Writing a tender is a difficult process that requires a certain level of expertise to successfully win a bid. Bid writing or tender writing simply informs the requestor of the services a supplier will complete at a given price. The bids are compared, and the best value bid will be chosen. Suppliers that do not participate in the bid process will have less incoming revenue. Bid writing is an art form that should be learned by every business owner to improve profitability.
Steps in the Tender Writing Process
1. Receive and Review the Request for Proposal. Tenders begin with a request for proposal (RFP). The request for proposal simply states the desired services a requesting company would like completed. The requesting company will provide deadlines and the scope of the project.
2. Consider the Request and Write the Tender. Each contractor or supplier considering meeting the request will review and submit a tender. The tender should be specific and state materials that will be used, estimated prices and deadlines for completion. Some tenders involve showing the company milestones that will be met and deliverables to be submitted over the course of the project.
The more detailed a tender becomes, the more likely the requestor will select the supplier. The tender should be detailed yet brief. Keep in mind that a requestor has several bids to evaluate. So, the information should be concise and full of pertinent information regarding the request. The services must be better than the competition and be offered at the best price.
3. Wait for a Response. During the review process, companies will evaluate the bid based upon accuracy, value and adherence to the instructions of the request. Those bids that are written according to specification are usually the first bids to be considered. The other bids may be overlooked. Companies must follow the directions in the RFP to avoid being overlooked by the decision committee.
4. Winning a Bid. The selected winner of a bid is required to perform the services according to the tender. If a supplier wins a bid, it means they offered the requestor the best value. The supplier with the lowest price does not always win. Quality of services also plays a part. Suppliers that repeatedly win bids are skilled in writing tenders that appeal to companies.
Other Expectations Associated with Writing a Bid
To avoid lawsuits, contractors or suppliers should ensure they can meet the requirements outlined in the tender. If a supplier underbids a project, he or she is still responsible for upholding the contract. If the requesting party is not willing to renegotiate time or money, the supplier will be required to uphold the contract and consume the losses. Accuracy in bids is important for this reason.
Write a Bid to Increase Revenue
Improve revenue streams by responding to RFPs. The more experience a supplier has with tender writing, the easier the process becomes. Learn to write an effective tender and watch revenue streams increase.
Writing tenders against deadlines is stressful and not always successful. The Bid Manager offers experienced tender writing consultancy and bid management training. Contact us at http://www.TenderWriting.com or http://www.BidTraining.com The book "FastTrack Bid Management" is available on these sites for those that wish to learn bid management for themselves.
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