PREPARATION IS THE KEY TO SUCCESSFUL TENDERING

Acquiring highly lucrative contracts by responding to tenders is a great way to be successful with business. There are numerous opportunities out there, federal and state government agencies, local councils and major public and private companies regularly call for tenders for works, products and services that will assist them in carrying out new projects.

 

However, tender writing can be a very complex and time-consuming task with biddings subjected to several stringent rounds of assessment. To be successful with tender writing, you need to get the nook and cranny of the process by understanding and accurately providing all info requested. Below are things you need to do in the initial phase while planning to respond to a tender.

Searching for the right opportunity

One of the first things to consider when seeking tenders to bid for is what sort of tender will really suit your business. While chasing contracts can be fulfilling as it is very goal orientated, you must also consider whether the contracts that you go after really fit with the direction that you want your business to go in. If you don’t have a strong business outlook then you are going to find it more difficult to build a good picture of your operation for the company with which you would like to tender. Get a solid idea of what your own personal business goals are, and then seek out tenders that are in line with these goals, or that may help you to reach your goals.

Ask important questions

Once you’ve decided on tenders that fit with your business outlook and you have chosen to bid you should get the tender documents as soon as possible in order to analyze them. From this point you should consider the following:

  • Can your business fulfill the requirements of this tender?
  • Is it cost effective for your business to chase this contract – will the pay be worth it?
  • Would the work fit in with your day to day operations as they are now?
  • Is the size of the contract something that your business can reasonably handle?
  • Would acquiring this client have a positive effect on your business in the bigger picture?

Look before you leap

Tendering can be a long and drawn out process, and you need to be 100% sure that you are still going to be as enthusiastic and willing to perform the task at hand when the time finally comes. You can’t afford to lose interest in the middle of the process and back out, let alone turn down the contract if you are finally awarded it because other things have come up for the business that you think are going to be better for you. For this reason you should think long and hard about the tenders that you choose to pursue.

 

Weigh the benefit of the opportunity

It is easy to get carried away with something that seems like a great opportunity, but make sure that the benefits definitely outweigh the effort involved in getting there. For example, if the contract is quite small you should look at how much it will cost you to put the bid in to start with. How many people are you going to have involved in the tendering process and what other work would they usually be involved with, and therefore what is not getting done while they are working on the tender bid.

 

Find out how much impact the project will possibly have on your business

Also take into account the client. Would working with them boost your own company profile and bring work in from other places? If so this is a huge benefit for your business and may negate much of the cost associated with bidding for the tender if you are confident that your company had a good chance of securing the contract.

Conclusion

Tenders can be very rewarding, and are certainly something that businesses should consider in the pursuit of new business leads. Keep one eye on the bigger picture to make sure that the benefits of any given tender outweigh the costs associated with bidding. Above all else, stay focused on your own business goals and go after tenders that help you fulfill these goals, not ones that send you off on a tangent.

 

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