The commercial world offers a plethora of golden opportunities for small businesses and start-ups. If you are a business person, you would also want your business to grow and scale up.
Commercial contracts usually cater to medium and big businesses, but your small business could be equally lucky to get these contracts. Following are some highly effective tips to help you win insanely big projects and commercial tenders. Let’s individually dive into each of them:
1. Use Relevant Software
There are plenty of software programs and applications in this domain that can help you in managing the tenders in a single place. Moreover, the number of contracts you are working on can also be managed using such an application.
Furthermore, these software programs, like commercial tracker projects, make it possible for you to get regular and consistent notifications of the tenders that are open to bid specifically relevant to your niche. You would otherwise have to go through the newspapers and other government platforms to look for other contracts.
2. Be Niche Specific
You will need to search for the relevant niche-related queries and target market to know where your potential commercial clients reside. Once you have done your research, use the tracker software to track down the contract offered by your potential client.
As soon as they announce that they are open to accepting tenders, It is time for you to submit your customised tender and win the contract. The more targeted and niche-relevant contracts you choose, the better and brighter your chances of getting the contract.
3. Don’t Underestimate Networking
Networking plays a crucial role in building your name in the market. Attending social events and marketing seminars should be in your weekly schedule if you want to notch up your business with bigger and better projects.
Marketing events and seminars are filled with people with mindsets the same as yours. A number of entrepreneurs come across a mutual platform and share their potential and ideas. When you make connections through this type of networking, you will be able to use it in the best interest of your business. That’s the main purpose of these events, to connect different businesses and help them push their limits to achieve better.
When you submit a business proposal to someone you have met before, your chances of getting the contract are increased manifold.
4. Follow the Mentioned Instructions
Every company or corporation has clearly defined the requirements they specifically look for. Make sure you read the instructions carefully. Write the important points. Spend enough time to jot down the pain points and propose an effective solution in your bid.
The number of instructions given by the clients should be carefully scrutinised and followed.
5. Write Compelling Tender
The most important thing when it comes to submitting the tender is the quality of the tender itself. How well the tender is written defines its quality. The more compelling your tender is, the better your chances of locking that contract. Here are some actionable tips for writing an effective tender.
Make sure you are not submitting a lengthy tender with details of every point. Use more stats and credibility proof through charts, diagrams, and graphs in your tender. Keep it free from fluff and irrelevant details.
6. Apply to Relevant Tenders
The relevancy of the tenders is really important when it comes to winning a contract. Make sure when you apply for a tender that it is relevant to your niche. Relevance of the niche is really important in choosing the right tenders.
The relevancy of the niche translates into the chances of getting a contract. The more relevant your experience is with similar contracts, the stronger your credibility builds. If you are a medical equipment manufacturer, you should be vigilant of all the tender openings in the healthcare niche.
7. Research is a Must
Research is a need when it comes to submitting a bid for any project. Firstly, look into the niche and do some basic market research. Find out the market gap and research the pain points of businesses in that niche. Propose something that not only fills the market gap but solves a major problem of the businesses in that space.
For instance, if your business deals with the manufacturing of medicine, do extensive market research and look for the medicines that got recently banned from the market but were high in demand. Now offer the same formula, which solves the main issue that got the previous medicine banned. There is already a high market demand for that formula. Your product will smoothly replace the former one in no time, making you a profit to millions of dollars because of the effort put into the research.
8. Highlight Your Unique Selling Point
Remember, your business is not the only one applying against a specific tender. There are hundreds of other businesses in the race; some might be more experienced and better. But it all boils down to how good you convince using your tender.
Briefly highlight your Unique Selling Point that will make you stand out from all the other companies and businesses in the market. Take the same example, if you are selling medicine, then using organic resources to make the formula of your medicine could be a USP that will stand out among other medicine manufacturers. Moreover, having your medicine approved by a specialised medical board that backs its original claim to resolve a medical issue could also serve as a USP in medicine.
9. Get Feedback on Your Bid
The last step that you would want to follow after strategically forming a proposal or tender is making sure that it works. For this purpose, you should put your tender to the test. You can do so by getting it reviewed by your team members or any friend.
It’s always a good idea to have a second opinion on something you’re doubtful about. In the case of a tender, it becomes more important as it directly correlates with bringing more sales and profit to your business. After getting feedback, incorporate it into your bid, make the necessary changes, and submit your bid. Do not copy-paste the same content and tender for every other project in that domain; make it personalised instead.