The fiscal year for 46 states, including California, Pennsylvania, and Florida, ends on June 30. The next 30 days are crucial for businesses looking to secure government contracts. Here’s why you need to act now and how to access those funds before time runs out.
Looking for leads to close as the budget ends? Work with us to find opportunities in minutes. Interested? Schedule a demo.
Why You Need to Act Now
1. Unspent Funds Go Back to the State Treasury
Government agencies that don’t spend their allocated funds by the end of the fiscal year must return the money to the state treasury. This isn’t just a missed opportunity; it’s a hit to their future budgets. Legislators are quick to reallocate unspent funds, making it difficult for agencies to recover them in the next budget cycle.
2. Unfinished Projects Need Attention
Many projects remain unfinished due to budget constraints or delays. These projects often end up at the bottom of the list but are crucial nonetheless. Acting now ensures these projects get the attention and funding they need to be completed.
3. Perfect Timing for Small and Midsize Firms
Most government awards and grants handed out towards the end of the fiscal year are relatively small. This is perfect for small and midsize firms looking to secure government contracts. The timing is ideal for those ready to act quickly and efficiently. 80 percent of government contracts never go through the RFP process, making it perfect to secure contracts in the last 30 days.
Looking for leads to close as the budget ends? Work with us to find opportunities in minutes. Interested? Schedule a demo.
How to Take Advantage of It
1. Find the Opportunities
Uncovering opportunities can be simple with tools like Cloverleaf AI, which can identify them in seconds. The alternative, though effective, is more time-consuming: combing through government meeting minutes. This method is incomplete since meeting minute approvals happen at the next discussion.
2. Hear Exactly What the Government Needs
You need to understand exactly what government agencies are looking for and act on it. Cloverleaf AI makes this easy by allowing you hear government clients discuss their issues and how they want them solved. The alternative is navigating through meeting minutes where not everything is captured, and the approval of those minutes always happens at the next meeting, which could have been a while ago.
3. Be Persistent
Now is the time to get on the calendar with calls, emails, and other forms of outreach. Persistence is key in securing these last-minute opportunities.
Looking for leads to close as the budget ends? Work with us to find opportunities in minutes. Interested? Schedule a demo.
One example of an industry seeing a flurry of activity is school safety.
In the last 90 days, school safety utilizing innovative technology has been mentioned in over 85 government meetings. These meetings include discussions by the Michigan House of Representatives regarding the unique approaches needed by rural schools in cases of incidents, the Maryland Senate Energy and Education Committee discussing the value of technology in school safety, and the Newburyport School Committee discussing their current work with their technology vendor and how it has improved their school.
Are you looking to streamline your lead generation process? Cloverleaf AI offers its clients an average of two leads per week by meticulously scanning all government meetings at the local, state, and federal levels. With an additional 100+ leads per year, imagine the growth potential for your firm. Interested? Sign up for a demo.
Looking for leads to close as the budget ends? Work with us to find opportunities in minutes. Interested? Schedule a demo.
The Fiscal Year Overview
Forty-six states began fiscal year 2024 on July 1, 2023. New York begins its fiscal year on April 1, Texas on September 1, and Alabama and Michigan on October 1. As of September 25, all 50 states have enacted their FY 2024 budgets, with three states enacting a biennial budget during their 2022 legislative session.
The clock is ticking. Don’t let this critical period pass without taking action. Use the next 30 days to make a significant impact on your business and secure the funds that are up for grabs.
Sources:
NCSL Budget Status 2024: https://www.ncsl.org/fiscal/fy-2024-state-budget-status
