According to Bloomberg Government, Federal contract spending in fiscal year 2020 hit the highest amount on record—$681 billion.
The U.S. federal government is the world’s largest buyer. Every year, it spends billions of dollars on products and services covering thousands of categories ranging from fighter jets and garden supplies to IT services and logistics support.
Sure, companies lose contracts because of faulty pricing, unqualified key personnel, lack of customer insight, a flawed strategy or approach, or some other technicality or non-compliance. But too often, these maladies are only symptoms, not the root causes for a loss.
Each year at this time, we stop and take a breath. Clear our heads. Gain some perspective. And reconnoiter the GovCon horizon.
The Consolidated Appropriations Act (“The Act”), signed into law in March of 2018, provides $500 billion in new federal spending for defense and domestic programs over two years.
So your company is hunting "big game" in the government contracting world? Well you are not alone.
The Federal Government, both defense and civilian, operate their procurement and acquisition needs off of hundreds of contract vehicles a day.
We often hear negative representations of Government contractors, and these stories seem to garner a lot of media attention. But what about the positive impact these companies have on our larger community? Now more than ever, for professionals in the government market it's important to know that each day you come to work you are privileged to have the opportunity to do something great, difficult, unlikely, or nearly impossible to achieve.
People in our industry are wondering to what extent today’s government contracting market conditions represent a “new normal.” And, if not, they wonder how soon can we expect a return to the “good old days?”