FedBiz'5

Why Getting Ready Now for FY2024 Matters

• Fedbiz Access • Season 4 • Episode 51

Share episode

Host Jesse Sherr sits down with government contracting specialist, Frank Krebs, to discuss the importance of early preparation for the upcoming fiscal year. They delve deep into the misconceptions surrounding government contracting and provide valuable insights for small businesses.

Key Takeaways from the Episode:

  1. Government Contracting is for Everyone: Contrary to popular belief, government contracting isn't just for big businesses. The government is a vast buyer, and there's a slice of the pie for everyone, including small businesses.
  2. The Importance of Early Preparation: Just like any big event, you wouldn't want to wait until the last minute to prepare. Early planning allows businesses to understand the regulatory environment, contracting requirements, and develop unique selling propositions.
  3. Steps for Early Preparation:
  4. Capacity Building and Training: Early planning helps identify gaps in team skills or qualifications, ensuring your team is well-equipped to meet all contract requirements.
  5. Compliance and Financial Readiness: Understanding federal acquisition regulations and having the necessary financial resources are pivotal when bidding.
  6. Final Thoughts: By preparing now and partnering with knowledgeable advisors like FedBiz Access, small businesses can secure lucrative contracts and establish themselves as reliable long-term partners in government contracts.

Success in government contracting is about preparation and positioning. As Frank Krebs aptly puts it, it's about seizing current opportunities and establishing a solid foothold in the marketplace.

We'd like to extend our gratitude to Frank for sharing his invaluable insights. For our readers, if you're a small business owner, now's the time to start planning for the fiscal year 2024. If you need help preparing for a prosperous 2024 by updating your capability statement, finding the right buyers, or marketing, schedule a complimentary consultation with a FedBiz Specialist. 

Stay Connected:

Jesse Sherr 00:03

My name is Jesse and I work with small businesses in the Government Marketplace. You're listening to FedBiz'5, where you get informed, get connected, and get results on everything government contracting. 

Hello, and welcome back to another episode of FedBiz'5. We are here today exploring a topic of immense importance for small business owners’ government contracting for the fiscal year 2024. Our very own government contracting specialist, Frank Krebs is back and he's here to fill us in. Welcome back, Frank.

Frank Krebs 00:33

Hey, thanks, Jesse. Pleasure to be here discussing such a pivotal topic. 

Jesse Sherr 00:38

Absolutely. So many small business owners think government contracting is only for like the big leagues. Can you shed some light on this perception? 

Frank Krebs 00:47

Sure, Jesse, government contracting is certainly open to businesses of all sizes. It spans various sectors, whether it be staffing, janitorial services, or supplies of goods like computers, uniforms, etc. Additionally, the government is a voluminous buyer. So, there's plenty of the pie for everyone, including small businesses, and in fact, the government supports and implements numerous initiatives designed to increase small business participation. 

Jesse Sherr 01:16

Well, that sounds promising. So, why is it crucial for small businesses to start gearing up for the upcoming fiscal year now? 

Frank Krebs 01:24

Great question. Preparation is key in any government contracting due to its competitive and intricate nature. Early planning enables businesses to understand regulatory environments, contracting requirements, and to develop unique selling propositions. It's much like preparing for a big event. You wouldn't want to wait until the last minute to do everything, would you? 

Jesse Sherr 01:47

Absolutely not. So what are some of the steps involved in early preparation? 

Frank Krebs 01:53

Well, first, forward planning is essential. This involves developing a professional capability statement, and a website that showcases core competencies, capabilities, differentiators, and past performances. Then, through market research, it's instrumental in understanding the federal buying patterns, your competition and aligning your business strategies and products to the government’s needs. 

Jesse Sherr 02:20

Interesting. Now, correct me if I'm wrong, optimizing registrations and listings is another important step, correct? 

Frank Krebs 02:26

Yes, indeed, I couldn't agree more Jesy compliance with specific criteria and updated registrations, including annual filings in SAM and the DSPS are mandatory. Services like ours at FedBiz Access can help optimize these filings to ensure that they are current compliant and complete, thus improving your chances of securing a government contract. 

Jesse Sherr 02:52

As we've said time and time again, relationship building also plays a significant role in securing government contracts. 

Frank Krebs 02:58

Oh, without a doubt. Cultivating relationships with government buyers and decision makers is critical. Services like our MatchMaker product are invaluable here. As they provide the necessary strategy, research, marketing, and monthly coaching to help businesses get in front of government buyers and win awards. 

Jesse Sherr 03:19

How crucial is it to prepare for bid proposals effectively? 

Frank Krebs 03:23

Preparing for bid proposals is both an art and a science. Early preparation allows for sufficient time to understand the bid writing, to gather all necessary information, and to develop a theme for your proposal and craft compelling narratives. A well-crafted management, past performance, and technical overview are essential components for any proposal. 

Jesse Sherr 03:50

And Frank, what about positioning for expiring contracts? 

Frank Krebs 03:54

Well, let's set an important point Jesse. Approximately 90% of government service contracts expire and require renewal by the government. Identifying these contracts early on and performing market research will position your business to bid on these, and this can be a real game changer. Utilizing tools like our Market Intel Database can significantly enhance the targeting of these expiring contracts. But you must identify these contracts and reach out to government contracting officers well in advance of any release of a solicitation

Jesse Sherr 04:32

Doesn’t capacity building and training also come into play? 

Frank Krebs 04:35

Early planning allows you to identify any gaps in your team skills or qualifications and address them. Ensuring that your team is willing equipped to meet all contract requirements dramatically increases your chances of contract success.

Jesse Sherr 04:51

Compliance with regulations and financial readiness are also crucial, correct? 

Frank Krebs 04:55

This is very true, Jesse. Comprehending and adhering to federal acquisition regulations is crucial to avoid any potential setbacks. Also, having the necessary financial resources is pivotal when bidding. It's about managing risk effectively and establishing go no go criteria early on to be realistic in your approach. 

Jesse Sherr 05:19

So, any final thoughts on why small businesses should consider government contracting for the fiscal year of 2024? 

Frank Krebs 05:25

Well, Jesse, by preparing now and partnering with knowledgeable advisors, like FedBiz Access, small businesses can not only secure lucrative contracts, but can also establish themselves as reliable long-term partners and government contracts. It's about seizing current opportunities, and then establishing a solid foothold in the marketplace. 

Jesse Sherr 05:50

Thank you, Frank, for sharing these valuable insights. I'm sure our small business owners listening are now better informed about the benefits of exploring government contracting. 

Frank Krebs 05:59

It was my pleasure, Jesse. Hears to empowering more small businesses to secure government contracts and thrive in the government market. 

Jesse Sherr 06:08

And to our listeners. Thank you for joining us today. Remember, success in government contracting is about preparation and positioning. start planning now for the fiscal year 2024. Thanks, Frank, and take care 

Frank Krebs 06:20

You got it. I look forward to it. 

Jesse Sherr 06:22

This concludes this week's episode of FedBiz'5, where you get informed, get connected, and get results. Today's podcast is sponsored by FedBiz Access. Government contracting made simple. Visit them at fedbizaccess.com or contact them at 888-299-4498