Before pushing through a bid, it is always a good idea to evaluate, analyse and review your tender proposal. It may be a deal-maker or a deal-breaker for your company. A well-researched tender proposal improves your chances of winning the bid and cuts down on time and financial waste for your company.
In countries like Canada and USA, the level of sophistication and detailing which is expected out of a tender proposal is higher, owing to the volume of tender listings available and the number of bidders pitching in. Therefore, it becomes imperative to take the right actions which will make sure your proposal stands out amongst multiple bidders and tender applicants. Especially for the new entrants and small businesses (SMEs), these tips give the added touch of sophistication that show quality and a promise of delivery.
Let’s examine the six principles of bidding when responding to a tender.
1: Review the request for proposals
Reading every word of the tender document in its entirety, including any annexures or declarations, is the first step in preparing a tender response. In all government procurements, the tender document is frequently referred to as an invitation to offer (ITO), request for tender (RFT), or request for proposal (RFP) (RFPs). These components will be present in each of them:
- Concise description of the job’s requirements
- Conditions that suppliers and providers must fulfil c. Guidelines for the tendering procedure that will be used
We urge you to thoroughly examine the contract terms and conditions, tender requirements, and other related documents before drafting your answer. Additionally, after comprehending the tender request, you must choose whether the possibility is a fantastic fit for your company.
2: Verify your company’s suitability for the task
After reviewing the tender request, you must determine whether your company is qualified to take on the job.
- Make a list of every aspect of the work.
- List the obligations and specifications you can confidently fulfil as well as any variables you are worried about. The simplest approach to achieve this is to review any recently completed projects that are comparable to this one.
- Verify that you possess the required permits, certifications, or accreditations.
- Confirm that you are able to complete the delivery of all the requested products or services in the allotted period. If you can’t, think about finding a consortia partner who can help you meet your deadlines.
- Examine and scope your expenses to make sure you get a decent return on your project investment. Keep your attention on what the tender specification requires. Sharing extra information has frequently had a negative impact.
- Conduct a thorough risk analysis in advance, considering every risk you could face if you win the contract and how to reduce it.
3: Do some buyer research
Researching your potential customer comes next once you’ve located the bids/tenders you wish to pitch for. This phase entails learning as much as you can about the government agency that is proposing the contract as well as what kinds of projects they have previously outsourced.
Does the agency, for instance, care deeply about the environment? Is this delicate situation especially time-sensitive? What concerns are behind the request for proposals? You may better cater a bid to the demands of your potential consumer by gathering such crucial information about them.
4: Create a sales pitch
Prepare a brief marketing plan that tackles the tender’s pain points while consulting your marketing strategy. You should be able to outline how you will advertise your company for this specific tender with the aid of this marketing strategy. Use it to pinpoint any main points you intend to make in your tender answer as well as the supplies, sources of information, and supporting documentation you intend to include.
5 Develop your bidding proposal
Call a meeting with your team to collect all the additional documentation you’ll need to submit your proposals. All tender answers will need these, thus we advise you to have the important ones close at hand (such a certificate of firm licence). You must use a methodical strategy if you want to create competitive bids proposals. A seasoned worker who can manage the procedure and keep the most recent edition of your tender document should be given this duty.
Following the deadlines is crucial since it offers the tenderer (i.e. you) a positive first impression of your company ethics. It is advisable to send in your tender proposal at least two or three days before the due date. If other individuals, such as workers or your business partner, are writing portions of the tender response, make sure you plan completion deadlines for all components of the tender document.
6: Speak with other participants
If you get the contract, you must get the team that will be delivering its pulse before you commit to any completion deadlines. All those who will contribute to the project must be consulted and included in the planning process.
To plan the pitch and major points of your proposal, schedule a meeting at the beginning of your planning process. You may also use this session to think about:
- The funds and resources you’ll set aside for the bid response document.
- The money and internal resources you’ll need if you get the contract.
- Variables affecting your prospects, such as rivals, past performance, and executive resumes
Websites like BidAssist can help you achieve all these steps with utter ease. They make the process so smooth through their multifaceted library of information and resources that it makes anyone go from point zero to securing a tender, in no time. If you’re in a tussle about finding the appropriate ways to follow these steps and make a victorious impression, BidAssist will let you achieve that through its user-friendly experience, unique consultation and comprehensive information available on its platform.
Make the most of these tips and win a bid smoothly.