Businesses that get work by submitting written proposals are essentially spending their marketing budget on proposals instead of brochures. The larger the contract, the more time and money can be invested in the proposal, and the more downside risk looms if the proposal doesn't lead to business. Deciding which projects to bid on is as important as how to write the proposal.
Ask yourself the following questions when considering submitting a proposal:
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Do I have the resources to do the job? Review any information you have about the job, including the RFP if there is one. Does your business honestly have the capability to do the job? Don't devote resources to bidding on projects you aren't qualified to complete.
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What will it cost to write the proposal? Create a budget for the proposal which includes estimated hours for each person involved in the process.
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How much is the contract worth? Make a conservative estimate of how much money will come in if the proposal is accepted, and compare it to your budget for writing the proposal.
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Who is my competition? Get a sense of how much competition there might be, and whether or not your company has an edge. Was the project posted on the internet or announced in newspapers, or did you hear about it through word-of-mouth? Is there anything about your business that may grant your official or unofficial preferential treatment? For example, is your business local to the client, or woman-owned, or has it committed to using recycled paper? Does your company have particular specialties that would make it the best choice for the job?
The answers to the questions above will be part objective information and part gut feeling. Use those impressions to guide your decisions on which proposals are the best choices to write.
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