Finding the Right Bid Opportunity
An Organisation with a poor win rate will often attribute this to the quality of the submission or pricing, however, quite often the failure is in identifying a suitable opportunity to Tender for which has been selected based on its alignment to the businesses experience, capability, capacity and strategy for growth. By only going for opportunities that are well aligned to the business and its’ objectives means that the likelihood of winning is increased further.
Time and resource play a big part in bringing together the Overall Business Strategy, and the Bid Strategy into a Business Plan that actually works day to day for those identifying bids and submitting responses. With so many Portals out there, some specialist, and some generalist, it can be a mine field to navigate through actually finding relevant, let alone suitable, tenders.
By applying a few simple rules and setting clear search parameters, companies can save not only time in the Search process, but also time and money by avoiding submitting a Bid which they have very little to no chance of winning. Our top tips for conducting an effective Search:
- Set out Clear Search Terms for the Type of Work you actually want to win i.e. fits your capability and is going to be profitable work
- Calculate a realistic Annual Contract Value, which you should be aiming for, on average aim for no more than 25-30% of your annual turnover. For example if you turnover £1million per annum, do not Tender for Contracts worth £5million per annum, it is highly likely you would fail at the initial Financial Evaluation Stage.
- Be clear on your Target Market/Sector to help refine searches down to specific areas, i.e. Public Sector, Schools, Oil & Gas
- Set geographical limits within the resource capability of your company. Are you Nationwide, International or do you just deliver within a Region?
- Identify your strengths as a business (in terms of experience) and select opportunities within those areas so you know that you have the Case Studies, References and Examples to support your relevant experience on similar contracts.
If after applying these tips, you still find you are struggling to find the right opportunities, or are unsure how to make sure your searches are aligned to the business strategy and objectives, then please give us a call, we can help you put in place a process that actually works, and delivers the results you need to grow and succeed.
With our knowledge, vast experience of tendering, as well as our expertise in searching for relevant tenders, you will be in a better position to win that bid!
Here at Bid and Tender Support we promote and champion Personal Development Training within our own Company and within our Client’s Organisations. This approach brings great benefits not only to our company but to employees, by creating a culture where employees feel valued.
We have found that training our staff improves their skills and productivity which enables them to do a better job in less time leaving more time for our senior employees to concentrate on other important issues that arise on a daily basis. Being able to trust in our staff to do a professional job is imperative to our success. It is what gives us a competitive edge and is exactly how we advise Clients they gain a competitive edge. Never stop investing in people!
It’s important to recognise the benefits that training has on employees, investing in staff makes them feel valued and creates a sense of belonging which will increase loyalty, this is essential when Tendering for Contracts. Your employees will ensure you deliver that Contract. Business training promotes confidence, problem solving, planning and helps individuals to understand how they work best, this can increase the chances of their progression within the company and ensures that the Company has the best chance of success and growth thus promoting job security.
Overall, offering further development within a business and being interested in your employees’ abilities and job satisfaction can only make for a happier, in control and more content individual and thriving business.