Sometimes, when an opportunity “too good to pass up” presents itself, you may be allowed a bit of leeway in the bid/no bid process flow. Maybe you’re trying to break into a new market aligned with your business strategy or maybe you’ve just received the RFP of your dreams and you’re positioned just well enough to justify a bid. Even when pursuing these opportunities, lacking knowledge of certain indispensable elements relevant to the work should never be taken lightly.

At the very least, know:

Your customer

• Know your customer’s needs and requirements. What are the evaluation factors? What is the background surrounding the opportunity?
• Know your customer’s interests and concerns. Have you researched and met with your customer lately?
• Know your customer’s existing relationships. Do you have any chance of replacing the incumbent? Do other competitors have existing business with your customer?

Your competition

• Know your competition’s offerings. What might their solution have over your solution?
• Know your competition’s shortcomings. Where have they failed in the past? What issues might their solution present?
• Know your competition’s messaging. Do your homework. How does your competition present its offerings?

Yourself

• Know your capabilities. Can you deliver? Can you deliver on time? Can you prove it?
• Know your solution. Does it meet your customer’s stated requirements? Is it aligned with your customer’s interests and concerns?
• Know your team. Do your key players have the willingness and availability to develop a strong bid?
• Finally, know your message. Does your language include strong, identifiable win themes relating to your customer’s needs, requirements, interests, and concerns? Does your bid differentiate your solution from the competition?

When you ask these questions, be as honest and objective as possible. You may have had some leeway in your decision to bid, but the evaluation process won’t be so kind if you respond without considering these elements—in most cases you’ll be much better served by a no bid than a poorly informed bid.