There are various circumstances in which a bid review is often the best idea. Below we round up why suppliers should conduct bid reviews before submitting.
Completing a bid review will help to identify and fix any errors, reducing the likelihood of mistakes that could result in bids being rejected and saving time and resources in the long run. Having said this, mistakes are part of the process! This is why we recommend multiple drafts and quality checks.
You may also identify areas where you can enhance the quality of your bids, such as by providing more detailed information or better addressing the needs of the contracting authority.
Compliance is an essential aspect of public sector procurement. Frameworks typically have specific regulations and requirements that suppliers must adhere to in order to qualify for and be awarded contracts. What’s more, the public sector body will have specific requirements for the contract. It is important to research the requirements and ensure that you can meet them, such that you have the resources and capabilities to complete the project.
Bid reviews will help to ensure you have met the requirements of the framework and comply with relevant regulations and laws. Examples of compliance requirements may include:
- Legal compliance: labour laws, environmental regulations, and tax laws.
- Ethical compliance: ethical standards and codes of conduct, including those related to bribery, corruption, and conflict of interest.
- Technical compliance: performance requirements, quality standards, and safety regulations.
- Financial compliance: providing financial statements, insurance policies, and performance bonds.
Failure to comply can result in bids being rejected or even disqualification from the tender process. If a contract has already been awarded before non-compliance is discovered, the contract can still be terminated. Therefore, it is crucial for suppliers to review their bids and ensure compliance before submission.
Maximising Competitive Advantage
Suppliers can identify their strengths and weaknesses relative to competitors, enabling them to tailor their bids to maximise their competitive advantage. This can include highlighting unique selling points and demonstrating how the supplier’s products or services are superior to those offered by competitors (without naming names, of course).
Your key competitive advantage points may be one or more of the following:
Reviewing your responses can make sure you don’t miss these chances to make yourself stand out against the rest.
Submitting high-quality bids that meet all requirements can enhance a supplier’s reputation and increase the likelihood of winning contracts. This is a by-effect of all the points mentioned above, but it is worth including in this list!
Firstly, taking the time to review your bids and ensure that they are of high quality and comply with all requirements demonstrates high attention to detail and professionalism. As mentioned in the previous section, bids that are well-prepared and demonstrate expertise and attention to detail can set you apart from your competitors. and enhance your reputation as a supplier that delivers value and quality.
This all leads to the buyer perception – if you do all we’ve mentioned, you’re far more likely to be ranked highly in their books as a reliable and trustworthy supplier. This can lead to increased business opportunities and revenue over time.
Overall, carrying out bid reviews is a best practice in public sector procurement. It can allow suppliers to improve their chances of success, ensure compliance with the framework’s rules and regulations, and demonstrate professionalism and commitment to quality.
Advice Cloud can help you strengthen your bids. Our Bid Review Services have helped our clients increase their success rates by 33% – take a look here!