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.