When a commercial project opens up for bidding, vendors with appropriate experience, credentials and qualifications can bid against one another for the job. Commercial bidding is a competitive process in which the goal of each vendor is to offer an unbeatable service so that they are awarded the contracted job. When commercial bids become available vendors can increase the chances of being selected by preparing ahead and understanding how the bidding process works.
Review all information provided by the company doing the bidding, paying specific attention to the bidding requirements outlined in the bid package. Look for terms and time frames to get a sense for how long you have to prepare your bid, and plan accordingly.
Come up with an estimate for your bid based on the project at hand, taking your competitors into consideration. Benchmark against industry competition if necessary. Do not set your estimate too high or else you leave the door open for others to offer lower, more attractive bids. Make sure your estimate is reasonable for the project, and justify the price by preparing a spreadsheet of the necessary expenses to complete the job, such as labor costs, materials and tools.
Prepare a written summary that details your qualifications, credentials, education, experience and any successes worth mentioning that could enhance your chances of winning the bid. Focus on things that are relative to the project. For instance, if the commercial bid is for electrical wiring, list your experience related to electrical projects.
Set up a meeting with the holder of the commercial bid, if appropriate. Use this opportunity to sell yourself (or your company) so that you build rapport with hopes of becoming the preferred bidder. Discuss ideas that you see for the project and always back up your ideas with a cost breakdown.
Complete the bidding application and check (and double check) to make sure that all the required components of the bid are ready to be submitted. Follow the protocol for submitting the bid exactly as the application instructs. Do not stray from the directions or else points can be deducted from the overall scoring system of your bid.
- Bid packages can be lengthy and, sometimes, confusing. Do not be afraid to ask questions if any arise while reviewing the bid package or application. It is important to get clarification so that your application is in line with what the hiring company is looking for.
- Do not wait until the last minute to submit your bid application, or it risks being late and disqualified. Try to get the bid in as early as possible to avoid unanticipated delays.
- young architect in front of industrial construction site image by dinostock from Fotolia.com