This is one in a series of posts on creating a process for deciding whether or not to bid on a specific RFP. A transparent process improves internal alignment and gives you information to optimize your win rate, given your resources.
Find earlier posts in the series at these links:
Why you need a formal RFP bid/no-bid decision framework
Step One: How to evaluate the client and relationship
Step Two: Project-specific questions
Step Three: Evaluating your competition
In next week’s wrap-up to the series, we’ll share an Excel framework you can adapt to your own bid/no-bid criteria.
Step Four: Assessing internal factors
1. Can you win? Do you have the resources, talent and drive to win this RFP, given your other commitments?
2. How qualified is your proposed team? How do your team members rank on a scale from highly capable to barely qualified? Does your team leader have experience with similar projects? Are other members capable of completing the project if the proposed leader becomes unavailable?
3. Are support resources available? If you win this project, how will far it stretch your infrastructure? Do you have the IT and admin resources to do a good job? If not, can you find and on-board the resources you need?
4. Will this project impact other clients? Will any existing client(s) see this project as creating a conflict of interest? Will the effort you devote to this project compromise your ability to service other clients?
5. Does the project have any strategic significance? Is this an opportunity to crack a new account? Will it create a toehold in a new industry or fund development of a new technology? Could it give your company some other competitive edge?
Every growing B2B services company takes on stretch opportunities and risks existing relationships to move into new areas. The whole point of asking explicit questions and using a decision framework is to establish a shared language and format for talking about RFPs and to surface issues in a way that helps your business learn from its successes and failures.
What internal criteria do you use?
Do you have a formal or informal bid/no-bid framework? What factors do you consider and why?
Next post: A framework for addressing and analyzing RFP decision factors that you can adapt and use in your business.