5 Must-Know Tips For Entrepreneurs To Win a Tender
Whether you are running a small business or a large organization, getting a government tender is not an easy task. The secret to landing big contracts is not deeper pockets or more manpower; it is about getting your prospects to trust you.
The tendering is of two types- Open Tendering & Selective or Negotiation Tendering. The tendering process is quite complicated and needs to be submitted within a specific time frame.
If you are a newbie and want to win a business tender, you can watch 10 amazing tips on how to win a tender:
Here are 5 expert tips from Dr. Vivek Bindra- the best motivational speaker in India that will ensure that your business wins the next tender:
1. Get Tender Information As Early As Possible
If you want to acquire a government tender, it is vital to acquire all the relevant information in detail before your competitors. Getting the information as early as possible will give you sufficient time for preparation.
Before filing for any tender, it is also essential to do a NICE analysis. A NICE analysis stands for Need, Interest, Concern & Expectation. Recognize its competitive diagnosis, identify your strengths and then decide whether you want to fill this tender or not.
2. Check & Recheck all the Information
After filling up all the details, it is very essential to check, re-check, double-check and cross-check to ensure that no column or box is left. When filing a tender, it is critical to check that you have not incorporated a presentation unnecessary. Always make double sure that you mention only what is required to win the tender.
- Ensure that each & every column is addressed properly.
- Provide a document related to the recent project to demonstrate your capabilities.
- Explain your USP.
- Factors like compliance, language, clear writing, proposal filling, and proposal copy should also be taken care of.
3. Client Focused Compelling Story
No matter how many languages, compliance, and technical details you mention in your tender. One fact that is undeniable is that it is meant for humans and will be read by human beings. Hence, make a presentation that includes a compelling story that will touch their hearts.
4. The relationship can Amplify Your Possibility of Success
Relationships and good networking skills are useful in today`s business world. A good relationship with your peers helps you to cultivate trust, which increases your credibility in the market. Later, you can also get help from your peers to acquire information about a particular company or a person to get assistance in winning a business tender.
5. Secure Your Gross Margin
When filing a tender, many businessmen file tender low price bidding to win the contract. However, under-cutting might help you to win a contract, but when it will come to delivery; you will have to face pretty tough challenges.
“Expansion without Gross Margin is committing Suicide”, says Dr. Vivek Bindra- the best business motivational coach in India. Hence, secure your gross margin without overpricing it.
But if you have to bid your quotation at a higher price, always explain the rationale reason so that people do not reject your bidding straight away.
To get a better understanding of the requirements of the tender, always read the terms and conditions very carefully. It will help you to make a well-informed decision for your business growth.
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