Nearly all types of businesses run on some form of external help. When a company advertises its needs in local newspapers or on online platforms, its called a tender. Tenders invite bids from relevant parties and the one who meets all the criteria wins. They mostly invite bids locally, like if Cape Town tenders are advertised, they will be awarded to the local businesses. The question arises, what is the selection procedure for some of the online tenders, to answer this, look into the following do's and don ts of winning online tenders.
Do’s to Win Online Tenders
Winning online tenders can be difficult since many bids are coming in for the same tender. But to make your bid stand out following pointers must always be considered:
1. Company profile: This has to be the basic thing to do when filing for a tender. Always try and mention your company's profile, its mission, purpose, past successes, and ongoing projects. This is the best way to capture the attention of the people inviting for tenders. Just remember to always write the exact situation of your company; boasting will only hurt your chances.
2. Minimum estimate: Always write the minimum cost of the project. This is especially helpful for companies just starting or small in size. Before submitting a bid, make an estimate of the actual cost, calculate the minimum profit and then apply. This might seem like a bad idea but if your company wins it, not only the company profile will be enhanced but chances are your company will land the next project as well.
3. Proof of expertise: Always try and include your previous successful experience regarding a similar job. This gives trust and confidence to the advertisers and can land you the tender. Mention the time and personals it took to complete the job if possible include the cost as well.
Don’ts to Win Online Tenders
To win a tender, companies might opt for strategies that might land them the tender but will ruin their reputation. Following are some of the don'ts that should be avoided at all cost:
1. Exaggeration of facts: Never exaggerate your tender application. These guys are good at running background checks, if something like this comes up, your company might get blacklisted or your reputation will be ruined. Always state facts and if your firm cannot handle a particular section of the contract, be open about it.
2. Finances: Always show your company’s true financial status. If the company cannot afford certain sections of the tender, mention that in your bid. Overstating your finances might get you the tender, but if you fail to complete it, it will not reflect well on your company, and you will suffer from losses.
3. No repetitions: Before submitting your application, always go through it thoroughly. Avoid repetition of information, as this will only make your application weaker.
Conclusion:
Applying for online tenders is easy; winning them is a different story. But if the above do’s and don’ts are kept in mind while applying, then the chances of successful bids can be exponentially increased.
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