RFPs: Everything You Need to Know About the RFP Process
Request for Proposal is the process of documentation and solicitation that communicates your organization’s need or availability for a certain service and invites various vendors to submit proposals in consideration for the opportunity.
Maybe you’ve heard the phrase, “If you build it, they will come” from the 1989 baseball film “Field of Dreams.” This story’s crux was that if Kevin Costner’s character blew his small farmer’s budget building a backyard baseball field, famous deceased players would return and play a “ghost game,” giving fans an opportunity to see the greats play one last time.
It sounds out there, but I promise you, the film has heart.
What is an RFP?
RFP stands for request for proposal. An RFP is a document that lists out all the requirements and needs of a project. Companies create an RFP for upcoming projects, as a form of proposal to potential contractors and agencies. These contractors and agencies then bid to win the contract, based on the requirements of the RFP.
Costner had no idea what he was doing. His town thought he was crazy, and even his family started to question his judgment. But he formulated a plan for developing this field, followed through, and eventually reaped a great reward.
A request for proposal is like your company’s own field of dreams. Your request for proposal is the field you build. Interested vendors are the historic players who come to check out what you created and then offer you something in return.
What we’ll cover in this request for proposal guide:
If your company is frequently contracting outside hires to accomplish projects, it’s important you understand how to write an RFP, how to distribute it, and how to evaluate the RFP responses[1]. An RFP is how your company presents itself to professional contacts, and you should take great care that it’s done correctly.
RFPs are a worldwide practice, and industry alone may not excuse you from having to complete or respond to one. They are relevant documentation any time an organization is ready to contract a team for successful completion of a project.
Creating an RFP is a multi-step process that involves external communication and RFP contract negotiations[2]. From an amateur’s perspective, there are countless ways to get this wrong.
If you’re feeling this apprehension, you have ended up in the right place. We’re going to walk through the entire RFP process together, making sure you’re confident in your ability to compile these important business documents. We’ll also provide you with information on the best RFP tools[3] to guide you along the proposal path.