As an entrepreneur that is passionate about making your business reach the highest peaks, the term ‘tender’ might already sound very familiar to you. This term refers to the process when businesses make bids and offers on projects for other businesses. This is a major opportunity for new businesses to develop a good marketing strategy – one that will take that business places.
When it comes to organizing your strategies, monitoring the sales analytics of your business is a must – and should be done in the proper way. The form of metrics should give you a clear picture of how you’re doing and what you should improve in order for your business to grow and evolve.
The successful to unsuccessful tenders metric helps you manage your business better and provide you with a clear picture of how well your tenders are being received. Read on to find out what this metric is about and how you can use it so as your business to be a success:
What is the Successful to Unsuccessful Tenders Metric?
Measuring the ratio between the proposals that went well and the ones that have been declined is definitely important for your business. This provides you with a clear picture of how your company’s offers are received by the others.
In order for you to receive a good feedback, without much effort and with no other implications, the most useful thing you can do is use the successful to unsuccessful tenders metric.
This is meant to save your business from making some bad decisions in the near future. The formula by which you can use this metric is simple and efficient. All you have to do is divide the number of tenders that won to the number of tenders that have been declined:
Number of Tenders Won / Number or Tenders Lost – Successful to Unsuccessful Tenders
This simple ratio will come in handy every time you wonder if your team is making the right decisions – but only when it comes to tenders.
Tendering is a great opportunity to attract new businesses and get new contracts but spending too much on such projects needs to be carefully considered and this can be easily done if you apply this metric and save a lot of time.
The only way in which you can submit winning proposals is to understand the process in depth and build an efficient relationship with the customers. By doing the right things at the right time, your business has a good chance of winning profitable contracts – provided it matches the customer’s needs.
With this metric at hand, your business will for sure flourish fast and efficiently, as the successful to unsuccessful metric helps you optimize your business. It will help every time you feel it might need some improvement regarding tenders.
With the proper tools at hand, you should not need to worry too much. They are meant to provide good feedback on your decisions, help you focus on your goals and help you optimize your business as efficiently as possible – with as little prospect for failure as possible.