Contracts can be an excellent source of revenue for your business; here is what to look for when putting your bid together.
As far as finding the right contract- There are plenty of services out there that will help you find the right RFP and RFQ to bid on, that is the easy part, but it’s up to you to know if it’s the right fit for your business as a whole. Think of it as a marriage for the length of the contract, something may seem perfect at first glance, but could have some unattractive history that you wouldn’t want to affiliate your company with. So do your research both online and with representatives of the company if at all possible, on the company that is putting the bid out, and ask yourself can I work with them for the pre-set amount of time?
Be sure to read the bid several times there may be undesirable nuisances hidden in there. – This is very important. Some bids may include a percentage on increased service without an increase in fee paid to you. Also read the territory that is covered and make sure that the service you are to be provided is clearly marked out. If this is not the case then ask them to clarify, never be afraid to ask questions. When reading the bid check to see if preference is given and if so you can adjust your bid accordingly, if there is wiggle room, you might as well make it as convenient as possible.
These tips should help your business navigate the contract world, enjoy the road ahead.