RFP is the acronym for Request for Proposal. You might also see the acronyms RFI, RFQ, or RFB. The “I” stands for Information and is frequently a predecessor to an RFP. The “Q” stands for quote and the “B” stands for bid. Some organizations use the acronym ITB, or Invitation to Bid.
Because of transparency and non-collusion regulations, organizations in the public sector generally post opportunities online.
At any given time, there are thousands of both public and private sector RFPs available for your business to pursue. But how do you choose the best opportunity out of so many good opportunities?
You can achieve confidence and confirm alignment surrounding a bid/no-bid decision by asking yourself why you’re responding to the RFP and whether you have the time and resources needed to respond.
Okay, so the bid aligns with your business goals, mission and core capabilities, and you’re confident you have the resources needed. What’s next?