Features of Request For Proposal
A request for proposal is defined as a proposal made to submit business proposals by a company, agency through the process of bidding interested in a valuable asset, commodity procurement or service. Request for proposal works in a way that a business encounters a problem, requests assistance on the same by requesting for a RFP, waits on the right company or someone to respond to their problem with the right solution at hand.
The type of information that can be sourced from request for proposal excluding the price are such as financial information, corporate history and information, procurement of services, information on the product, customer references, and the capability on a technical aspect.
Usage of RFP applies when; the proposal requires research and development in creation for the request, in a product or service that does not exist, specialized capability and the request requires technical expertise.
Request for proposal roles are such as; suppliers are informed on procurement opportunities by an organization, suppliers are also alerted on the selection process and the competitive nature, it pushes for specification on the details of the purchase, it ensures that the suppliers respond accordingly to the specifications and requirements, it has allowance for response and wide distribution and should follow a structured method to ensure impartiality.
The key aspects that a good RFP company would consider is in the strategy it employs, the process in itself being very rigorous, imagination and storytelling.
The imagination comes in when the company thinks of a way to provide a solution for the client even if it’s out of their context that they asked for or if it does not match what the company can bring forth.
The strategy is important in knowing what approach to take for the drafting of the request for proposal in terms of studying the competitors, market and the customers.
The storytelling bit combines the strategy and backs it up with the necessary information, details and facts, visuals made and analysis that helps the company stand out from the competition.
Important tips in the response of RFP for the client include; financial standing of the company, budget considerations, confirmation that all specifications can be met, reflection of the RFP structure in the response, fast response time, understanding the selection criteria, responding in the correct format, issuing the proposal to the directly involved party, assembling the team members, showing the client why they should choose or go with your company, the response from the RFP company to the clients, and the competitive nature of the company.
Through drafting the RFP, the company can get more businesses on board and sharpen skills in the writing of business proposals.