How To Invest In Meaningful RFP Efforts
Post Written By Maurice Harary, Forbes Councils Member
For businesses committed to reaching new heights, responding to requests for proposals (RFP) is a strategy too lucrative to ignore. RFP opportunities decide billions of dollars in funding across all industries, but what is the best way to tap into such a valuable and competitive ecosystem?
If you want to make a meaningful impact on your business through grants and proposals, you need to invest accordingly. But that still leaves the question of what kind of investment you should make to get the highest ROI possible out of the RFP process.
You can utilize different kinds of RFP helpers, though each has its own instances of use cases.
Some organizations choose to expand their internal teams by hiring an RFP writing expert. Independent analyses estimate that a competitive salary for an internal RFP writer begins at more than $100,000, including benefits. If you want an RFP writer with more than one year of experience, the cost will likely be significantly higher.
Also, most proposals require diverse competencies to craft a winning bid. Writing, research, financial analysis, digital design and other critical components can all make the difference between winning and losing a bid. Finding an internal RFP writer who can handle everything may be difficult and is likely to cost a premium.
Additionally, it is important to remember that no organization putting out an RFP wants to feel like its project is not worthy of your time and resources, which it may if it receives a standardized response created by someone without the required level of expertise. Even a straightforward RFP with a narrow scope still requires a certain amount of personalization and creativity. An RFP that is tailored to the contracting organization’s needs and priorities is your best chance to succeed.
Unsure if hiring an RFP writer can maximize your chances of winning the bid? Find out if your process can benefit here!
Although it is important to realize the factors that should inform a strategic approach to winning new contracts, we aren’t trying to scare you off! Winning the right RFP opportunity can change the entire course of a business, so it is important for everyone to base their calculations on all the relevant factors.
For instance, you can utilize independent RFP writers who work on platforms like UpWork. This is best if your budget is really tight, though, be aware that you may not receive guaranteed expertise or get your bid in on time. Communication and accountability may also be hard to gauge when choosing someone via Upwork, so be sure to vet this person thoroughly.
If your firm is larger and has a bigger budget, you can retain a large consulting firm, though you’re likely to work with a junior RFP writer for most of the process. If your budget is limited but you are willing to invest in this process, you can hire a boutique consulting firm that works with subject matter experts at your firm to obtain industry-specific information.
But, no matter which path you take, ensure you have the appropriate guidance to capitalize on every RFP opportunity. Experience is key when it comes to crafting winnings proposals, but you don’t have to know it all to win big.