While explaining the complete process, I tried to simplify the concepts of EMD-Earnest Money Deposit and PBG-Performance Bank Guarantee by giving aforementioned example.
Sales and Business Development
Pre-RFX stage is like preparing for examination; RFX floating is like releasing/posting the Exam schedule; Tender Doc. Fee and EMD are like Examination Fee. RFX is the question paper;
– and your bid can meet, and hopefully exceed, these key criteria. They will very likely happily pay that little bit extra for the peace of mind of having both their stated AND their implied needs so convincingly catered for.
Progressing from one phase to the next is determined by bid decisions, sometimes
referred to as gate decisions. Their primary purpose is to help teams make decisions
regarding allocation or withdrawal of BD resources. Disciplined bid decisions reduce
BD costs by avoiding investment in low-probability opportunities.
It is essential to build a tracking system for resources and an approach to estimate their need in the process. Wrong estimations leading to insufficient resources will result in proposal failure.
Hence, a pipeline helps to determine whether one is pursuing enough leads to achieve the amount of new business required to sustain or grow a company. It is important to track our leads and chart them to create a pipeline.