The start of a new fiscal year brings new opportunities, fresh budgets, and a clean slate for government agencies to meet their goals. For small businesses, this time of year offers a prime chance to secure contracts that can grow your business and expand your impact. Whether you’re just starting or looking to scale, the first few months of the fiscal year are key to getting ahead of the competition and winning contracts. So, what can you do right now to ride the fiscal wave?

1. New Budgets, New Contracts

Government agencies reset their budgets at the start of each fiscal year, typically in October. This means that many departments are actively searching for contractors who can help them achieve their objectives early in the year. Be proactive in checking platforms like SAM.gov, industry forecasts, and local procurement portals to identify new opportunities.

2. Study Procurement Forecasts and Sources Sought Notices

Many agencies release procurement forecasts that give businesses a glimpse of upcoming contracting needs. Additionally, sources sought notices are a great way to show your capabilities and express interest. These notices help agencies determine if there are enough qualified small businesses to set aside contracts specifically for you. Don’t miss this opportunity to position yourself early in the game!

3. Build Strategic Relationships Now

This is the perfect time to reconnect with government contacts, attend networking events, and explore new relationships with potential teaming partners. Virtual and in-person events hosted by federal agencies and local governments are your gateway to building relationships that could lead to future contracts.

4. Focus on Compliance and Registrations

Make sure your business is ready to go by double-checking your SAM.gov registration. Ensure that your NAICS codes align with the contracts you want to pursue. Compliance is not just a formality—it’s the key to remaining competitive.

5. Plan with the End in Mind

The fiscal year may have just begun, but agencies are already planning for the end-of-year rush. Consider how your services can help them meet their long-term objectives. Keep in mind that the end of the fiscal year will bring another wave of spending—positioning yourself now ensures you’ll be ready.

Conclusion

The new fiscal year is an exciting time full of possibilities. It’s a chance to seize new opportunities and make your mark with the federal government. Now’s the time to be proactive, stay informed, and strategically plan your approach. Let’s ride this fiscal wave together, Bestie!