In this video, I’m going to share with you 3 things that could contribute to you losing a bid
Here are the 3 reasons you may lose a bid…
1 | Vendor Selection
- Teaming with the wrong vendor
- Been disbarred from doing work
- Delivery time
- Type of warranty provided
Solution: Have multiple vendors with pricing and delivery time
2 | Finances
- Lack financial stability
- Financials don’t show the ability to cashflow the project
- Good financial management
Solution: Already have in place: loan, factoring, etc
3 | Experience
- Lack experience on that type of project (past performance)
- Limited management experience (PM, owner)
- No business experience
Solution: Strategy creation and teaming arrangements which both are covered inside the Contractors Edge Bootcamp.
Of course, there are other reasons you may lose a bid and with a bid process, you can eliminate many of the pitfalls saving you time and money.
