Why outsourcing bid management will add value to your business

In today’s business landscape, companies are constantly seeking ways to increase their efficiency and grow strategically – while being conscious of costs. Whether your company is experienced in or new to bid management, getting this area right can be either a very promising avenue for business development; on the other hand, given the competitive nature of the bidding process, a failed bid can end up being an expensive waste of resources. With rare exception, for every winning bid, there are many more that have not won.

Bid management is by nature a highly competitive process, with companies competing against each other for contracts. By outsourcing bid management, a company can gain access to a team of experts who can help to differentiate their proposals from those of their competitors. This can help to position your company as a leader in its industry.

What is bid management? 

Bid management involves the coordination of all activities related to a company’s bidding process, from identifying potential opportunities to preparing and submitting proposals. This is a specialist area that is never one-size-fits-all, instead requiring a range of skills and best-practice knowledge which often include market research, proposal writing, and project management. Many companies will not have access to bidding expertise and experience in-house, which lends advantage to larger, established companies and incumbent providers. However, outsourcing bid management will enable your company to access a team of experts who specialise in developing winning bids.

Why does it matter?

Great bids often aren’t written by internal staff who know your company like the back of their hand – rather, they’re written by bidding experts who work with you to understand your company and your customer, your unique value proposition and your brand story. It’s also helpful to be working with an external party that knows just enough and not too much – because your prospective customer doesn’t want to know every miscellaneous detail either!

Your company can also improve efficiency by receiving guidance and advice throughout the bidding process; after all, your provider will be highly familiar with what it takes to win! Your provider can help you make the bid/no-bid decision by identifying whether your bid is likely to be competitive – and of course, whether what the customer is looking for is an opportunity that benefits you strategically in the first place.

Fresh perspectives

It’s not unusual for an otherwise robust and competitive bid to fail on a technicality for non-compliance; your provider can help you identify and address areas of non-compliance risk, and make sure you are progressing smoothly towards the finish line. Far too many bids have been rendered invalid after countless hours of work due to the smallest oversight; your provider isn’t just writing your bid, they’re managing it, and that means going over it with a fine-tooth comb and making sure you haven’t missed any crucial-but-tiny pieces of missing information that would cost you that contract (and lead your competitor to grow at your expense). Companies that stagnate while their competitors grow may be courting failure; it’s much easier to be the first to win a new opportunity than to unseat an incumbent that has already proven their value, making it better to be the incumbent in the first place.

Focusing on what you do best

Another distinct advantage of outsourcing bid management is the chance to save company time and resources, rather than doing a half-baked job of both bidding and your core work. Bid management is a time-consuming process that requires significant resources to research potential opportunities, preparing the best-possible proposal, and coordinating with internal and external stakeholders. By outsourcing this process, your company can free up vital resources to devote to other areas of business, making sure everything runs smoothly while you maximise your chances of winning. Trusting your bid management to seasoned experts can be an extremely cost-effective way to increase success rates and grow your business, while reducing the time and effort required to prepare and submit proposals.

Reduced costs

Finally, outsourcing bid management can actually help to reduce costs. Bid management involves a range of costs – from salaries for employees, to software and technology costs, and marketing and advertising costs. And of course, a well-written bid that wins you more work will almost certainly be less expensive than losing! 

Permanent, in-house bidding experts are generally only a feasible option for larger companies, and using your existing salaried resources to manage bids can stretch your company too thin while also leading to substandard bids. By outsourcing bid management, your company can reduce these costs by only paying for the services you need, when you need them. Additionally, outsourcing bid management can help to reduce the risk of costly mistakes, such as missed deadlines or inadequate proposals, which can result in lost contracts, revenue, and poorer relationships with prospective customers.

In conclusion, outsourcing bid management can add significant value to a company. You can’t possibly wear all the hats, but you don’t have to – by tapping into a team of experts who specialise in bid management, your company can increase win rates and proposal quality, save time and resources, reduce costs, and gain a competitive advantage. Whether you’re looking to start bidding on work or to streamline your bidding process, outsourcing your bid management needs to the right provider can unlock exciting new opportunities with minimised risk.

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