LEARN EXACTLY HOW TO WIN BUSINESS CONTRACTS WITHOUT HASSLES
So, your business is going well and it’s time to look at strategies for expansion, – but have you considered all of the different options available to you?
I want to focus on bidding for contracts, how to approach that as a company – and the factors you need to consider.
Tendering for contracts
So why should you consider bidding for contracts, as part of your business growth strategy?
You may want to know the benefits involved.
I think it’s an option that’s well worth for any sized company that’s looking to expand because it offers the following:
- a guaranteed income stream,
- a fairly risk-averse method of growth and
- the opportunity to create partnerships you can build on.
The key steps in the tender process:
1. Find a suitable tender for your business.
2. Register your interest.
3. Complete a Pre Qualification Questionnaire (PQQ).
4. Complete an Invitation To Tender (ITT) – if shortlisted.
5. Write a compelling bid; then check and submit it.
1. Finding a suitable tender
Before you start any kind of bid process, you obviously need to identify contracts that are suitable for your business to tender for.
It’s essential to be able to find ones that are both relevant – and you have a good likelihood of succeeding at.
Preparing tenders can be time-consuming, expensive and resource-heavy, after all, so you need to be sure you’re focusing your attention effectively.
The best plan is to concentrate your research on contracts that are most relevant to your industry, geographical location and capabilities as a company.
There are various ways to do this, including keeping up with all relevant industry stories and news reports.
You could also work with third parties to help you source the right market intelligence and/or use the most effective online resources. This focuses your energy constructively and helps you identify the most appropriate commercial contracts and suitable government tenders.
3. Questions to ask yourself
When deciding which contract to bid for, you need to be realistic and ask yourself some key questions:
- Does my business meet the technical skills required?
- Does the contract fit our strategy?
- Can I afford to spend the time and resources required?
- Will the contract help my business grow?
If the answer to questions 1-4 above is yes, then it’s time to move forward with the next key steps of the process:
- Ensure you’re ready to bid by checking all relevant criteria.
- Register your interest.
- Fill in your pre-qualification questionnaire, and then, if successful, complete your invitation to tender.
Once these processes are complete you will be ready to go – and complete the bid submission itself.
If you haven’t considered tendering for bids before, I hope this post has provided you with some valuable insights.
I believe it’s a method of business expansion that is well worth considering as part of your business growth strategy.
If you follow the steps set out above, you’ll find winning lucrative contracts within your reach.
Without doubts, this is a realistic way for any sized company to expand successfully.
I hope these tips help you to win your next contract.
Have you ever won a contract? If yes, what was the process like for you?