‘If you weren’t expecting the Request for Proposal, then you’re probably already miles behind your competitors’
This is a popular mantra amongst the business development world. It rings true in many cases, and is definitely something I have said many times before, but its not the only reason you shouldn’t bid.
So what should we be considering when deciding whether to dedicate time and money into a lengthy public sector bid? That answer is not simple, and most definitely not a black and white science.
Conquering the fear of missing out
Many of our clients have a tendency to bid too much, overstretch their capabilities and grab at everything that comes onto the pipeline. Saying no seems to be the hardest choice for professionals and business leaders. Its not something that is ever trained, and when KPI’s are linked to sales, it becomes even harder.
If you have ever dabbled in stock trading, you will have learned that the most revered skill is the discipline to back out when targets are hit, even if your gut tells you that it is going to continue to rise. Stock traders work to very specific strategies that are mathematical, and incorporate market intelligence. They are playing the odds all the time, and by setting informed strategies, they simply tip the odds of success in their favour.
This discipline and approach is something we can adopt when bidding in the public sector. Set a clear strategy based on our strengths, weaknesses and position in the market. Know what an ‘ideal’ opportunity looks like and stick to bidding for these by creating a Go / No-Go process that prevents you from deviating from the strategy.
So how do we apply this in reality without it being cumbersome?
Without talking to you, we don’t know what your particular strategy is, but in most cases there are some standard generic questions we can ask whenever bidding that can give us a guide on our win chance. The key elements to a good Go / No-Go decision process are:
- Make sure someone has gathered all the intel available. This includes talking to anyone who has been working with the client, any past projects etc. Use client spend reporting software and past contract awards to work out incumbents and competitors.
- Get the right people in the room. Its no good making a decision at the highest level, if the person who will lead the bid and project is not there to have their say.
- Know what happens after the decision is made. Have a bid kick-off process in place to ensure there isn’t a big delay between decision and starting. If you aren’t going to bid, make sure you respond to the client indicating the reasons why.
Common tools to support this include an opportunity proforma and a Go / No-Go matrix or question list. Remember that any tool needs to be tailored to your business, and should be updated as your requirements change.
How can we help you?
We have tools and templates to help. We can take you through a couple of decisions to aid the process. Drop us a call to discuss how we might help you!
