THE READY BUSINESS PODCAST: Is your business missing out on this €9bn industry?
€9bn. That's how much the government tenders market is worth every year and yet only 10% of Irish SMEs compete for it. Tony Corrigan, Founder & CEO of TenderScout, wants Irish businesses to win more of that money and says it's a myth that only the big companies get the contracts.
On this week's show, Corrigan tells Brian Purcell some of the myths behind public tenders and gives his tips for winning a slice of the multi-billion euro market.
“Governments actively want to procure goods and services from small to medium sized businesses,” says Corrigan. “Laws and policies govern the awarding of tenders to SMEs and a certain quota has to be filled every year.”
There are various reasons for this low level of participation, but Tony Corrigan wants to dispel some myths that SMEs might have:
Myth 1: Only large corporates win tenders
Truth: Large corporates win tenders because they compete for them; the vast majority of SMEs don’t. A quarter of tender competitions receive only one proposal and the average amount of proposals per tender is four. The competition is not intense and the opportunity is wide open.
Myth 2: Tenders are complex
Truth: Some tenders are but all tenders follow the same structure. Engaging with tenders quickly teaches you how they work and soon you’ll understand that the majority of them are simple.
Myth 3: Tenders don’t exist for my product and services
Truth: There are tenders for everything, including silk ties, chandeliers and earrings. Setting up an email alert based on the tenders you’re interested in is one way to ensure you find relevant opportunities for yourself.
Approaching tenders in a strategic way is the best method to win them. This means qualifying leads, establishing a tender library and learning from the process.
And don’t miss his Ready Business Success Tips to help business owners thrive and succeed.
You can check out the full Ready Business Podcast series here.