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Writing A Tender Can Improve Revenue Streams
Writing a tender can be an easy process with experience and proper training. Vendors often write proposals, called tenders, in response to request for proposals (RFPs). The request for proposals describes the scope of the project, the location and the deadline for project completion. Companies issue RFPs to find the best vendor for the job. The tenders describe how vendors intend to meet the request in the RFP and the price for which the services will be provided. Effective tender writing is essential for vendors to remain competitive and win bids.
How Will Tender Writing Improve My Company's Revenue Stream?
Tender writing is just one stage of the bid process. When a vendor makes a bid on a job, part of the process is informing the requesting company how the demands will be met. Every vendor will have a different strategy to win a bid.
Some vendors may focus on offering the overall lowest bid to offer the customer. The selling point will be to lower the cost of labor, material, equipment and days required to complete the project. Other vendors will focus on value. The selling point will be to offer the best quality materials, laborers and equipment for the lowest price available. Both approaches are effective but different.
Companies will choose the vendor that best approximates the end goal in mind. If the goal is to have a luxury end-product for less, the latter vendor will be chosen over the vendor focused only on cheap products. The goal of the RFP process is simply to find the vendor offering the best services at the lowest cost with a proven ability to perform. Portfolio examples should be included with tenders to prove the quality of work rendered to past clients.
Effective tender writing will win more bids as bid managers learn to tailor tenders to the client's needs. Tender writing is most common in construction and other technical industries where material acquisition, product development or building is required. For a construction project, vendors are often solicited to provide the best price on granite, steel, marble, glass or other building materials required to win a project.
In the case of building materials, the tender may show examples of the quality of material provided in the past and specifications. The tender will also describe the timeline for delivery. Testimonials from past clients may be included as a selling point.
Though tenders can focus on building materials, the focus is most often on selling services. For instance, construction companies may offer to manage a team of building professionals. The professionals may build a house or a building for the requesting company. The tender will describe the building materials to be used, the timeline for completion, the milestones and the construction company's track record for providing quality craftsmanship.
Tenders should sell the company's services to the requesting company without physically being present. When tenders are written effectively,, companies win bids and increase revenue streams. Bid managers must learn how to write tenders.
Consider Taking a Tender Writing Class to Improve Revenue Streams
Consider taking a tender writing class to improve the company's chances of winning a bid. The classes will teach effective tender writing strategy and help companies increase revenue by continually winning bids.
