Bidding Process :
Many small businesses seek to expand their market by bidding on larger or a higher number of long-term projects. Contracts might include Governmental Requests for Proposals or companies seeking to be the primary provider of a particular product or service for a large gathered deal. When bidding for a contract, follow five basic steps to improve your chances of being awarded the contract –
- Research Planning
- Preparing the bid
- Submit the bid
- Presentation Platform
- Getting the Contract Award
1. Research Planning –
This is a very important and essential step for bid. You need to establish and build the company’s merit to meet the needs of the project. For the fulfilment of the need of the contract, it is critical to know that you are able to build a bid or not. Have you any experience or resources for the fulfilment of the contract? So you need to do research on the requesting company, close out the bid request to understand the target and vision of the company
2. Preparing the Bid –
When you are preparing a bid, you need to remember it should be customized and highlight your business plans and how your company is able to fulfil the bid request. For completing the bid, you need to presume the cost of material, time duration and labour needed to complete the bid.
3. Submit the Bid –
For submitting the bid, most of the secure or government agencies seeking for request and utilize online portals to submit the bid. You need to be sure about how these portals are work and your submission goes to the right place with attached important documents in (PDF). If an organization is private instead of the government, you need to find out the best method for the bid delivery.
4. Presentation Platform –
When if you have done your work and prepared properly for pricing and bid, and you submitted your bid then, the reviewer will check and compare your bid to another one. In the digital world, a reviewer can connect online, and ask something related to your bid, and you should be prepared for your answers and providing additional details regarding bid and timelines.
5. Getting the Contract Award –
When you have done these steps, and you are ready to get a contract award by dealing with the company. Awarding agencies aren’t going to expect a project to start immediately after the award, but you will need to start the dialogue on set start dates.
How does the bid work?
A sale is buying and selling goods or services by offering them for bidding- allow the people to bid and selling to the highest bidder. The bidders can competitors to each other, with each have a pursuant bid being higher than the previous bid. Finally, the product placed for sale, the bidder will start at a relatively low price to attract many bidders. The product’s price gradually increases each time when someone makes a new, the highest bid until finally, no other bidders are willing to offer more than the most recent bid, and the higher bidder takes a product. The bid is complete when the vendor accepts the highest bid offered and the buyer pays for the products and services and take possession of them.
Investment bankers use the bidder process to attract the highest possible rate when selling a company. The process starts by inviting multiple buyers to the bid. Buyers ordinarily render competitive bidding that pushes the price higher, enabling the bank to maximize its profit from the sale.
Advantages of the Bidding Process :
- Buyers receive competitive prices.
- Buyers can reach suppliers worldwide.
- Bids can be easily compared by the buyer.
- Time-saving in comparison to usual negotiations.
- Cost-saving due to fewer person-hours, less paperwork and fewer travel costs.
- Protected and secure bidding system.
Disadvantages of the Bidding Process :
- For the auction or bidding, preparation is an important factor.
- For the bidding, you must have a good infrastructure just like electricity, internet etc.
- Malpractice of the buyer is possible means artificially created competition.
Benefits of Bidding Process :
- Mobile bidding –
Mobile bidding is useful for doing the bidding. The guests get easily bid on auction item using their smartphones, tablets via our secure site. These benefits raise more money and increase the financial graph gradually.
- Online Auctions –
Online auctions provide a custom branded website that reaches a broad audience for bidding and donations. Viewers can learn about your cause and participate in the auctions from anywhere. Online auctions are an excellent way to increase the awareness of your organization and raise more money.
- Live Auctions –
As professionally, we can really understand the bid and raising money better than any volunteer or any popular person. The goal is not simple to sell items, but we can easily inspire our audience and get excitable about our product, so they bid high and bid often.
- Ticket Sales –
Send your guests a link to your custom branded auction website to purchase their tickets, table or sponsorship packages. Running a golf event? No problem-register your golfer for some. Our full- services customized system can pair registration with bidder activity.
- Event Support –
The benefit of bidding makes check-in and check-out a breeze at your next gala, golf, or other events! Efficient registration makes a positive first impression for your guest and our technology offers options to expedite check-out. Guests can even pay for winning items from their smartphones!
- Consulting –
Rely on our more than 20 years of experience to make our fundraising event a success! The benefit bidding team can be by your side for pre-event planning through event day activities. We can consult on all aspects of your important fundraiser to help you generate additional revenue.