Why do Businesses Fail to win Formal Tenders?
Tender success rates for many businesses are below 30%. Which means an awful lot of overhead cost pursuing opportunities that don’t materialize. Here are some common reasons why bids are unsuccessful when they could have resulted in a contract win.
1 It’s the wrong opportunity
Procurement rules often stipulate a minimum number of bidders. Sometimes companies get added to the list when there’s a very small chance of them winning against a preferred or incumbent supplier. We help you identify the opportunities that are genuinely worth the effort.
2 They don’t plan
Working through the night and the submission day scramble might look heroic but they do little to improve your chances. Winning Tenders will help you create a plan that involves the right people at the right time to maximise your chances of success and take the stress out of the process.
3 They don’t address the client’s needs
Sometimes this is about failing to appreciate broader business goals that matter to your client that aren’t in the tender documents. Sometimes it’s simply not answering the questions fully and clearly. We help you avoid either pitfall. We’ll also help you write a submission that addresses your client’s needs in the clearest way possible.
4 They focus too much on price
The lowest price doesn’t always win. This common misconception leads businesses to ignore other factors that matter to the client. Even if you do win, you may have thrown away some of your margin needlessly.
5 They don’t comply
Formal tenders are normally very clear at specifying what you need to provide and in what format. Yet many businesses misunderstand or fail to look at the detail. An impartial pair of eyes will tell you whether your responses and supporting documents hit the mark.
If you want to be the person who makes sure your business avoids these common traps, we can help.
Take the first step to putting your business in control of the tendering process…
Talk to Winning Tenders about a Tender Readiness Check >>>