A bid library is a collection of documents and model answers used when writing a tender. These responses have been perfected over multiple submissions, saving time and improving the quality of a company’s bids.
A bid library is constantly adapting to feedback with each submission. In this blog we look at how to create a bid library, essential documents, and adapting to feedback.
Creating a bid library
The worst time to create a bid library is when you’re writing a tender. It should not be an afterthought, but rather part of the planning process that begins well before a submission is live.
Planning ahead is the key to success when tendering – you will save time and vastly improve the quality of your bids. A constantly adapting bid library will see your success rate improve.
The best place to begin is with previous submissions (should you have them). Analysing these responses will give an idea as to the type of questions to expect, along with how to answer them.
If you have no previous submissions, think about what questions you are likely to come across and start planning model answers. List your past experience and develop case studies for stand out contracts.
Here are the documents that are absolutely essential to a good bid library:
Model answers: A selection of model answers based on previous submissions or commonly occurring questions. This is the most flexible part of the bid library and is constantly changing with feedback.
Case studies: Case studies of previous contracts that highlight your company’s strengths.
Policies and procedures: Up to date policies and procedures formatted with a company template.
Testimonials: Recent testimonials for previous or current contracts.
Accounts and insurances: Having these to hand will save time during the submission.
Accreditations: Proof of any relevant accreditations such as ISO or Gas Safe.
CVs: CVs and profiles of key team members.
Executive summary: A strong work shopped executive summary to be adapted to the specific bid.
Adapting to feedback
The key to long-term success is a bid library that adapts with each submission. Firstly, it is important to tailor your responses for every new bid, but it is even more important to adapt your bid library according to the feedback you receive.
Feedback allows you to see the strongest and weakest parts of your responses, which can then be corrected for future contracts. The more you bid, the better your bid library will become, saving you time and vastly improving the quality of your submissions.
Get in touch for more information on creating a bid library.