Should you jump on that opportunity?
There’s a vital step that often get missed out by bidding companies… pre-qualification.
In the rush to get new business at any cost a company will tend to get their bidding teams responding to each ITT (Invitation to tender) or RFP (Request for proposal) that comes their way. This is a great way to ensure low team morale, high burnout and a poor performance all round.
Failure to adequately qualify potential opportunities leads to…
● Missed opportunities
● Wasted resources
● Rushed proposals
● A pattern of failure
How to succeed
The first thing you should do is work out whether the opportunity is suitable or not before you marshal your resources behind it.
So how can you tell?
There are a few key things you need to consider both on the side of the potential client and on the side of your organisation.
Familiarity- Does the client know you either personally or by reputation? Have you worked together before?
Compatibility- Different companies can have very different corporate cultures. Are you a fit? Do you share values and vision?
Past Performance- How well has their company performed over the last few years? What is their reputation, strengths and weaknesses when it comes to client delivery?
Internal Expertise- Do you have what it takes to succeed? Do you have access to the needed resources?
Competition- Who else could fulfill these client needs? How do you compare to them? How can you differentiate yourself for them?
Alignment with strategic objectives- Is this opportunity aligned with our overall strategic objectives or will it take us off track?
Resources- Do we have the needed resources to fulfill the brief?
Marketing to the client- Who are the key decision makers? Do we have access to them? Do we have influence over their decision?
Corporate Support- Do you have the support of the chief stakeholders in your company?
By doing this pre-qualification it will ensure that your bids are both targeted and excellent. This will give you the best chance of success, boost bidding team morale and become part of your best practice.
If you have any questions or comments about this article we’d love to hear them. Please comment below…