Some of us might just see it as the start of fall, but October also means the beginning of a new government Fiscal Year. Relax, and take a moment to pause now that the craziness of Q4 is over, but once you’ve taken a beat, now is the time to start thinking ahead for the next year.
The transition from FY 2023 to 2024 is a pivotal period for contractors, marking new opportunities, shifts in budget allocations, and renewed procurement priorities. How you prepare for this change as a GSA Schedule contractor can significantly impact your success in the coming year. So, let’s talk about 10 strategies to ensure your contract is ready for the coming fiscal year.
1. Review Any Recent and Future GSA Updates
The last few months brought a few Multiple Award Schedule (MAS) changes, including Solicitation Refresh #17. Review these updates and ensure you are on track to follow them in the next year (and that you have accepted the Mass Mod within 90 days of its release). It’s also important to regularly check GSA Interact for announcements, modifications, and refreshes. A complete understanding of alterations in terms, conditions, and requirements ensures compliance and enhances your competitive edge.
2. Research Budget Allocations for the Next Year
You can use the official FY 2024 budget as well as sites like USAspending.gov to investigate federal budget allocations for 2024. Identifying agencies with increased budgets or new initiates can reveal prospective opportunities you can tap into, as well as drive strategic business development. You can also use this knowledge to align your offerings with agencies’ priorities and needs in your solicitation responses as well as your Capabilities Statements.
3. Engage with Agency Stakeholders
Use this time to create relationships with government stakeholders while it’s still early in the year, so they’re more familiar with your company and offerings by the time the next Q4 rolls around. Attend agency industry days, participate in webinars, and engage in one-on-one meetings. Building rapport with procurement officers and other stakeholders helps show you are understanding their needs, challenges, and objectives, positioning your company as a trusted contractor.
4. Strengthen Your Contract Opportunity Research
Make sure you have a strong plan in place to regularly monitor upcoming opportunities and identify trends. Utilize resources like SAM.gov, FPDS.gov, and USAspending.gov to track agency spending, explore contract award data, and gain insights into your competition and potential partners.
5. Optimize Your GSA eLibrary Listing
Ensure your GSA eLibrary page is up-to-date and accurately reflects your offerings. Highlight differentiators, update pricing, and make sure it includes any recent changes to your GSA Schedule. An optimized eLibrary listing enhances your visibility and attracts government buyers. The same goes for GSA Advantage!.
6. Address GSA Schedule Compliance and Reporting
GSA Schedule maintenance is a crucial part in the success of your contract. We suggest you review all the compliance requirements in this new year and make sure you are following GSA Schedule terms and conditions. It’s also important you stay on top of your GSA sales reporting. Accurate and timely reporting shows you are reliable, and of course it’s required for maintaining good health on your contract, especially for Contractor Assessment Visits (CAVs).
7. Strengthen Marketing and Outreach
Now is the time to revamp your marketing strategies to reach government buyers effectively. What went well last year, and what could use a little tweak? Take this time to enhance your website’s government-focused content, utilize social media platforms, and participate in government contracting events. You should also make sure you are including the GSA logo (approved logo can be found on GSA’s site) to brag that you are a GSA Schedule contract holder. Strategic marketing like this reinforces your brand and communicates your value proposition to potential government customers.
8. Develop Competitive Proposals
Another important skill to sharpen is your proposal development skills and processes. Maybe last year was too overwhelming and you need to hire proposal support, or a new full time employee to assist with responses. You can also attend trainings, seek feedback from previous submissions, and collaborate with experienced proposal writers to gain some extra help. Drafting compelling, compliant, and competitive proposals is important in securing government contracts.
9. Leverage Small Business Programs Available to You
If applicable, take advantage of the benefits of small business programs and set-asides. It’s important to first understand the extent of these set-asides and if you qualify. You can also look into subcontracting opportunities, mentor-protégé agreements, and Joint Ventures, if you want to team up with more businesses. Leveraging these programs can provide a competitive advantage and access to exclusive opportunities.
10. Forecast and Plan for the Future
Lastly, engage in strategic planning for the upcoming fiscal year. Analyze your company’s strengths, weaknesses, opportunities, and threats, commonly known as SWOT. Develop a roadmap, set realistic goals, allocate resources efficiently, and remain adaptable to the evolving government contracting landscape.
Are You Ready for the Next Year?
After reading this blog, do you and your team have enough resources to get your GSA Schedule ready for all the opportunities that will arise this year? Maintaining your GSA Schedule and keeping up on contract updates can be a big job, especially if you are a small business or new to the GSA world. If you need help managing your GSA Schedule or have questions about making sure its compliant for future opportunities, contact one of our expert consultants today.
