When are RFP’s used?
A company or a business in need of some sort of skill or equipment which isn’t obtained or completed during the process calls for a request for a proposal. RFP’s are generally by businesses for communication with each other and it paves the way for healthy competition. The number of bids the business wants to receive might be sent to a few businesses first, and then might be open to the general public for bidding as well.
A valuable opportunity is offered by the request for proposals, especially for small companies and businesses. This helps them compete with other businesses and boost revenue as well.
However, there are some steps to be taken by the small businesses to boost revenue and make use of their request for proposals. This helps them increase the quality of their RFP’s as well as win rates.
Involving more team members can be good for small businesses and their RFP’s
It is a fact, that a lot of small businesses improve their win rates and boost their revenue through leveraging the internal subject matter experts. This being done effectively can help improve the quality of the RFP’s as well. Through research, it is found that more people being involved means more improvement in win rates as well as high-quality responses.
However, there are a few steps small businesses should take to improve the process:
- It is important to have some sort of criteria that will help you decide if the RFP is worth it or not, through which you can determine the chance of winning.
- Make sure the manager or team leader can meet with the team members, as it is important to seek their advice as well.
- The progress of the request for proposal should be tracked using a project management strategy or a tool. In this way, people can be questioned and their queries can be addressed easily.
Impact of improvement in the RFP process for small businesses
It is hard to find time to respond to RFP’s as it is the usual roadblock, especially in small businesses.
Small improvements made by small businesses can go a long way. This includes things like assigning a process owner who can manage his work effectively and with dedication, be able to track metrics and increase the writing time which improves the request for proposal response rates, along with the win rates.
Processing tips for Request for proposals
- Focusing on need
The buyer’s need is completely different than the need of the seller. The buyers aren’t interested in getting bogged down in specs that point to a solution, but that is what the sellers want. In many cases, the vendors what to bring their expertise, and tell the buyers the issues they are trying to solve and how it works.
- It is important to talk things over during the process
A lot of small businesses gather information through the request for proposals. However, they aren’t aware of their want from the space. This is why it is important to talk with the vendors and then put the RFP together.
