What are the key factors to consider before applying for a tender?by Sathishbabu Raghav Financial Adviser
Review the tender request: Take the time to carefully read the tender request and think about the following:
What criteria will be used to evaluate the tender response?
What are the deadlines and important dates?
What information is required for submission?
Assess the capabilities of your business.
Does your business have the ability to respond to this tender without disrupting your ongoing business activities?
This is a strategic decision. Are you able to provide historical data and a track record that can support your promise of delivery of the goods or services specified in the tender?
Get all project participants involved: You need to get involved from the planning stage. This will ensure that you have a realistic quote and a timeline that is achievable.
Find out more about your buyer.
Do your research. Learn as much information as possible about the buyer who has posted the tender notice.
To find out the details of the tender, look up policy documents and visit the relevant websites.
Do you have any concerns or requests that should be addressed?
How can you make your tender application stand out?
Create your tender response documentation: Make sure you clearly delineate sections in your tender response document. The document structure should be in a logical order.
Check that the tender response contains all the necessary details. Create a checklist listing the details you require, including your company credentials and delivery specifications. Also, the frequency of goods or services to be rendered.
Make sure your proposal meets the requirements: Each tender request contains specific criteria that must be met. Each one of these should be addressed individually. Make sure your proposal addresses all points. The tender should focus on the buyer's needs. Include any unstated buyer needs that were discovered in the research.
How to differentiate your service: What's your unique selling point? What is your unique selling point? Is it the price advantage you receive from suppliers and vendors, or the support you provide to local farmers, are you able to offer high-quality products, and unmatched customer service? Highlight the things that make you different from the rest.
Value for money: Sometimes the cheapest bid does not necessarily win the deal. Companies often seek out a complete package, not just a low-priced offering.
What should you remember when writing a tender?
Answer all sections: This will be your chance to stand out from your competition in relation to the tender requirements. Complete tenders will be rejected if you don't respond to any questions or provide all documentation.
Check the tender response document to identify errors. Search the response document for grammar or other errors. To ensure clarity and accuracy, proofread the document.
Take care when choosing a reference. Make sure that they have a thorough knowledge of your business, particularly the part that will be fulfilling the tender.
Make sure you meet the deadline
What should you do next?
Register on nexarc to gain access to tenders. This section lists leads that match your business from Tata Group companies, government agencies, and other MSMEs.
Do your research about the buyer and the laws and policies that govern the execution of the tender.
Check if your business is suitable for the tender. Get all the participants involved and create a plan to tackle the tender.
Consider evaluating different candidates that could act as a reference. You should choose one who can highlight the positive points of your business.
Compare your ability and performance to deliver a project on time to your competitors.
Prepare a well-structured tender reply document and submit it as soon as possible.
Created on Oct 10th 2021 23:40. Viewed 113 times.