FP is a document that lists out all the requirements and needs of a project and stands
for Request for Proposal. Companies create an RFP for upcoming projects, as a form
of proposal to potential contractors and agencies, then contractors and agencies bid
to win the contract. RFP’s are a mutually beneficial process for the stakeholders as
well as for vendors. It gives a vendor greater independence in choosing who to serve.
A request for proposal is an employee’s opportunity to advocate for themselves,
their team, and what they need. It should be written by the main stakeholders and
should be knowledgeable about the project and have some clearance for decision-
making. Part of the RFP process is choosing a vendor to carry out the project, who is
invested in its success and can make the best decision possible.
A Brief Overview Of RFP Process:
Before writing an RFP, one should determine the needs required and should
communicate things about the project such as skills needed, objectives project, and
the timeline in which it should be completed. The format of the RFP change from one
author to the next, but it is wise to follow a common formula so vendors know what to
expect from the document. Distributing RFP also requires great attention since one
should consider the realities where either not enough or too many organizations
respond. The team of stakeholders should also go through every response carefully
to determine the best candidates and evaluate the response. After shortlisting your
options, there are still more questions to ask. Pricing, as well as terms of the
agreement, come into play here. Finally, the team make a decision which will vary
between teams and organizations and decide which vendor can best deliver on their
expectations.
There are also various types of RFP requests which include Marketing RFP, Branding
RFP, Design RFP and several others.
General Timeline:
A request for information, or an RFI, is useful for organizations or teams that need a
little help before they are truly confident they know what they are looking for. After
receiving the information you needed, it's time to send out those RFPs, also referred
to as RFOs which indicate that you are looking for submissions to help you reach a
solution to your business problem or venture. Vendors respond faster to a RFP. An
RFT serves the same purpose as an RFQ and indicates a stakeholder is confident in
their decision to purchase the goods or services they seek.
While preparing to write am RFP , several factors encompassing selection of the right
team determining of goals and measurements for success, determining project
requirements, building out the timeline and proper knowledge of the budget must be
kept under focus.
Elements of RFP include project overview, proposal guidelines, project description
and requirements, project deliverables and scope, timeline and budget. Your RFP
should acknowledge different deadlines. Some key RFP dates to communicate to
vendors are Proposal deadline, Evaluation window, Selection deadline and Timeline
for project completion.
When it comes to selection criteria, bidders should know what you are evaluating
their proposals on. The selection criteria section is a good time to restate the
deadline, further emphasizing your prioritization of punctuality and desire to get the
ball rolling quickly.
In the end, do not forget to include information on how to submit their proposals.
Whether an email for digital copies or an address for hard copies, be sure the end of
your RFP provides a way for bidders to send you their proposals.
