In our last blog, we wrote about our ‘Four Phase approach’ to working with clients on their tender bids.
Phase 1 was all about developing a contract strategy. This can be a part of your wider growth or business plans and help provide focus and clarity when it comes to knowing which contracts to go for and where your skills and resources are particularly suited.
Once you have got a business strategy and you know what it is you’re hoping to achieve, it is time for Phase 2 – Opportunity Analysis.
What is Opportunity Analysis?
Working with the Contract Strategy developed as part of Phase 1, performing an Opportunity Analysis will help you to identify and analyse the right opportunities for you and ensure that any contracts you bid for will meet your overall business goals.
There will be countless opportunities out there that could give the chance for your company to grow, but will they benefit the business long term? That is the question you must consider when you’re checking out the opportunities available.
Each tender will take time, effort and internal resources, so it is vital that you are sure that it is worth it and that you are not distracted by any ‘big money’ tenders that could take your business off into a completely different direction or even take it backwards into delivering a service you have moved away from for a good reason.
How do you analyse opportunities effectively?
Investigate your contract opportunities for the next one to three years working in line with your projected strategic goals and ambitions. In our in-depth discussions with clients we help them with this process using our years of business strategy and tender bid experience.
As well as the direction you want the business to go into, you also need to consider other factors such as staff, equipment and costs to get a clear idea of the true contract value for your organisation. What might seem a lucrative deal could end up costing you money in the long run if you need to hire more staff or buy more machinery and equipment.
We also analyse your likelihood of winning contracts. You don’t want to spend a lot of time and resource on developing a tender bid if you only have a slim chance of winning the bid. Performing in-depth competitor analysis can also help determine your likelihood of winning a tender.
What next?
Once you have developed your business and contracts strategies and used these to effectively analyse and live or upcoming contract opportunities, you are ready for Phase 3 – Tender Writing & Management.
Opportunity Analysis is the most cost-effective, time efficient and helpful process to ensure you successfully win the right contract for you.
At K Low Consulting, we work in close collaboration with our clients so that we can use our knowledge of your business and your goals and vision to be able to do just that.
For more information or to discuss how we can work with your organisation to help you win tender bids that are right for you, contact us today on 0330 1331 041 or info@klowconsulting.com.
