Tenders have submission dates for a reason. Clients and architects have their own deadlines, so it’s only fair you respect that and get your bid in on time, especially if you have been contacted and asked directly.
In reality, life happens, time runs away, and suddenly, the deadline passes, so you either submit late or not at all. You might think it’s not that big of a deal, but read on to find out the impact missing a tender deadline can have on your business.
Stakeholders get annoyed.
When you miss a tender deadline, the people expecting your submission can become frustrated. Clients, architects, and other stakeholders rely on these deadlines to keep the project timeline on track. Consistently missing deadlines can lead to a loss of trust and not being asked again.
People will think you’re too busy.
Missing deadlines can give the impression that you are too busy to take on new projects. That might seem like a good problem to have but it can also potentially show clients that you’ve taken on too much and can’t dedicate enough time to their project.
You end up on a day rate for a bigger contractor
This one’s a killer because you could have avoided it if you got your shit together on time. You start to run out of work and when the jobs you’re currently on end, you get brought in on a day rate from a bigger contractor who actually got the job and now you have to do day works instead.
You miss out on profitable projects
Every missed tender deadline is a missed opportunity for a potentially profitable project. Over time, these missed opportunities add up, leading to significant revenue loss and a decline in your business growth.
You develop a bad reputation.
Reputation is everything in this industry and you don’t want to be known for having a bad one. Consistency and reliability are key in contracting. Missing tender deadlines starts to impact your reputation, branding you as someone who doesn’t follow through. That’s never good.
Creates the perception of disorganisation.
If you are late or don’t tender on time, it creates a perception that you’ll also be late on-site. Clients and stakeholders will get the impression you’re disorganised and unreliable, assuming your work will be the same – delayed and disordered.
You get blacklisted.
Constantly missing tender deadlines is a no-go and can result in you being blacklisted or removed from approved supplier or subcontractor lists. Once you’re taken off one of those lists it’s tough enough to gain trust back again.
You put the future of your business at risk.
Relying on a single client or a few projects to sustain your business is risky. Missing tender deadlines can force you into an unpredictable situation, leaving you vulnerable to market fluctuations and changes in client needs. Don’t put your business at risk like that.
Conclusion
Missing tender deadlines can have serious consequences for your contracting business. From damaging your reputation and losing profitable projects to being blacklisted and pissing off stakeholders, it’s more important than you think to get your tender bids in on time.
At Carroll Estimating, we know it’s hard to juggle everything, which is why we support contractors, subcontractors and suppliers from tender bid stage right through to final account so you stop missing out on new projects and start bringing in higher profits.