Types of Opportunities
The federal government signs over 11 million contracts a year. Add the number of contracts at the State, Local, and education levels, and you are looking at trillions of dollars awarded each year. Much of that is awarded to businesses such as yours.
Millions of bids, such as Request for Proposals (RFPs), are published annually across the United States. Each and every one of you reading this can WIN some of these government contracts! There are countless opportunities. We believe the most important three letters in the word oppOrtUnitY…make up the word YOU!
With so many opportunities (and acronyms) one might be overwhelmed or feel unprepared. Don’t pull your hair out! Let us break it down for you. What’s an RFQ? What’s an IFB? What’s an RFP-C? What’s an RFP? Are the factors to win the same?
Request for Qualifications
The RFQ is easy to prepare. An RFQ is an agency stating, “I need this done; can you do it?” There is no price provided in your response to the agency. You are presenting the qualifications of your team through the following areas:
- Past Performances
- Approach
- References
- Approach
- Forms/Attachments
- Resumes
- Firm Profile
Invitation for Bid
The Invitation for Bid, or IFB, summarizes the cost it will take to complete the agency’s needs. This is your response to the agency’s question, “I need this done. What will you charge me to do it?”
An IFB is a specification-driven, priced-based response and your bid response could also include:
- Financial Status
- Bonding
- Forms/Attachments
- Exhibits
- Project Manager
- References
- Safety Plan
Request for Proposal / Pricing
The RFP brings it all together. The agency has a problem, and they want to know:
- What is the best solution?
- Can you do it?
- How much is it going to cost me?
An RFP requires more planning, effort, and preparation. Being selected is very competitive; you must check, double-check, and triple-check that your RFP is specific and compliant with the agency’s needs. A scoring criterion is included in the RFP and will have a very structured outline.
Your RFP response could include many items requested from the agency. Be thorough, straightforward, and honest when writing and crafting these items. Each of these requirements allows you to differentiate your business from your competitors.
- Team members with resumes
- References
- Past Performances
- Detailed pricing
- Schedule
- Approach
- Firm Profile
- Financial Status
- Forms/Attachments
Winning the Bid
The factors that win are all the same! Do your research first and foremost. Establish a client relationship and maintain a good reputation. Your previous experience and performances will speak volumes for you. Be able to offer a solution; the agency is coming forward with a problem that needs to be solved, solve it. Remain competitive by keeping up with your competitors and best practices across the industry. Lastly, and most importantly, provide a timely response and, without question, provide a compliant submission.
Your Victory Plan
Government contracting at any level is a marathon, not a sprint. It takes time, focus, and a VICTORY Plan to be successful. You are already behind if you are waiting until the perfect bid is posted. Start educating yourself on the process and start preparing your documents. Join the B2G Victory Portal for access to videos, templates, resources and more to help you start building your response library today.
Need help responding to an opportunity?
B2G Victory can help! Schedule a time on our Booking Calendar at the link below, and we’ll discuss what resources your business needs to achieve victory.