Bid No Bid Decision Checklist – Determine When it's Time to Take Action

Bid No Bid Decision Checklist Determine When it's Time to Take Action

Many business owners never expect that eventually they will have to be judicious about which bids and sales opportunities to follow up on. However, all experienced entrepreneurs know that its impossible to pursue every opportunity that comes down the pipeline.

Knowing and identifying the opportunities that fit your companys business objectives will allow you to stay on track and provide a secure future for your brand. Without a streamlined, objective process for determining when to bid on a project, youre likely to get in over your head without even knowing it

The need for a Bid No Bid Checklist

Have you ever come across an idea that sounded like it was too good to be true? Most of the time, your first step is probably to call a meeting with your managers, business advisors, or investors to make sure that it fits into your overlying objectives. In this scenario, the first problem you can encounter has to do with differences of opinion. It can be hard to come to a consensus without an objective process for weeding out unrealistic opportunities.

What is a Bid No Bid Checklist? The most important function of the Bid No Bid Checklist is to help companies minimize risk if they are thinking about entering into a new partnership, marketing campaign, product line, or service offering. The Bid No Bid Checklist is an easy to customize tool that can be downloaded in a matter of minutes. Once downloaded, you can open the tool immediately in your existing Microsoft Excel program and start using it to help plan your next strategic business move.

When you open the checklist, youll see that the comparisons are broken down into four essential evaluation categories: Internal, External, Risk and Financial. For each one of these criteria, there are a number of subcategories that will help you to hone in on the aspects of the opportunity that are strongest and weakest. Each one can be ranked from strongest to weakest, with plenty of available room for making notes about concerns that might come up in your evaluation meeting. When youre done, the results are automatically tallied in a scorecard that will help you choose whether or not the opportunity is right for your company at the present time. If your opportunity scores lower than a 100, you might want to reconsider.

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