jade brown russell transcendent legal how to succeed in
TRANSCRIPT
Jade Brown Russell
Transcendent Legal
HOW TO SUCCEED IN PREPARING
RFP/RFQ RESPONSES
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• Icebreaker – Brain Games!
• Anatomy of an RFP
• To Bid or Not to Bid…That is the Question!
• Your Budget
• Your Schedule
• Your Team
• Your Strategy
• Your Response
• Keys for Success
Agenda
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Ice
Bre
ake
r –
Bra
in G
ame
s!
INTRODUCTIONS
• Name
• Industry
• One word to describe how you feel when you hear the word RFP
THE MONKEY ILLUSION - VIDEO
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Session Overview
Transcending the Traditional
Today’s Agenda
Anatomy of an
RFQ and RFQ Keys for Success
To Bid or Not To Bid
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Anatomy of an RFP and RFQ
Transcending the Traditional
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General Needs
ANATOMY OF AN RFP 6
KEY TERMINOLGY
RFP or Request for Proposal -- Used for a complete supplier selection process
RFQ or Request for Qualification (or Pricing) -- Used when companies are simply testing market to ensure current fees are competitive or to help identify depth of market
SOW -- Scope of work
NDA -- Non-Disclosure Agreement
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KEY TERMINOLGY
Bidder, Respondent, Vendor, Supplier or Proponent -- The entity that is responding to the requirement
Requirements -- Commitments you agree to by submitting a proposal
Mandatory Evaluation Criteria (P/F) -- If you fail, then your bid is no longer considered
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KEY TERMINOLGY
Rated or Non-Mandatory Evaluation Criteria -- You can achieve a low score and continue to be evaluated Weighting or weight -- A global weight out of 100 that is given to a rated or non-mandatory item. Bidder, Respondent, Vendor, Supplier or Proponent -- The entity that is responding to the requirement
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KEY TERMINOLGY
Requirements -- Commitments you agree to by submitting a proposal
Mandatory Evaluation Criteria (P/F) -- If you fail, then your bid is no longer considered
Rated or Non-Mandatory Evaluation Criteria -- You can achieve a low score and continue to be evaluated
Weighting or weight -- A global weight out of 100 that is given to a rated or non-mandatory item.
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WHAT MAKES A GOOD RFP/RFQ?
• Well organized • Deliverables are well
defined
• Evaluation process and criteria are clear
• You clearly articulate
your value – KNOW YOUR WORTH!
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Major Components of an RFP
• Table of Contents
• Background – usually provided as information in
order that you can familiarize yourself with the requirement
• Terms and Conditions – includes the terms and conditions you will be held to; usually standard. Look for penalty clauses and understand their ramifications
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Major Components of an RFP
• SOW – major portion of RFP; Deliverables and
timeframes are stated (NOTE: Know what is being asked for)
• Selection process and evaluation criteria
– sequence of events and decision points;
will also includes mandatory vs. rated criteria and weightings
• Response requirements – this is what
will be evaluated
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Major Components of an RFP
Bidding Instructions – Includes response format
Checklists/forms to be completed.
NOTE: If no format provided follow the RFP format
and numbering.
Also may include appendices, statistics, related studies, separate statement of work (SOW)
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To Bid or Not to Bid…THAT is the Question!
Transcending the Traditional
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• Can you deliver/meet the requirements?
• Can you meet the mandatory criteria?
• How will you score on the rated criteria?
To Bid or NOT to Bid…THAT’S the Question!
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• Will you be price-competitive?
• Is the process fair and open?
• Can you afford to bid (to win)?
• Are the money and effort worth it?
To Bid or NOT to Bid…THAT’S the Question!
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Deciding on the right time/investment Optimum investment = minimum required to win, BUT
enough to: • Be 100% compliant
• Gather necessary information
• Get the maximum points
• Look and feel professional
• Differentiate your proposal
YOUR BUDGET
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• TEAM SELECTION PLANNING
• Proposal strategy
• Assignments
• Schedule
• Reporting
• Authority
• Production
YOUR SCHEDULE
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• WRITING/EDITING
• PRODUCTION/ASSEMBLY
• DELIVERY (and back-up plan)
YOUR SCHEDULE
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THE PROJECT DELIVERY TEAM – execute the project
THE PROPOSAL TEAM – subject matter experts • Bid development experts
• Writers/editors
• Critics • Layout specialists
• Production/Printing resources
YOUR TEAM
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• Build your team IMMEDIATELY or LOSE your options QUICKLY
• Who have you used before?
• Ask around…
• Delivery and quality are much more important than price.
• Who do you think is the most likely winner? Consider teaming with them.
Collaboration
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• SCORE YOURSELF – use the published evaluation criteria and weighting
• SCORE YOUR COMPETITION – do a competitive analysis
• IDENTIFY YOUR “WIN THEMES” • Experience • Diverse • Local • What’s your competitive edge?
• SHORE UP YOUR WEAKNESSES
YOUR STRATEGY
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To win, you must convince the evaluators that you can do the job – and do it better (more cost-effectively) than your competitors.
OBJECTIVE • To get the maximum number of points for each
evaluated section – make it easy for the evaluators
CONTENT • Follow the instructions to the letter (highlighting,
signatures, page lengths, etc.) • Double check mandatory requirements are met • Address every point – and sub-point
YOUR RESPONSE
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CONTENT (cont’d)
• Be brief and concise
• Facts and supporting evidence, not unsubstantiated claims
• Stress the difference in your difference
• Cooperative confidence, not arrogance
YOUR RESPONSE
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CONTENT (cont’d) • Commit where commitment is sought
• Check and prepare your references
• Use bios in the body and customized CVs in
appendices
• Proof read, spell check…and replay times
YOUR RESPONSE
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Keys for Success
Transcend the Traditional
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KEY
S FO
R S
UC
CES
S • Write an amazing executive summary • Answer the questions
• Provide Relevant Examples
• Articulate why you are the best!
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KEY
S FO
R S
UC
CES
S • Don’t boast but tell them that you are
financially solvent
• Don’t let an RFP bid bankrupt your business • Confirm that all of the specifications can be
met
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CONTACT US
Jade Brown Russell Co-Founder (504) 459-4557 or (504) 621-8699 (CELL) [email protected] www.transcendentlega.com
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