If you’ve never tendered to the public sector before, you might be wondering whether it’s worth it. Sure, tenders can require a lot of time and effort, and you’ll feel like you’re having to jump through a lot of hoops. Yet, even though it can be frustrating and at times all-consuming, here’s five reasons why tendering could be great for your business:
They’re a great route to market. If you’re looking to grow and increase revenue, tendering could be the answer. There’s over £200 billion procured annually in the public sector, with around 25% of this value awarded to SMEs. Contracts are often extended, provided you perform well, and thanks to legislation, you’ll be paid within 30 days (or sooner).
You’ll get noticed by your potential customers. Buyers read all tender submissions, and this is your opportunity to shine; your proposal might include a new way of doing things, or propose efficiencies that no-one else can offer. Even if you don’t win that tender, they could approach you separately for something else – believe me, it happens!
It will improve your business. Win or lose, feedback is invaluable in refining your service offering, ensuring your pricing is competitive, and can even help improve your business processes. For example, you might find that to be competitive you need to implement management systems; this will not only improve your future bids but will make your business more efficient.
Free competitor research. From meet the buyer days and site visits, to the feedback after you submit a tender, you’ll find out information on your competitors. Feedback will often show other bidders’ scores alongside yours and detail your proposal’s strengths and weaknesses in comparison.
It’s not as hard as it seems. You’ll need to meet basic requirements and have the time to complete the bid, but apart from that all you need is the enthusiasm to get started. Be selective with the tenders you go for to increase your chances of winning, and remember to give it 100% – it’s a competition!
If you think tendering would be a good option to explore and want to know more, get in touch for a chat; we can help you decide if you’re ready to tender, help you find tender opportunities, and crucially help you with your bid responses.
Email email@example.com, or call 07591 206202.