An exciting tender opportunity has just been released and you’re positive it’s got your name on it. But before getting all gung ho, ask yourself: ‘Is this contract the right one for my business right now?’ But how do you know? It’s easy. Take a few minutes to answer YES or NO to the following questions in five key areas. (Questions marked ** are considered vital to success.) Consider the following for an efficient tender review.
Ready?
A. Strategy
Tendering is highly competitive, so strategy is everything when you enter the race.
1. A major consideration is possessing a clear understanding of all the tender’s requirements and specifications. Do you know what is it asking you to do and what does it expect you to deliver? **
2. Next, assess whether this opportunity aligns with your core business, your strategy and whether there are risks involved. Is it a significant deviation from what you do best; what your reputation is based on?
3. There’s no point in gaining a new client if it potentially jeopardises your team or financial stability. Does this contract represent a good financial move for your company?
4. Another question: will it meet one or more of your strategic business objectives? For instance, will it help you achieve your goal of gaining national brand exposure or developing a new line? **
5. Think about your team. Do they feel this contract is a good fit for your business? If not, why is that? **
6. Lastly, what do you know about the tenderer? Have you a thorough understanding of their needs?
B. Ability to deliver
Obviously, your response will outline how you can deliver on the tender’s specifications. All well and good, but:
7. What will be the cost to you in terms of time, money and resources? Will you have to alter your current service model?
8. You no doubt have a skilled team, but do they possess the right skills to deliver the contract, if you are successful? If not, do you have the budget to invest in recruiting people who do?
9. If your production schedule is jam-packed, you’ll need to work out how to fit the demands of this new contract in. Have you the capacity to do so? **
C. Experience
If you’re the incumbent, that’s a great start.
10. Do you have a good track record with the tenderer?
If you’re not the incumbent…
11. Can you provide evidence of similar contracts that showcase your capabilities for the tenderer’s consideration?
D. Risks
Answer this one very carefully:
12. Are there any known financial risks in taking on this project?
13. Can you – hand on heart – say that you have looked at this opportunity from every angle and know the kind of revenue/profit you can expect? And whilst you’re at it, have you calculated any costs to your business to take it on, including any investments? **
E. Commitment
What we’re talking about here is not so much your commitment to undertaking the contract – although that’s obviously of paramount importance – but about your commitment to putting together a well-considered tender response that clearly sets out your understanding of the tenderer’s needs, your unique value proposition and why your company is the ideal choice to meet those needs.
So, establish if you can answer a resounding ‘Yes!’ to the following:
14. Do you have the time and capacity to prepare and submit a compelling response? And can you do so by the specified deadline? **
15. Are you at comfortable with all stages of the tender process? We’re talking here about any pre-qualification questionnaire, the RFT and even, potentially, a presentation. Can you commit to allowing enough time and resources to go the distance of the entire process?
16. Do you have the resources available to begin working on your response immediately?
17. What about your key people whose input and experience are vital to creating a compelling submission. Are they fully on board?
18. Everyone involved understands the costs in working towards completing this response and everyone believes that this is a good idea. Yes?
The results
OK, time to analyse your answers. If you said:
YES to 15 or more questions, then that’s brilliant – you’re in a good spot to win this tender.
YES to 10-15 questions – including EVERY one marked ** – then revisit everything we’ve covered, addressing any potential risks or challenges. You may need to put some more time and resources into creating a winning bid. On the other hand, this tender may not be a good fit for your company at this time.
If you said YES to fewer than 10 questions – and NO to ANY of those marked ** – then it’s our recommendation that this is not the opportunity for you.
Do you need expert external help?
The team at Tender Writers will be happy to help you further if you’d like to have a chat.
We’ll also be delighted to help you put together a professionally written tender response. We have a whole team of expert tender writers standing by, each of whom can assist you to articulate just why your business should win!
Get in touch today or call us on +61 2 8036 5532 or 0448 566 377 and we’ll be happy to help.