Tender writing is just one phase of winning a bid for a project. In order to generate revenue through contracts, project managers must know how to effectively write tenders to win bids. Tenders are usually written after a company submits a request for proposal (RFP). Any company qualified to meet the request may submit a tender stating how the request will be met, the timeline for delivery of goods or services and the price for completion. A well-written tender will describe each phase of the project in detail in hopes that the requesting company will select the tender and the company fulfilling the request.
Example of How the Tender Process Works
A construction company may submit a RFP for an order of 1000 windows to be procured and installed in a building. Several window providers and installers may submit a bid to provide services to the company. The requesting company may review the bids and review the companies with the best price, timelines and feedback from customers. Businesses that follow instructions and provide the best price will most likely win the bid.
The professionalism of a company will also play a role in the selection process. If the company can provide the products and services in a professional manner, this may give the company a competitive edge in the bidding process. Companies should highlight their strengths and demonstrate how the company can provide exceptional services to requesting business owners.
Once the company is selected to complete the request, the company must honor what is written in the tender or be held in breach of contract. If the company cannot meet the terms, the contract may be renegotiated with the requesting company's permission. If the company disagrees, the contract is considered legal and binding. The company must meet the terms and deadlines in the tender or risk being sued.
Potential Difficulties When Writing a Tender
Determining how long a project will take and the cost of project are often some of the most difficult parts of writing a tender. Business managers or project managers most often have been trained to perform this aspect of the tender process. Many projects are large. The cost of completion is often difficult to predict because of the size and scope of the project. Software is available to help companies plan and devise a timeline.
Every key player should know the process and how to write an effective bid. Otherwise, the company may be at a disadvantage if only one person in the organization knows the essentials of creating an effective tender. The process of writing a tender is essential to increased revenue in any organization. The process should be taken seriously to improve company profitability.
Consider How Writing a Tender Can Improve Profitability
Many companies have written tenders and won projects of significant size. Million dollar projects are often ways that companies have the opportunity to demonstrate their talent and abilities. Without a person skilled in writing a tender, the company will lose sales and revenue. Every company should obtain the proper training and begin writing tenders. The process can be lucrative if tenders are written properly and selected by the requesting company.
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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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