Tendering is a very good way of building your business. We’ve mentioned many times that with the right kind of help and support you could win a contract that will set you on the road to further turnover and profitability. Many businesses suffer from the lack of tender preparation.
However, one issue remains pre-eminent in the response process. It’s about preparation. Without doubt preparation is one of the keys to success. Failing to prepare adequately probably means you are preparing to fail!
Tender preparation, (making sure you are ready and able to respond to a tender invitation), is the major key to success for businesses, this alone can help to get you ahead of your competitors.
The pressure on Public Sector finances continues in the 2017/2018 financial year, this will bring more pressure on services and procurement is probably set to rise not fall. The important question is – ‘Are you ready to get your share of the bigger procurement opportunities’?
Do you suffer from the lack of tender preparation
This can be down to misunderstanding, lack of confidence and know how, confusion and existing business pressures. However, preparing now will ensure that when tendering opportunities arise you are more likely to be tender ready. That means being in a position to produce that winning bid.
Public sector tendering can be complex. There are many things that you can do to get yourself tender ready prior to the issue of a formal Invitation to tender. BIZphit is often asked by businesses how they can secure public-sector business through bidding for tenders.
Many of these companies have either tried to tender previously and failed, or have an existing established relationships with a public-sector body, or has tried previously won and then lost when the rebid time comes along.
As a serious contender for securing a Public Sector contract, you can do many things to help yourself get through the pre-tender process. As a newcomer to Tendering you still have to prepare.
How to make sure your Tendering activity is not under prepared
Businesses need to prepare to bid to ensure they meet all the requirements when responding to a tender, this will include:
- Good financial standing
- Accreditation’s appropriate to your business and sector
- Adequate and appropriate insurance cover
- Quality, environmental, health & safety and information security management systems
- Appropriate service experience
- References appropriate to the service being tendered for
- A measure of Risk profiling with in-built risk and contingency management
- A number of specific and generic policies and procedures
Understanding your tender fitness issues and how to solve them will help the preparation stage. When done right it will help your business to stand out amongst the crowd!
The tendering process can be difficult, time-consuming and onerous if you don’t know what you’re doing. But it is very easy to improve your win rates with a determined and thoughtful strategy.