We’ve waved hello to a brand new year and goodbye to the holidays so now is the perfect time to seriously consider how tendering fits into your 2018 marketing plan. There are now only 5 months left of the current financial year and that means a lot of businesses will be scrambling to maximise their profits ahead of June 30.
Given I love tender writing, I might be a little biased when I say that there are many worthwhile reasons as to why businesses should tender (you can read more about what a tender submission is here). I’ve narrowed my long list down to the four key business benefits detailed below.
Tendering increases your business’ profile
Whenever you take part in the tender process, you’re getting your business onto the radar of organisations that otherwise, may never know about your company and the solutions you provide. Regardless of the industry, we’re all dealing with a tough business environment with more competition than ever before. Even if you walk away without winning the work in question, the decision makers may choose to reach out to you directly in the future or ask if you’re interested in supplying other work. Believe me, this does happen more often than you might think!
You benefit from promoting your business and brand
It sounds cliché but simply being part of the tender process can be incredibly rewarding for businesses. Often, the submission process can provide you with insight and the opportunity to position yourself as the go-to authority in your field. The process also involves businesses gathering a wealth of information such as testimonials and financials that is always going to be beneficial to have on-hand moving forward. In my experience, businesses really benefit from being driven to articulate their brand values and ultimately, what sets their offer apart from others bidding for the work.
You’re given the ability to increase your revenue
In recent years, we’ve seen both state and federal Governments providing more opportunities for small and medium-sized enterprises (SMEs) through tendering. Instead of always having to worry about where your next large piece of work is going to come from, why wouldn’t you consider putting forward a quality tender submission for work you know your organisation is capable of completing? You’d be amazed at how winning a tender can take your financial year from being ‘average’ or verging on struggle street, to being a raving success. Once you’ve completed your first tender, you’ll feel more confident putting your business forward for other fantastic opportunities. One step at a time.
Tendering ensures you’re competitive in the marketplace
Often, we need to be exposed to our competitors to truly understand what we’re contending with. Tendering can show you how your business compares with the benchmark in your industry. While no business wants to mimic their competitors, it is important to know what’s out there to understand your key points of difference and how to remain competitive within the marketplace. Your submission will be assessed for exactly what it is, so it can prove to be a priceless learning tool for your business moving forward.
Whenever your business participates in a tender bid, it goes without saying that the key goal is to win the work. However, it’s important to realise that the above benefits stand to positively impact your organisation regardless of the final result.
If you’re new to tendering, it’s wise to reach out to a professional who has a wealth of experience so that they can guide you through the process. Once you learn the ropes, you should be able to organise future bids (if you choose to of course).