5 Ways to Maximize Opportunities During the 4th Quarter

July 9, 2024 | Government

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As we approach the end of FY24, it’s a critical time for us as government contractors. Our Federal government operates on a fiscal year period from October 1st through September 30th. During this time, we are focused on meeting our annual goals and setting the stage for the upcoming year. To make the most of this period, we should consider focusing on these five strategies:

1. Contact All Current Customers

Our current customers already know and trust our business, so they’re more likely to respond positively to our offers. We can consider sending personalized emails, making phone calls, or even arranging face-to-face meetings with the agencies we’ve done business with in the past. Showing appreciation for their business and asking about any specific pain points can really strengthen customer loyalty and encourage repeat business for us.

2. Run a Report on Who Buys What You Sell and Contact Them

Data is a game-changer. By digging into procurement data, we can pinpoint who’s purchasing our offerings and how they’re doing it. We use the SAM Databank to pull up a report detailing which customers have bought our products or services. Armed with this intel, we can customize our outreach to better meet their specific needs. For example, if a customer is a frequent buyer of a specific product, we could clue them in on related products. This personalized approach can definitely improve conversion rates and boost sales.

3. Check Bid Sites Every Day

We need to keep an eye on sites like SAM.gov. There are often great opportunities, especially during the fourth quarter when we are spending the remainder of our budgets. It’s important for us to check these sites every day for Sources Sought Notices, Requests for Information (RFIs), and Requests for Quotes (RFQs). Given these turnaround times are usually quick, being quick to respond can really give us an edge and improve our chances of winning new contracts. It’s important for us to make sure our proposals are top-notch and really emphasize what makes us stand out from the competition.

 4. Focus on Smaller Contracts

While large contracts can be lucrative, smaller contracts can also provide significant value, especially when time is of the essence. Smaller contracts, especially purchases under the Micropurchase Threshold and Simplified Acquisitions, often have less stringent proposal requirements, making them easier to secure. However, we need to be aware they are extremely price-sensitive. By focusing on these opportunities, we can quickly boost your revenue and continue to build a solid portfolio of successful projects. Additionally, smaller contracts can provide the past performance needed for larger opportunities in the future.

5. Don’t Ignore Sources Soughts and RFIs

Requests for Information (RFIs) are often overlooked but can be crucial in the fourth quarter. RFIs allow potential clients to learn more about our capabilities and can lead to formal Request for Quotes (RFQs). Responding to RFIs promptly and thoroughly can position our business as a serious contender for future contracts, and possibly position our companies to be top contenders for these RFQs. Therefore, we should use RFIs as an opportunity to showcase our expertise, reliability, unique offerings, and possible ways to buy them. Finally, choosing not to respond to an RFI may eliminate us from participating in the RFQ, as sometimes contracting officers only give the RFQ to those who submitted an RFI.

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