RFP Checklist: Top 4 Things Your Request Needs

How well a request for proposal (RFP) is crafted can be the difference between a smooth or rocky process to finding a new provider. Drafting the RFP is the most critical component – and the time you invest into developing an effective RFP is worth the legwork. 

Here are the top four things you need in your RFP to streamline the response process and make sure you get the best bids. 

1. Clear expectations.

Think of the RFP as a help-wanted ad. You’re outlining exactly what you want – just like you would when hiring an employee. 

Any prospective vendors should completely understand the nature of your business and the goals of the project after reading the document. When outlining all aspects of your project (e.g., introduction, project goals, scope, deadlines, budget), spend time clarifying how you’ll be evaluating proposals based on what’s most important to your business. 

Is achieving a deadline a make or break? Let potential bidders know! 

Sharing your needs will help narrow applicants to the most qualified. Or will tell you quickly which vendors that submitted a bid are not the right fit. 

It’s better to find out before the job starts! With a clearly defined RFP, you have a great tool for eliminating surprises and candidates. 

2. Details, details, details!

In the same way that you don’t want vague answers in a job interview, you don’t want to include a vague project scope or deadline. Vague RFPs bog down the process for both you and potential bidders. Instead of explaining how they can get the job done, vendors must submit an assortment of clarifying questions to understand the project request.

A good rule of thumb is to have your RFP reviewed by someone in your company who does not have extensive details about the project. Can they articulate your request clearly, or do they need you to explain some things? If any explanation is needed, it is better to add extra detail than to leave it out. 

When an RFP is well written, each hopeful bidder has all the information needed to showcase how they have the best qualities to complete your request. And it becomes far easier for you to uncover a vendor’s strengths and weaknesses in relation to your project.

In addition to narrowing down candidates, a detailed RFP enables vendors to include more effective action plans alongside their bids. You may even receive unique strategies you had never considered that would help your business significantly. 

3. Possible Roadblocks

Don’t just provide your needs, shed light on any known or potential issues, too. Are you short-staffed? Is your infrastructure outdated? Do you have varying levels of difficulty per location? Is the request multi-tiered? 

Remember: It’s better to find out a vendor is not qualified during the bid than during production! 
By being upfront, you’ll eliminate unqualified candidates and connect with companies that have the best resources and skills to work around your roadblocks. Win, win for everyone! 

4. Budget constraints. 

Know what is negotiable and what is not. Just like you list your budget, be honest about your bottom line. 

If there are areas where you cannot budge, make that clear. If there are some areas where you can be more flexible, state this. Set your parameters in the RFP. 

When an RFP does not provide a budget or budget constraints, bidders do not have clear insight into your financial limitations. This can result in vendors submitting unfeasible or unaffordable proposals. 

Your time and effort are far better spent reading through high-quality proposals well suited for your needs and budget. 

When all else fails: Request help. 

Transparency and clarity are the keys to a successful RFP process. There will always be a few questions that need answering, but a well-written RFP can save your business time, energy and hassle. 

Even before contracts are signed, you identify the most strategic partners and learn about their inside operations. And all that hard work leads to more thorough bids that highlight which company is the right partner – with the right skills and rates – to get your project done. 

If you’re still not sure where to start or if writing an RFP isn’t your primary job function, don’t be afraid to ask for help. Midco can partner with you on developing your RFP. We are adept at supporting companies through: 

• Solution design: Midco can customize a unique solution for your company to base your RFP around.
• Technical requirements: Midco can offer recommendations regarding the requested solution’s requirements.
• Evaluation criteria: Midco can guide companies on the most important considerations when selecting a vendor.