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Business Concepts

How to Stop Your Business From Losing Out on Contracts

Gaining new opportunities is one of the most important things to do in business, as you should be constantly expanding and improving. So, one of the last things you want to do is miss out on these vital opportunities by losing out on contracts.

If you want to turn things around and start producing more wins, here’s what you can do.

Conduct Research

Research is a powerful tool when done correctly. If you have an important bid coming up, find out everything you need to know about the company and utilise it efficiently. Research could also be done about your local area. See what businesses are around you and visit them personally to arrange a meeting.

Branding Makes a Difference

Your logo must be perfect. There is no room for errors. Your logo is the face of your company and is how customers will identify you, so you need to make it memorable and professional. People aren’t going to want to do business with you if your brand identity is poor, thus you can’t side-line it.

Bid Writing Training

Bid writing is another way you can prevent your business from missing out on contracts. Your bid is one of the determining factors of landing a contract. However, bid writing isn’t something that always comes natural. When you are properly trained by enrolling in a bid writing course, you will have the required skills and expertise to write an outstanding bid to land the contract.

It’s Okay to Start Small

Don’t overdo it in your bid. It’s okay to start small whether you are a large or small business. You should never promise things you are not able to deliver to the customer. Starting small allows you to find your groove as you go and become familiar with different processes.

Give Detailed Explanations

When writing your bid, companies want to know what makes you special and stand apart from other companies. You need to research the company and find out what they need and what they buy. When you are writing your pitch, not only should you discuss how you differentiate from your competitors, you need to explain what makes your products or services better than your competitors. Thoroughly explain why your business is the best choice.

Don’t Expect Instant Gratification

Regardless of your business’s location or size, you need to know what will open doors for your business. You need to create strong relationships with other companies and build upon them. You need to be confident in the products, services, and other assets your business brings to the relationship. Your business may not be hired instantaneously. Companies want to get to know you, your business, and everything you have to offer before they will consider conducting business with you.

Understand the Search and Decision Criteria

You need to know what the business is looking for and how soon they need it. Your bid needs to be customised to fit the search and decision criteria as much as possible. Avoid cutting and pasting your bids at all costs. Most business are strict when it comes to making their final ruling, especially large companies. Point out what and who you have in common with the business. A lot of businesses are looking for little things, such as having a favourite sport or hobby in common. Businesses need to have a reason to relate to you.

Have a Dedicated Team

Having a dedicated team to create your bids is a good idea, but every company isn’t always fond of it. You want to submit bids that grasp the business’s attention and put you in the top running of most of the candidates, if not all candidates. If you don’t have a pitch team, you have to be smart about the bid or pitch you post. If you realise the outcome of being chosen isn’t favourable, avoid wasting time and money by refraining from submitting a bid.

If you want to get ahead of your competitors and win the contracts you desire, you need to take a look at your current tactics (and the way you’re presenting yourself) and make the effort to improve them. Try adapting some of the above tips when working on your next bid, and see if things change around.

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