How to Write a Bid: A Simple Guide for Beginners – Part 1 Bid Readiness
Introduction
Entering the world of bidding can be a daunting experience, especially if you're new to the process. Writing a successful bid is only one part of the process and requires strategic planning, a deep understanding of the buyer's needs, and the ability to clearly articulate your value proposition. This three part blog sequence aims to guide you through each step of the process. Before you even put pen to paper, you need to do some key preparation:
Becoming Bid Ready
Becoming bid ready is a critical process for businesses looking to participate in competitive bidding, particularly in government or large-scale commercial contracts. So what is bid readiness?
Bid readiness involves being thoroughly prepared to participate in competitive bidding processes. It encompasses ensuring you meet the compliance requirements, understanding the market, having the necessary resources, aligning with bid requirements, and developing a strategic approach. These 7 steps will ensure your business is bid ready:
1. Research and Understand the Market
Know Your Sector: Conduct detailed market analysis, understand current trends, key players, and typical contract requirements.
Regulatory Compliance: Ensure you are aware of and comply with industry-specific regulations and standards.
2. Develop a Strong Business Profile
Company Documentation: Keep all business documentation, such as licenses and certifications, updated.
Track Record: Build and maintain a portfolio showcasing your capabilities and past successes.
3. Build a Skilled Team
Internal Resources: Have a team with the right mix of skills – for example, business development, operations, project management, bid coordination.
Training and Development: Invest in training in bid management and proposal writing or bring in external expertise to support.
4. Financial Preparedness
Budgeting: Understand the financial implications of bidding and ensure financial stability.
Costing Models: Develop accurate costing models for your bids.
5. Understand the Bidding Process
Bid Documents: Familiarise yourself with typical bid documents and requirements.
Compliance: Ensure you meet the compliance requirements. This could be holding specific certifications or accreditations and/or possessing a level of financial standing.
Evaluation Criteria: Know how bids are evaluated in terms of technical capabilities, cost, and added value.
6. Capture Planning
Strategic Approach: Engage in early-stage planning to identify and assess opportunities and develop a winning strategy.
Customer Engagement: Build a deep understanding of potential customers’ needs and decision-making processes.
7. Participation in 'Meet the Buyer' Events
Direct Insight: Gain direct understanding of buyer needs and market intelligence.
Networking: Build relationships with buyers and industry peers. Attend Meet the Buyer events.
Feedback and Learning: Utilise these events for direct feedback and learning opportunities.
Summary
If you are a first time bidder, start small and gain experience with smaller bids first to build your profile. Explore bid management software tools for efficiency and after each submission, seek feedback to improve future bids. For newcomers, the journey may seem daunting, but with the right preparation, approach, and mindset, it can lead to significant growth and success. Remember, each step taken towards becoming bid ready is a step towards mastering the art of successful bidding.
Go to the next blog in this series: How to Write a Bid: A Simple Guide for Beginners – Part 2 Bid Development for the next steps beyond Bid Readiness.