- Generate Income
- Expand into new industries
- Build Connections
- Gain Experiences
- Build a good reputation
One of the main aims of most businesses is sustaining consistent growth and ensuring a regular flow of income. One of the best ways your business can do this is through tendering for work. Tenders are the main way most public sector businesses such as the NHS, schools, local councils, and the national government find people to provide essential services, goods, and works that they themselves can not do. Over 2020/21 over £357 billion was spent by the public sector on tenders and this is not set to slow down any time soon. This means there are countless opportunities for businesses looking to expand to grow through successful tenders.
1. Generate Income
One of the main ways you can grow your business through tendering is by generating a consistent stream of income. Many tenders are long term and can have a duration of several years, this means a regular flow of income for your business if you are successful. When you can safeguard your income you can then begin to invest in your business and grow comfortably. Tenders offer you an opportunity to grow with assurance that income will consistently flow into your business.
2. Expand into New Industries
It is easy as a business to work in the spaces that you know. People are creatures of habit and this trait is accurate to how most businesses operate. Tenders are used by a diverse range of businesses in every industry, by exploring these opportunities you can expand into new industries. Through expansion into new industries comes new connections and possibilities for a business, this breeds growth. Ignoring tenders means you run the risk of only working within the same industries you are already familiar with and you could be missing out on lucrative opportunities to grow and broaden your horizons as a business.
3. Build Connections
Having a strong network of connections from a number of different sectors is essential to building your business. As you grow you never know which connections will prove to be useful and which connections you wish you had. Tendering allows you to build connections with people and organisations you would otherwise have not come in contact with because tenders are diverse in their nature and come from a number of different sectors. Many tenders also involve you collaborating with other businesses providing a different aspect of the same service as you. This means you can gain insight into related services and providers to you and discover opportunities for collaboration with other businesses. Collaboration and connections help you grow with a strong resource of supporting business contacts and potential partners.
4. Gain Experiences
Lack of experience is one of the biggest barriers to growing as a business. Tenders can be large scale, small scale, and fall somewhere in between. This means a smaller business can gain experience on smaller tenders and build a strong portfolio of experience that allows them to holistically grow and move on to higher scale higher value contracts. Tenders also allow you to gain experience in different areas of your industry and gain experience working under different kinds of agreements and circumstances. This variety of experiences shows you are flexible and adaptable as a business, making you a more viable option for other businesses to work with allowing you to seek a wider range of opportunities and grow as a business.
5. Build a Good Reputation
Half of your success as a business is based on how you are perceived. As many tenders come from public sector businesses with a duty to publish press releases about their activities this means there is ample opportunity for good PR for you as a business. Successfully delivering on a tender will lead to recommendations to other businesses and invitations to tender. By getting involved in tendering you open yourself to free promotion from tender partners which will give you a glowing reputation in your industry. This wilead to other businesses wanting to work with you and this will help you grow your business.
Getting started in the world of tendering can be tricky and you may be unsure where to start. JGP Consultancy is offering a limited-time offer to join our tender finding service for only £99 a month. Get ahead with a free business consultation to help you to identify how you can scale up. Grow your business by finding and winning lucrative public sector contracts. Our team of experts will work with you to identify areas and opportunities for growth within your business. We do this with a particular focus on finding and winning reliable public sector contracts.