To Bid or not to Bid
When it comes to bidding on a contract, or not bidding, there are many questions that business owners need to ask themselves. From whether or not they can handle the contract, to what that contract can do for their business strategically and growth related. These are important questions that can help determine if you should bid or not as a successfully awarded contract can grow your business and make an impact on your future success.
Let’s take a look at some factors that could help you determine if you should, or shouldn’t bid on a contract:
Do you have the correct bid documents available to you? This is important because, without them, you could be bidding “in the dark” without any information as to what your costs will be and what the contract includes.
Can you meet the needs of the contract? If your business can’t meet the requirements of the contract you are bidding on, you could end up losing both time and money and perhaps a bit of your reputation as well.
Do you know how much it will cost to prepare your bid? If you are not experienced at bid writing, you might have to hire a professional bid writing agency to ensure your success.
Is the work the contract requires relevant to your business and your strategy for growth within the industry? If your business has to outsource some of the products or employees to complete the contract, you could end up losing money.
How much will fulfilling the contract cost your business? If you underbid, you will lose money, if you overbid, you might not be awarded the contract. Knowing exactly how much it will cost your company to fulfil a contract is an important factor to consider before deciding to bid or not.
How much will being awarded the contract affect your current workload? If you have to move employees or products from one job to provide them to another, you could lose other clients or miss deadlines.
Knowing whether you should bid on a contract or not can be challenging, but with some helpful tips and the professionals at Tender Ready, you will be able to decide much quicker and submit your bid ahead of your competitors.
To learn more about the tender bid process or for assistance with your bid, contact Tender Ready today and let one of our experts assist you and answer any questions you might have.
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