"What is an RFP?" This is something we hear all the time. Sometimes, we even get “Once upon a what?” from folks who’ve never heard of RFPs.
You might think RFPs don’t affect you unless you’re in the world of large-scale purchasing. However, RFPs have embedded themselves into the fabric that makes up the modern world. From huge public-sector services like government-wide IT support to in-house training at private marketing firms, buyers use RFP-adjacent processes every day.
Interested in learning more about the not-so-secret world of RFPs? You’re in the right place.
Welcome to RFPs 101, an introductory-level series that covers the ins and outs of RFPS, including their uses, audiences, limits, lifecycles, processes, and sourcing. Read on to gain valuable insight into why we love RFPs and how RFPs can help you scale your business.
What Is an RFP? The Basics
RFP is an initialism that stands for “Request for Proposals.”. A “Request for Proposals” is a document a buyer releases to invite external companies, aka bidders, to bid on an opportunity to supply products or services. A proposal is a formal document submitted by a bidder describing how they will meet the project objectives outlined in an RFP.
Though an RFP is a specific type of bid document, industry pros often use RFP as a catch-all for solicitations in general. There are many kinds of solicitations with slightly differing purposes or conditions. You might see the initialisms RFI, RFQ, or RFB. The “I” stands for Information and often comes before an RFP. The “Q” stands for quote, and the “B” stands for bid. Furthermore, some agencies use the acronym ITB, or Invitation to Bid. Collectively, we like to call these bid documents “RFx” documents.
What's the Point of an RFP?
In general, RFPs have three defining characteristics:
- A well-defined scope of work
- Clear proposal evaluation criteria
- A list of submission requirements
This ensures the buyer has all the necessary information to choose the winning proposal.
While these three categories hold information vital to a proposal’s success, there’s also a fourth category of RFP content: The Miscellany.
RFPs can also contain a multitude of other information. For example, the miscellany might include additional dates, communication limitations, the process for asking questions, contract terms and conditions, floor plans, relevant codes or regulations, and further project context.
Welcome to RFPs 101: The Reboot
So, have we piqued your interest in RFPs? This is the first lesson of our series, RFPs 101. Watch for our next article: Who Uses RFPs?
Are you already working with RFPs but unaware that there are specialists in this writing niche? Once Upon an RFP exists for professionals and organizations like you who depend on RFPs for business development.
Unfortunately, many struggle because their day jobs are C-Suite, Client Relationship Management, Service Delivery, or New Business Development. However, they don’t have dedicated support within their organizations.
Would you like to explore what it would be like to have Proposal Professionals to support your RFP response and proposal development efforts? Reach out today to chat.
Click here to schedule your consultation. We can’t wait to meet you!
As a proud woman-owned and certified disability-owned business, Once Upon an RFP is committed to fostering a culture of inclusivity, acceptance, and support in a diverse world.