How to Create a Successful Bid: Tips for Government Contractors
Master The Bidding Process: Understanding Your Numbers
As a government contractor, you’re challenged with securing a contract by building a persuasive response to a Request For Proposal (RFP). Your proposal should show that your plan is cost-effective and efficiently meets the project goals.
To be successful, you must win and retain profitable contracts, which begins by understanding your numbers using specialized accounting services for government contractors — our secret to mastering your bid.
Here are our tips on how to create a successful bid.
It’s All a Numbers Game
By presenting a too-low bid, you could be selling yourself short. The last thing you want to happen is losing revenue and experiencing issues with sustainability after the project has already begun. If your bid is too high, the reviewers may dismiss your proposal in favor of one of your competitors.
The accounting system and processes used to collect and review your financial data are crucial to competitively pricing your bid. Without a government contractor accounting system in place, you can’t review your numbers with accurate and timely reports. It can be difficult (—or nearly impossible!) to show profit projections and reliable cost estimates for formulating a successful and profitable bid.
Pricing and Presenting a Competitive Bid
Start by getting your financial data organized using a custom accounting system that fully supports your needs as a government contractor. We recommend implementing Quickbooks for smaller businesses and Unanet for mid-sized firms. Using a system that doesn’t have the proper utility for creating compelling bids could waste your valuable time and require more effort to create a profitable and competitive bid.
Understanding your numbers and costs is the first step you should take after deciding to submit a proposal. Having a team specializing in government contract accounting can make this process easier. Ask yourself the following questions to see if you need to reevaluate your financial strategies to be sure you bid competitively:
- Do my accounting processes adhere to government guidelines and rules?
- Have I researched market rates or determined the service costs of companies similar to my own?
- Do I have a system for timely cost submission?
- Can I pull an accurate cost estimate and create future projections to review the profitability of my bid?
Tips for a compelling proposal:
- Review the entire RFP and be sure you fully understand the needs and scope of the project before starting your proposal.
- Build value in your offer through a compelling narrative, highlighting your strengths to differentiate from the competition.
- Be sure you meet all of the essential requirements and use your experience and performance to position yourself as the most qualified offer.
Accounting services designed for government contractors
Navigating through the complexities of the bidding process is hard enough. Rather than sifting through spreadsheets and feeling the pressure of creating winning proposals, shift your focus to your core operations and fulfilling your contracts.
When you work with Lescault and Walderman, you’ll get help from an experienced accounting team specializing in your industry. We’ll provide an accounting solution that supports you as a government contractor while serving your business as a trusted financial partner.
We not only have the resources to manage the responsibilities and risks that are associated with working for the federal government, but we can show you how to create a bid to start securing you more contracts —keeping your business compliant, competitive, and profitable. Contact us today to schedule your free accounting evaluation to get started!