To bid or not to bid … that is the question

Deciding to bid can be a huge investment of time and resource - you need to make sure you are investing wisely. Your win rate could also be greatly improved by identifying and eliminating bidding opportunities that you have little chance or interest in winning.

Key questions

Do we want to win the work? Can we win the work?

Acting quickly 

The key to making the bidding decision is to make it quickly. Timescales for submitting bids are often short and the quality of your submission (and hence the chances of you winning) can be reduced by delaying and producing a bid at short notice.


Making the decision 
Consider:

Capability: Your ability to demonstrate that you can perform the work better than your competitors.

Probability of winning: Based on existing relationships, the competition, the client's motives behind the tender and your ability to put together a document in the time available.

Strategic fit: How well the opportunity fits with our objectives and interests as a firm.

Feasibility: How well you can respond to the requirement based on the client's criteria.

Risk: Would this work expose your firm to any risks (that you are not happy can be effectively managed)

Opportunity cost: What (if any) would be the impact of declining the opportunity to tender.