Being Competitive in a Competitive Market
No matter the industry there will always be competition. However, you can help set yourself apart and be ready for those bidding wars with a bit of preparation…
Before you begin preparing your bid, spend some time researching the market. If you have an idea of the competition, find out what they bring to the table as well as what your clients want.
This extra work will help you create a proposal that is in line with what the customer wants. This will also help you answer any questions that may come up during your pitch.
Be Ready to Start
Before approaching or prospecting for any new clientele, be sure you are equipped to start working. Do not commit to a deadline that you would not be able to complete in time. Be upfront with yourself and the client. Not finishing a job on time without proper communication would possibly damage your reputation.
Be Picky About Opportunities
Not every opportunity is right for you. Feel free to ask additional questions to see if you would be the right fit. Sometimes a business will already have someone in mind but are required to get a minimum bid amount. In other situations, the price to work amount involved may not work for you. Ask questions.
Additional Things to Keep in Mind
With a newer business, it is hard to compete on price. However, clients also look for other things such as quality of work and turn around time. Focus on informing them about our strengths, like individual focus and care on their project needs because you are a smaller business. Providing great service will lead to many business referrals down the road.
It is very tempting to offer the lowest amount possible to win a bid. Try to avoid this as much as possible. Research how much the project will “actually” cost (i.e materials, man power) and make sure you make some profit.
If you plan to go after one or more big jobs this year, bidding can be a breeze. You just need to put some time into research and choose the right opportunities, then write up a proposal that’s realistic about what your growing business can handle.