How to Successfully Bid on Business Contracts
There are many different tasks that we must do as business owners and each of them can benefit our business in different ways.
One task that many of us often balk at is bidding on new contracts. We may consider it to be an unproductive part of our day but the fact of the matter is, bidding on a project is often the only way that you will get the opportunity to work on it.
That new contract may be able to provide you with an ongoing flow of work for months or perhaps even years. This is why it’s important for you to put the effort into the bid. This will ensure you did everything you could to to increase the chances of being awarded the contract. This not only includes outbidding other companies who may be vying for the same contract, it includes the entire process of bidding, which may be more complex than what you may think.
Rather than simply filling out bids quickly and turning them in, you can increase your odds of success by keeping the following things in mind. When you are able to land a job successfully because you put the effort forth in the bidding process, it reduces how much time you need to spend on bidding for future jobs.
HELPFUL methods of securing contracts FOR greater success.
One of the most important things that you can do to successfully secure a business contract is to research the company before you begin the bidding process. You need to understand what they do and what they expect from their contractors. Look up any contact information that may be needed during the bidding process, including the facilities manager. There may also be specific managers associated with the bid that you are placing, and you should have their contact information readily available as well.
If the company is offering open bidding from multiple contractors, your bid should not be the first point of contact. Now that you have the contact information for the various managers that are associated with the project, you can contact them in advance to ask specific questions about the job and what they be expected. You can also ask them about the possibility for future contracts that may become available. Having this initial contact benefits you in a number of ways. Not only does it allow you to submit a more accurate bid, it also gets your foot in the door.
In many cases, the company will have some type of information packet that reviews the details of the contract. This information can go a long way in helping to make a successful bid. This is not only true when it comes to outbidding the competition, it will also keep you from under bidding the contract. Ask for the information packet when you make contact with the managers.
Sometimes, you can look at a project objectively and realize that you don’t actually have the opportunity to bid on it successfully. Look at the contract with an open mind, considering if it is deliverable, profitable and desirable. It is also important to consider the other contractors who will be placing the bid to see if it is winnable on your part as well. Sometimes, passing on the difficult contracts may make it more likely for you to secure the work you need by putting more into submitting fewer contracts.
Although it is true that submitting bids can be a mundane task, it is an important part of doing business. Rather than considering it a chore, look at it as its own, individual project. After all, the bid requires work on your part and can produce results that are measurable. Be sure that you give your bidding project the time and effort that is necessary to secure the contract.
The way that you structure your bid is also very important. Many contractors will simply talk about their own abilities and what they bring to the table. Although it is important for you to discuss the reasons why they should accept your bid, it is best to use language that makes it seem as if it is about them, not you. When you structure the bid in such a way, it makes it more appealing to the managers.
Don’t forget to include a call to action within the bid. You may go on, discussing why it would benefit them to use your cleaning company as a contractor, but you need to make sure that you have a clear pitch that moves them to pick up the phone and take the next step. Once the decision has been made, regardless of whether it is in your favor or not, be sure to solicit feedback. In that way, you can grow in your abilities to place successful bids.