What is an RFP, and what are the fundamentals of the RFP process.

THE BUSINESS OF EXECUTIVE PROTECTION MANAGEMENT.?

RFPs are widely used within the Fortune 500 space, especially when the corporation or family office is looking to select the right security provider. It is important to understand the RFP process and best practices to ensure success. I view it as a "first impression" with a potential client. A good RFP should be as concise as possible while offering helpful contextual information.?

RFP DEFINITION

A Request For Proposal, abbreviated as RFP, is a document created by a buyer and issued to vendors requesting information about the company and their product or services. An RFP is a form with questions and space for vendors to write answers.?

The RFP processes can be broken down into individual requests.

• RFI? — Request for information: Used for information gathering
• RFP? — Request for proposal: Gathers detailed, in-depth information
• RFQ? — Request for qualifications: Used to evaluate vendor qualifications?
• RFQ? — Request for quotation: Defines exactly what you want and requests the lowest price
• RFO?– Request for offer: Asks vendors to provide a creative solution to a problem
• Vendor Profile/Summery? — Used for recurring procurement to catalog vendor qualifications and offerings

The RFP process

Please remember that writing the RFP sets the foundation for the rest of your process.

Here are six basic steps in the RFP process according to RFP 360:

1. Gathering RFP requirements
2. Crafting your RFP
3. Conducting the initial evaluation
4. Following up with shortlisted vendors
5. Making your final selection
6. Creating and completing the contract

What should be in an RFP?

A request for proposal covers a lot of ground. While asking the right questions is an important part of a good RFP, there's much more to it. Indeed, most RFPs start with information about the project and the process. Below is an overview of the sections and order of information included in most RFPs.

1. High-level overview or summary of needs
2. Buyer introduction and background
3. Goals and project scope
4. Budget
5. Minimum vendor requirements
6. Evaluation and submission criteria
7. RFP timeline
8. Scoring process
9. RFP sections and question
10. Terms and conditions
11. Attachments
12. Point of Contacts

There isn't really a standardized RFP format that you must follow. It just comes down to getting the information that is to the point, that can quickly be reviewed, and easily retained. Sending off an 85 page RFP can look daunting to a CSO, Program manager, or even Stakeholders. Where is a 3- 5 page RFP or "RFP Lite" will be easier for the end reader to digest.?

Remember, time is money on both sides when creating/submitting and receiving an RFP. Be precise and to the point with minimal verbal fluff.

Aaron Mauldin?

RFP Overview by RFP360

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