Use It or Lose It FY24: How to Win Year-End Government Contracts

If you’re a government contractor or interested in securing federal business, we have exciting news for you — now is the perfect time to win contracts. 

With the federal fiscal year ending on September 30, government agencies are racing to spend their remaining budgets in a “use it or lose it” rush. Unspent funds can’t be carried over, turning this into a period of big spending — and even bigger opportunities.

The only hiccup is that navigating this complex market requires the right tools to simplify the process and help you capitalize on the right opportunities. Fortunately, GovTribe has you covered with everything you need to get started. (No account? No problem. Try our 14-day free trial.)

As government contracting expert Larry Allen recently highlighted, "The final quarter is packed with opportunities." The only question is — are you ready to claim them?

How to win “use it or lose it” opportunities

1. Identify Relevant Contracts
   Stay on top of the best opportunities by using smart tools like saved searches, personalized recommendations, and AI tools to find contracts that fit your business.
   
   • Saved searches and recommendations. Set up saved searches and alerts for relevant opportunities. GovTribe will notify you of new contracts that match your criteria, ensuring you never miss an opportunity. This feature is especially useful during the hectic year-end period when timing is critical.
   • Smart searches with GovTribe AI. Chat with GovTribe AI to refine your search using specific keywords like "year-end spending," "fiscal year closeout," and "budget utilization." Tailoring your search this way can help you discover opportunities that might be under the radar, giving you an edge during this busy period.
     
     For example, try asking, “Find cyber contract opportunities related to 2024 year-end spending.”
     
     
     [Get Started with GovTribe's AI Insights]
2. Focus on Existing IDVs
   End-of-year spending is often funneled into task orders under existing Indefinite Delivery Vehicles (IDVs) rather than new contracts. If you already have IDV contracts, it’s especially important now to:
   
   • Monitor task orders. Keep a close eye on task orders being issued under your IDVs so you don't miss out on potential business.
   • Engage with agencies. Strengthen relationships with the contracting officers managing your IDVs. Proactive communication can boost your chances of receiving task orders, so reach out to discuss how you can meet their needs before the fiscal year ends.
     
     
3. Explore Hidden IDIQ Opportunities
   IDIQs (Indefinite Delivery, Indefinite Quantity contracts) can unlock ongoing task orders and subcontracting chances, offering less competitive ways to grow your revenue even if you don’t win the prime contract.
   
   [Hint: To learn more about IDIQs, check out our free IDIQ email course]
   
   

Get started today

This "use it or lose it" period is an important time in the federal market, and we hope you find and take advantage of all the opportunities it brings.