What is in an RFP?
Information that RFPs can provide to solicit bids from qualified vendors includes:
- The name of the requesting company and an overview of the business.
- Project purpose and goals.
- Project budget.
- Scope of work and desired timeline.
- Vendor selection criteria.
- Vendor requirements, such as the use of specified materials or applications.
- Questions for the vendor to answer within the bid.
- Steps of the submission process.
The most effective RFPs contain all details necessary for the vendor to understand the project well enough to propose pricing. The inclusion of selection criteria and process details additionally allows vendors to evaluate how likely they are to be chosen for further consideration. This is a key factor in whether the vendor devotes the resources necessary to prepare and submit an RFP response.
Finding and responding to RFPs
Companies looking to secure new business via the RFP process can find opportunities in online databases and business-oriented social media platforms such as LinkedIn. The federal government and many state governments maintain online RFP databases that are publicly accessible. There are also RFP database aggregators that consolidate government and corporate RFPs into one location. These services typically charge a subscription fee for access.
Search engine queries can also surface RFP opportunities.
Responding to RFPs is a time-intensive effort. Best practices to increase the chances of winning business include:
- Research the requesting company: Additional research can provide context and factors not specifically communicated in the RFP.
- Clarify details and state assumptions made: Some RFPs will allow for questions before submitting a final bid. Vendors should take advantage of any opportunity to clarify project details. If assumptions must be made to provide pricing information, the RFP response should define those assumptions.
- Follow instructions: RFPs normally specify how vendors should respond. Those specifications may include formatting instructions, content to include, and/or method of delivery. Only bids that follow instructions to the letter are likely to be considered.
- Use clear, concise language: A concise RFP response that provides the necessary information shows respect for the requestor's time.
