A lot of businesses and individuals are benefiting from the huge opportunity to make a lucrative income in the domain of private and public tenders. When you want to respond to a tender, you must first carefully evaluate the tender opportunities and submit a well-drafted and planned response. This will increase your chances of winning the tender and also reduce the time wasted and the costs incurred in submitting tenders. Here are the different steps to planning for a successful tendering response.
Evaluate the tender announcement
The first step in planning a successful tender response is to analyze the tender request. Here are the most common elements you will find as part of any government tender.
- Overview of the job’s requirements
- List of criteria the buyer expects in the supplier
- Instructions on the tender process
You must first read the tender specifications, contract terms and conditions thoroughly and get familiar with the guidelines, policies and the laws related to the tendering process. Often, the website of the tendering authority will have the necessary information on the terms and conditions pertaining to the tender. Only when you take time to understand the tendering requirement, you will be able to decide if the given tender opportunity is suitable for your business.
Mention if your business has the capability for the given job
After evaluating the tender request, you must then confirm whether your business is capable of completing the job.
Make a list of all the different components of the given job.
Identify the requirements and tasks that your firm can ably meet and the factors that are concerning.
Give references about similar works you have done.
Mention the information about the licenses you have for doing such jobs.
Ensure if you can deliver the goods or services specified within the time frame mentioned in the tender. If you cannot do so, it is advisable to partner with one another business.
Analyse the costs and scope of the project and compare between them to ascertain if the outcome can be profitable to you or not. You must really focus enough on what is specified in the tender.
Consider the risks you might face if you succeed in winning the contract. Plan well to check how you will manage to minimize the risks.
Research about the buyer
Gather as much information as possible about the buyer and the work they need. For example, if the agency has strong environmental concerns or if the tender is extremely time sensitive, you need to take steps to ensure that your tender response will meet the expectations of the agency in a strong way by projecting your capabilities to fulfill the expectations of the buyer in the way they want. If there are any briefing meetings on the tender, it is good to attend them so that you develop a clear understanding of the buyer’s requirement.
To support the process of tender development, conduct meetings with your staff to ensure a good coordination and cooperation across your organization. The proven help of bid writing consultants can help you manage the whole process systematically and effectively in a way increasing your competitive worth.