HAPPY NEW YEAR!! THREE THINGS TO FOCUS ON AT THE START OF FY’21
Out with the old, in with the new. We hope your FY’20 year-end was strong, but whether or not it was, the reward is to crank it up and start over again for FY’21. Here are three things contractors should focus on now:
1. There is Business To Be Done in October: Federal spending data show that there is actually a good bit of business transacted in October. Some of this is renewals of licenses and service agreements, while other business includes continuing projects that an agency may have wanted to stop, but can’t because they don’t have new funding to replace and existing system. Either way, no one should write off October.
2. Train and (virtually) Network: The start of the fiscal year is perhaps the very best time to train your team on important compliance factors. The pace of business is not as hectic, and annual training is manifestly a best practice. The holidays are right around the corner and you want an ethics refresher to be in the minds of your sales team to ensure that your company stays compliant with gift rules, among other requirements. October and November are also traditionally conference time in our market. While the meetings this year are virtual, there is still excellent information to be obtained and perhaps even a bit of networking. At a minimum, you can hear from federal officials on their challenges and that is never a bad thing for formulating your business plan. You do yourself, and your company, a great disservice if you don’t participate in association conferences and similar events. Between now and early December there are many from which to choose.
3. Set Meetings With Potential Clients: The first two quarters of the fiscal year are the best time to develop your “FY’21 Model Year” message and meet with current and potential customers. Federal officials have a bit more time, relatively speaking, now than they will next Spring. Most officials do want to hear from you, as long as you’ve done your homework and have a relevant message. There will be more comings and goings this Fall, regardless of the election outcome, but the next 4-5 months are a great time to increase your contact list.