When it comes to tender submissions, you can’t afford any missteps. These missteps can be missing a deadline, getting disqualified because of missing information or simply overbidding or underbidding. They can be a huge disadvantage to your business. You need to be careful of all the steps in the tendering process from planning to submission. A right tender can grow your business substantially if you manage a tender properly.
The entire process from designing to writing the tender proposals is called tender management. It helps you manage your work with tenders and helps grow the business. It also helps you understand how your organization can solve a particular problem of the tender provider. It is also called proposal management or bid management.
Let’s see how you can improve tender management to get the tender you desire:
Always bid to provide value.
You need to manage your portfolio by the value you can provide to the tender and how much helpful they can be in your growth. Don’t simply chase numbers when it comes to bidding. Don’t get mesmerized by the amount of money a project can provide. It might be good for your organization in the short term but it can push your business in a direction that is bad for your business in the long term. Understand how to map your portfolio to prospective tenders and make other evidence documents available to bid for value successfully.
Manage your time smartly.
Each tender needs certain time to documentation, bidding and track progress. You need to answer the questions being asked promptly without lagging. Managing tender responses also takes a huge chunk of your time. You have to decide what is worth your time and what is not. You can’t be preoccupied in projects that aren’t going to pay off and meanwhile lose valuable projects. By managing your time smartly, you can significantly decrease the processing cost of procurement.
Thoroughly evaluate old tenders.
One thing to keep in mind while looking for new tenders is evaluation of your old tenders. Conduct an in depth analysis of the tenders you worked on and tenders that you didn’t get in the past. Find out what your shortcomings were and where you excelled. Work on your weak areas and approach buyers to let them know how much value you can provide for when they re-tender for similar contracts. Give them ideas about the technological changes you’ve done.
These are some of the ways to manage tenders. It is an important part of the process which you cannot afford to overlook. If you can get a dedicated partner for your tender management, it would be highly beneficial for your business. Contact National Tenders for end to end tender management now.