Are you applying for government tenders? You should be.
If you’re like the vast majority of small-medium-businesses (SMBs) you’ll have concluded that it’s not really worth the effort – it’s too resource intensive, too costly and the outcomes are too unpredictable to be considered worthy of investment.
Having participated in the qualification of thousands of RFPs, it’s clear that the norm is for SMEs to run headlong into seemingly attractive opportunities without considering whether it’s really for them - that’s not a recipe for sustained results. Winning contracts is a process that starts with baselining your capability and capacity to compete for opportunities. Once you recognise what your strengths are and you’ve a plan to rectify your weaknesses you’re ready to start finding, qualifying and competing for opportunities
There are two answers to this question:
Those are just some of the sentiments that I hear from bid managers and sales executive, when I ask them why they’re avoiding government contracts. To a large extent they’re right to. The average win rate for an SME is an appalling 26% according to PwC’s most recent report into European procurement Activity (Report).
Many small and medium businesses have the potential to compete and win government contract, but there are challenges to overcome. The first is figuring out just why all of these opportunities are hiding.
As I travel back from the SaaStr 2017, an annual orgy of all that is SaaS, held in San Francisco, I’m musing on what I’ve heard from the founders of leading companies like Facebook, Dumo and Zendesk. Many of the speakers, tell stories of their journey to Annual Recurring Revenues (ARR) to $100m within 5 to 8 year timeframes. They tell stories about cracking $1m in their first 18 months and the struggle to get to $5-6m ARR – when the “cavalry arrives” over the next 18 months.
Finding Sales Prospects
Generating B2B sales requires a combination of inbound (e.g. website visits) and outbound (e.g. cold calling) strategies. Once you finally get in front of your prospect, closing the sale often requires a proposal.
Last night was a humbling experience for me personally as well as the entire team at TenderScout. We picked up not one, but two awards at the 21st eir Spider Awards which took place at the Doubletree by Hilton Hotel.
This article first appeared on Dublin Globe.