Bidding for tenders is a critical part of business development for many companies.
The process can be daunting, but there are plenty of tips to make the journey an easier, more efficient one that not only gives you a better chance of winning, but also saves you plenty of blood, sweat and tears.
Arguably the most the important thing to remember when putting in a tender is this: Don’t bid if you can’t deliver.
It sounds simple, but if you are making a bunch of promises you can’t deliver on, it will not only cost you money, but more so it will damage your company’s reputation and likely rule you out of future bids.
To that point, it is very, very important to read the Terms and Conditions set out in a tender document. Yes, it’s a lot of writing, often in legal jargon and small fonts, but it’s also binding, and if you don’t hold up your end of the deal, the above two points again come into play.
The second crucial point to decide when bidding for – and hopefully winning – the tender is whether it is worth your while in the long run.
Will it make you enough money to justify the time put in? How will it affect other work you are already busy doing? And does it ultimately fit in with your company’s long-term strategy?
If you are not 100% in the affirmative on all three questions, rather concentrate your efforts elsewhere.
However, if you do decide to go ahead and bid, make sure you give yourself enough time to deliver a comprehensive, challenging proposal.
Plan in advance and set timelines for various milestones you want to reach to ensure nothing is missed, especially the deadline. If you submit a bid a minute after the deadline has passed, it will be rejected. Similarly, if you forget to submit any information required, you will not be considered.
And don’t do it all by yourself. You will be so immersed in the bidding process that you could miss the simplest detail. Get as many people as possible to go over the proposal as you can – they could spot a glaring mistake or obvious omission, or actually, just have some great input.
It’s also important to be precise and to the point in your application. There are plenty of other bids to go through, so the persons scoring yours don’t want to read a brochure selling your company, but rather whether you have the skills to do the job or not, and at a competitive price.
Then, why not spend some time learning more about the company who has put out the tender? You may just have found a detail that appeals to them, and that could be the deciding factor when two or more bids are just about even.
Finally, don’t be afraid of failure. It’s estimated that three out of every four tender bids end in rejection, but that doesn’t mean you can’t take some positives out of it. It is a reasonable request to ask the buyer where you went wrong, so learn from it and apply it to your next bid.
For guidance and advice on best practice around tender submissions, the team at EasyPQQ is on hand – get in touch today.