5 Components of a Highly Effective RFP
Filed Under Entertainment & F&B
RFPs are part of the weekly diet for companies and their consultants. They are how companies judge, shortlist and select candidate firms to work. So why are so many RFPs highly inefficient and the cause of so much pain and confusion? Well we hope this little check list will help you to make your organisation’s next RFP process simpler and highly effective.
One. Understand the issue, envision the outcome
Knowing what you really want is key. Gather your requirements fully by understanding the issue from the perspective of key stakeholders. Interview them, they don’t bite. Clearly define the project experience candidate firms must have in order for them to make the shortlist. Envision the perfect candidate clearly and confirm their profile with project stakeholders. Outline how winning candidates will work with you (are they dynamic, powerful, careful, precise), where are they located (local, regional, global) and how much experience do they need (little to none – this project is totally greenfield, extensive – we are a large corporation and we need to know we can trust them implicitly).
Two. Shortlist candidate firms
Find five firms that you know have what it takes to deliver the project successfully. Ask them to send credentials and experience in delivering similar projects. While a highly seasoned expert is no guarantee of a successful outcome it is best if the candidate firm has some relevant experience to draw upon. If you appoint a consultant with no similar experience you can bet they will be learning as they go – on your fees.
Shortlist the five firms down to just three. These final firms must be able to show you relevant experience. The results they show you and how they present them you should give you a positive feeling about the firm’s capabilities. If the feeling isn’t good, you can get your gut is right.
Shortlisting is essential. You and your team have to evaluate three submissions and time is money and your life is finite. If you can’t shortlist to three you have not got the right five to begin with. Don’t waste your time or your candidates by making them respond to an RFP unless they have some chance of winning.
RFPs exist because enterprise would be dangerously effective without them.
Three. Ensure C-Level Support.
Only release an RFP if you have the commercial backing and political support to commission. Organisations who release RFPs with no commitment to appoint lose credibility quickly with good consultants and firms. Word gets around and time wasters are no one’s friends. Even responding to a RFP with limited scope can take days of a company’s time.
Four. KISS it.
Complexity is not your friend. You are trying to select a consultative and creative partner to help you with a solution and not to solve the problem in their response. Keep your historical references to on-point examples – consultants only need to read relevant material, the rest is a waste of your time. Most RFP’s can be summed up in a single page so why not keep it simple and save time? Ask the candidates to keep their credentials simple. Three relevant case studies will be enough and shows you how good the candidate is at selecting.
Five. Supply a Submission template
If you want to compare apples with apples, send a submission template that shortlisted firms have to use. With the framework focussed, the review of the submissions will become simpler and the selection process easier.
