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We all know the term ‘busy fools’! The term definitely comes into play when tendering for new business. Seeing all those tenders coming through is like candy in a sweet shop. But, knowing that you could deliver the work is one thing on paper you have to sound great too.
The best tip we can give you is to create a Tender Checklist. This Tender Checklist will keep you on track when bidding for new work and should include a set of questions which are essential to knowing what to tender for, and what to walk away from.
Most tenders require sector-specific experience and usually require a minimum of three case studies. Think carefully before submitting a response if you’re struggling to get the right level of experience from your bank of case studies.
Look at the work you’ve done in the last three years and ask yourself, ‘is it relevant to the business project?’ If it isn’t it’s unlikely you’ll be successful, as another bidding organisation will specialise in this area and will be able to produce a winning bid.
It’s hard to know the cut-off point for organisations when bidding for a contract, but the general rule of thumb is that you are unlikely to win any projects as an SME that are more than 50% of your turnover.
If you’ve only been trading for 2 years but it is an essential requirement of the tender to have a minimum of 3. Disregard the tender and don’t give it another thought.
Think of your current and previous experience, if the management team are strong, with a proven track record, you could have a strong chance of winning the work.
Think about the size of your team and the number of man-hours needed to complete the work and the tendering process. If it looks like 100% of your team will be working on the project 100% of the time, you’re unlikely to win it, it’s too risky for the client to give you the work.
Many organisations tender for contracts not thinking of the profit margins should they win the work. Look at the man-hours needed for the project, and add 20%. If you’re still making a decent profit, go ahead and submit the response.
It’s important to understand that this advice won’t be relevant to 100% of the businesses reading this blog. We’re aiming this content at SMEs and businesses who are looking at developing a new revenue stream through tendering.
Find more helpful tips and advice in our blogs. We cover topics including:
Once you’ve found the perfect bid for your business, send it our way. Our Bid Writers can take care of the whole thing for you they’ll even submit it on your behalf. They’ll let you know what they need from you, providing you with a full Tender Writing breakdown.
Our Tender Ready 4-week programme is perfect for businesses that have never tendered before. A Bid Writer will work with you to ensure you have everything in place to tender successfully. They can also help you better understand the tendering process. Tender Ready offers your business:
If you’ve been tendering but aren’t seeing success from your current efforts, our Tender Improvement package can help. Our Bid Team will assess your previous responses and tender documents. They will work with you to improve for future submissions. This package includes a 12-month subscription to a Hudson Discover portal and additional tendering development services.
If you’ve written your own tender response and need it double-checked for errors, Tender Mentor can help. A Bid Writer will proofread your work for any inconsistencies, grammar or spelling mistakes. They will also ensure it’s in line with the specification before you submit. This can help you formulate a winning submission.
If you only need assistance with PQQs or SQs we can help. Send the information over to us and we can provide you with a quote for the work involved.
Upgrading to Discover Elite can help optimise your tendering efforts – even when you’re busy. Our two new time-saving tools can improve your competitor awareness and success rate when bidding for a contract.
Contact us to find out how we can help your business grow.
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