Taking advantage of private sector contracts can be a beneficial way to grow your business and leverage new market opportunities. Private sector contracts can provide your business with the scope to supply a range of products, goods and services to a wider market audience, allowing you the chance to increase brand visibility and boost competitiveness.
Though private and public sector tenders may share similarities, there are key differences between each of them that can make things challenging for business owners who are not fully prepared or equipped with the necessary knowledge or resources.
With Tracker Intelligence, businesses can leverage private and public opportunities through our experience and industry-leading expertise. With our assistance, your business will have the chance to obtain new market exposure and foster new business relationships with clients and service providers.
Understanding the Private Sector Tendering Landscape
Unlike public sector contracts, which often involve tenders published by the central government, municipal or local councils, statutory boards or ministries, the private sector is subject to a series of various rules and regulations regarding the procurement process.
For starters, private sector contracts are sponsored by a private entity, usually a company and its subsidiaries. Second, private sector contracts have far fewer regulatory requirements, which means that private entities are not necessarily required to post or publish private sector tenders.
Another difference to consider is that private sector contracts can be referred to as supply chain contacts, which might include several private companies. For instance, a private company may win a large public contract and outsource contracts to smaller subcontractors.
Public sector tenders are typically government-sponsored, which can include any form of central or local government. The public sector is required to publicly publish or announce any new tender opportunities to promote a more fair and equal procurement and tender process.
While winning private sector contracts may provide beneficial business opportunities, they can be harder to come by, seeing as they are not made publicly available, however, unlike public tenders, the level of competition your business will be subjected to will be substantially less.
Finding Private Sector Tender Opportunities
Finding a private sector contract can be one of the most challenging parts for any business. Private institutions are not legally required to publish new tender opportunities, meaning that you will not be aware of new tenders unless you have the appropriate contacts or systems in place.
There are several channels you can leverage for private sector contracts and these include:
Tracker Intelligence
We recommend that you start with using Tracker Intelligence for all your public and private contact needs. Tracker’s Commercial Project Tool is home to hundreds of supply chain contracts and is updated regularly. To find private sector tenders through Tracker Intelligence is a seamless process.
Our resources can equip you with the necessary knowledge to overcome challenges you may face when tendering for private sector contracts. From learning which contracts are most applicable to your business, when the right time is to apply, and who your competitors may be, we provide you with a host of valuable information that you can use to your advantage.
Trade Publications
Another avenue that you can leverage is trade publications. These publications can provide periodical news and insights on specific industries. Each industry may have a dedicated trade publication that contains valuable information, news and trends that are currently taking place across the industry.
While there may be more than one trade publication to access, either in print or digital format, it’s advised to source through all of the credible publications to seek out any new contacts or potential business partners.
Networking
Networking with fellow business owners, entrepreneurs and industry leaders can be a smart way to build new relationships. By networking with fellow business leaders, you open yourself and your business to new potential clients.
Today, plenty of business owners network online through platforms such as LinkedIn. Using professional networking and relationship-building platforms can help you retrieve new clients and uncover potential private sector opportunities.
Building Strong Tender Responses
Putting together a tender response is a crucial step of the procurement process. Taking advantage of Tracker’s tender writing tools will help you craft a winning tender response without the fear of overlooking or ignoring important information.
Business Criteria
Ensure that your business has all the necessary criteria to be considered successful for the contract. This includes revisiting all requirements of the contract and ensuring that you meet all these demands and can undertake and complete the contract.
Tailor Your Response
To create a more compelling response, provide relevant information that is tailored to the contract. This may include highlighting any relevant experience you may have with the scope of the project. Additionally, you can address specific needs by directly responding to any pain points the buyer has highlighted.
Demonstrate Value
Next, make sure to clearly articulate a potential solution that will benefit that buyer. This is an important step of the process, and clarifying your capabilities to resolve current problems could help you stand out from competitors.
Use Bid Writing Resources
Tracker Intelligence has applied years of experience and industry-leading expertise to provide businesses with relevant and up-to-date bid writing resources. This may include access to things such as bid format guidelines and proofreading services provided by our trained personnel.
Price Competitively
Providing a competitive pricing strategy is another key aspect that will help set you aside from your competitors. Make use of various market tools to understand current trends, and how previous tender awardees had compiled their pricing strategy. Private entities will look for the most economical solution during the tender evaluation process.
Common Pitfalls and How to Avoid Them
Making mistakes is part of the process and it’s a way to learn where your business may have shortcomings. However, Tracker Intelligence believes that each business can overcome certain procurement challenges by applying strategic management.
Misinterpreting Tenders
Not clearly understanding the scope of the contract is one of the biggest pitfalls that companies are often exposed to. Make sure to always read a contract opportunity before expressing interest. Make sure that you have a thorough understanding of what is being expected and whether your business has the capabilities to meet these demands.
Not Understanding Private Sector Contracts
Unlike with public sector contracts, there are specific formulas that private organisations will use to evaluate tender responses. Unfortunately, your business cannot apply the same strategy as with public tenders when applying for a private contract opportunity.
Not Being Flexible
Being autonomous allows you the ability to overcome unforeseen challenges and plan more effectively for near-term problems. Flexibility is key to seeing problems from a different angle, but more importantly, having a relevant solution that can provide the most effective outcomes.
Not Asking For Feedback
Be proactive with asking for feedback from private sector buyers. Should your bid response be unsuccessful, request feedback from buyers to better understand where you may have had shortcomings. By asking for feedback you learn about the possible mistakes you have made, and this allows you to improve on your shortcomings while being flexible at the same time.
Get Ahead and Stay Ahead
Private sector contracts can help you scale your business. By applying the knowledge and tools available through Tracker Intelligence you can increase your abilities and stand out against your competitors.
Seek out the opportunities that will make your business successful, and request a free demo from Tracker Intelligence. Our team professional team will assist with all your contract queries, providing you with the insight needed to win private-sector contracts.
