Energy Department—both of which have obligated 70 percent or more of their spending—are in a position to have a relatively normal end-of-year spending situation.
In a short seven weeks, they will obligate billions of dollars to suppliers of all sizes, in all categories in a spending spree “of potentially historic proportions”. (An additional $80 billion was recently allocated for defense agencies, while an additional $63 billion was allocated to civilian agencies on top of originally approved budgets)
So, get ready! Agencies will be aggressively issuing solicitations, evaluating proposals and negotiating contract terms between now and September 30. Apply the insights shared in these recent discussions to put your best foot – or bid – forward and increase your odds of securing extra revenue during this seasonal government buying event:
- Can Your Small Business Really Compete with “Big Businesses” for Government Business? Absolutely.
- Start Small, Finish Big: How to Level Up from Local to State and Federal Government Contracts
- Predicting Your Next Government Contract Win
- Want to Gain an Advantage When Competing for Government Business? Secure a Certified “Disadvantaged” Advantage
- Does Teamwork Make the (Government Contract) Dream Work?
- The Top 5 Government Contract Tradeoffs – And How to Make Them Pay Off for You
- How Suppliers Can Help Government Buyers Become Subject Matter Experts
Then, use these resources will help you maximize your return on those contracts that you do secure:
- What Suppliers Need to Know about Government Contract Negotiations
- Why Customer Service Needs to Be a Bigger Priority for Government Contractors
- Complying with Government Contracting Rules Doesn’t Have to Be Painful
- Differing Site Conditions and What You Need to Know
- Increased Focus on Accountability: Taking Full Advantage of Incentive-Based Contracts