5 Steps of Bidding Process Explained in Simple Way

Many modest businesses attempt to grow their business by bidding on larger or numerous long-term projects. Contracts might include governmental requests for proposals (RFPs) or companies pursuing to be the primary provider of a particular product or service for a huge deal. To win bids, it is essential to recognize projects, obtain information, and start working on the project. Even though contract bidding can be profitable, the entire bidding process might become complicated unless you know and follow the five necessary steps that are required to improve your chances of winning the contract.

1. Research and Planning- This step takes some time as you need to establish the company's qualifications to meet the needs of the project. It is necessary to know that your company has the experience and resources to fulfill the needs of a significant contract. In the research and planning phase, it is essential to look at your business plan as a resource for information. The contract bid-request information must be used, and then relevant details must be pulled out from your business plan for the project. However, it is necessary to perform some investigation on the company so that you can understand the bid request and the company's mission & vision.


2. Preparing the bid- Preparing the bid requires customizing your business plan to highlight how your company is being able to fulfill the bid request. So the cost of the materials, time frame, and labor required must be considered to complete the bid preparation process. It must be remembered that a bid is not always given at the lowest price, but it is given based on the company's best ability to serve the requirements of the bid. So you must go through the cost and make sure that they are accurate and justify the values based on an individual project.


3. Submission of the bid- Most of the government agencies who seek an RFP or a Request for Quote (RFQ) can utilize portals to submit proposals. You must also make sure how the portals work and how the submission goes to the right place with the correct documents attached in one combined PDF file. The local Small Business Administration (SBA) is an excellent resource to help navigate the government systems. If any private sector finds out the best bid presentation in a digital format, then it will always be widely accepted because it can be easily distributed to stakeholders. Therefore, you need to follow their rules to establish your professionalism.


4. Presentation platform- If you are done with all the work like correctly pricing and then submitting the bid, then you may have an opportunity to meet with the reviewing team. In this present time, it is expected to conduct online meetings.


5. Winning the contract- You must have to be sure if the contract is awarded to you, then you must start acting accordingly. Once you win the deal, you must set your calendars and provide yourself enough time to make full preparation for the contract. 

However, you can use the BidAssist app, which can make the bidding process much easier for you as it will help you discover all the latest tenders and tender documents by using simple pricing plans. 

For Example, if you want to explore tenders from Rural Work Department Bihar ( Rwd bihar), you can do so too using BidAssist Website or Application.

About Author:-

BidAssist is the Largest Destination of Business Tenders in India. We help SMEs discover the latest tenders. We have more than 15,000+ Tenders Per day, 100+ Categories with more than 7000 Authorities.

Advertisements