#3: ‘Should we?’ Is as important as ‘Could We?
The Bid/No Bid question is one of the most important in this whole process, and isn’t just about capability. Yes, it is essential that you are honest in assessing whether you and your business are capable of delivering on a project, using criteria such as project size and length, geographic spread and capital investment required. This assessment can only be of benefit to your company and can help identify any improvements necessary to put you in a bid position for renewals and similar contracts.
Equally as important, however, is to ask yourself if you actually want the contract. It is natural, particularly in SMEs, for businesses to chase every opportunity. When you started your business you created a vision for success and a plan on how to get there, and it’s important that you use these tools to honestly assess whether a contract fits with your plans and goals, and whether it is worth going for. To paraphrase John Rockefeller, don’t be afraid to give up the mediocre for the “great” that will get you closer to your goals.