Once you have your Request for Proposal (RFP) in good shape, you need to add a good cover letter. This serves to create a connection between you with your potential vendor and it also “sells” the idea that doing business with you is a good idea by generating some excitement about what you do and by showing that you are professional and someone worth doing business with.
Writing a Solid Cover Letter
A good cover letter will introduce you and your business to a potential vendor in a way that will make them interested in at least learning more about what you are doing. It creates a personal connection between you and your correspondent and establishes the name recognition that will be important later in the process of building a business relationship. On a more pragmatic level, your cover letter is a formal invitation to submit a proposal as well as an opportunity to show the timeline of your selection process and highlight the dates on which different document... [Read Full Article]
When thinking about business, we usually concentrate on things like sales and marketing, human resources and the like, but there is another side to the business coin: suppliers. From raw materials to sales inventory to office supplies, you are constantly trying to get the best cost for things in order to be able to offer your customers the best price you can. One of the ways to do this is with a great Request for Proposal (RFP), or more simply, Request for Quote (RFQ).
Writing a Great RFP
At its most basic, a Request for Proposal is a document (or group of documents) that describe the detailed needs of a prospective buyer to a potential vendor. RFPs are typically used for evaluation, comparison and selection in the software industry, but they can be issued and used for any kind of product or service. Once the data needed is collected, it can be placed in a decision matrix to assist in getting the best solution possible.
To make sure that your RFP is given the s... [Read Full Article]