To bid or not to bid?

If you’re wondering whether to bid or not, it’s essential to maximise your opportunities by avoiding common pitfalls and creating a bidding strategy that aligns with your organisation’s strengths. Start by assessing your capability to ensure you have the necessary resources and expertise. Understanding the tender requirements is crucial, so review all documentation thoroughly.

Strategically assess your bid opportunities with a thorough evaluation of risks, costs, and alignment with your business goals.

Conduct a cost-benefit analysis to weigh the potential benefits against the costs involved. Performing market research will help you assess your competition and evaluate your chances of success. It’s also important to conduct risk assessments to identify and evaluate any potential risks.

Make sure you have a bidding strategy and that it aligns with your business strategy to ensure it supports your broader objectives. 

Evaluate the contract terms carefully, scrutinising payment and other conditions that could impact you and the delivery of your product/service. Consider the potential impact on your reputation, whether you win or lose the bid. Bear in mind that the New Procurement Act 2023 now allows for the publication of contract KPIs and a debarment list of unfit suppliers. 

Finally, seek input from all stakeholders through consultation and collaboration to develop a well-rounded approach. 

This comprehensive process will help you make an informed decision about whether to bid or not