"Will we win this bid?"

A common question which we all want the answer too. The truth is there are a lot of factors which we can't control when pursuing a new business opportunity, we can only control those within our reach.

1. ARE YOU READY?

One of the leading factors in any business proposal, is whether we are ready or even suitable for this opportunity? This is why the bid/no bid process is so important - it has to be robust covering all opportunities and eventualities, so there is more ease for a business is selecting the right options available.

The best focal points will always be:

• playing to your strengths (and recent wins)
• providing competitive pricing
• a strong value proposition
• demonstrate who you are as a business

2. HAVE YOU DONE THE WORK?

Are you continually improving business practices in order to have the best chance of winning a new business proposal. This means a focus on continuous business improvement, learning from past mistakes, making amendments to your bid library, to case studies, policy documents and business development practices. The work you do in between proposal submission is as important if not moreso, than the work completed in the 3-6 week window before a new bid lands in your email notifications.

If you are not actively making these improvements, there will be no difference in the outcome, after all "if there is no change, there is no change". Making sure you have appropriate resource available to complete these tasks is important, otherwise you will continue to have a reactive business instead of a pro-active one. You have to do the work to get the results.

3. RELATIONSHIP MANAGEMENT

Do you have a good relationship with this prospect? Are you in regular contact? Strong account management in place? Are you doing the work?

Even before incumbent contracts where we know a renewal is due, we should be starting the relationship building at least half way through their existing contract. These often run on 3 year cycles so we would expect to be in discussions with the client, towards the eighteen month mark, as a bare minimum.

4. ARE YOU PRICING COMPETITIVELY?

Price has gone out of favour in preference to quality measures, and while no longer the only factor between a yes and a no, it still matters. Most clients aren't going to go for a rock bottom price, without taking everything else into consideration. Quality matters because they need to trust you and believe in the service you are about to offer, but there still needs to be a realistic pricing option available. It is all of these factors which come into play when considering the right option for their business.

5. WHEN DID YOU HEAR ABOUT THE OPPORTUNITY?

Have you been in regular contact with the customer? Have you helped craft the bid such as providing technical expertise with the procurement team? Or are you only hearing about this opportunity when it goes to publication, along with all other vendors?

Buyers rarely go to procurement before a lot of initial questions have been raised and resolved. So if it is the latter, there may well already be a preferred supplier all lined up, and in this case it might not be worth the effort.

This is why relationship and account management is key because without it, there is no real opportunity available.

6. IS COMPETITOR ANALYSIS UP TO DATE?

Understanding where you fit in comparison to your competitors is vital. Competitor analysis should be completed at regular intervals to make sure you stay ahead of the curve. This is often one of the major stumbling blocks in many organisations - pricing, product/service offering, accreditations, value, lifespan and more? More importantly - is this aligned with your Marketing Plan and Branding focus?

7. IS YOUR PROPOSAL GOOD ENOUGH?

Now - be honest with your yourself, this is very important. What would you think if you received your proposal? Is it the best you can do, and is that even good enough? Is it going to WOW the reader, where you have excelled in every area?

It is not to say you shouldn't bid for an opportunity if you can't answer each question well, we are only human, and in reality we won't know everything. But at the same time, you should be honest about the amount of resource you have, whether your business is ready, and if you're not ready, learn from this, put in the work so you are for the next one, which might be more lucrative and suitable to your requirements anyway.

8. EVALUATION & HONESTY

Too often I hear "I can't believe we didn't win this" or "why weren't we selected for the next round'? Then I review the bid (when I wasn't involved in writing it) and I can see clearly the problems. There are often glaring gaps in information, wrong documents submitted, a lack of attention to detail. This is why a honesty policy in this regard is best, in order to improve results for your business but also for the efficiency in which you operate.

Winning bids and business proposals in general is always a long way, never a quick fix. Many pieces of the puzzle must fit together for long term success.

If you enjoyed this article, you will LOVE my podcast of the same name. Short, sharp episodes where I discuss similar topics and more. Available on Spotify and all other major outlets.