Writing Requests for Qualifications and Requests for Proposals is both an art and a science. And what’s the difference between them, anyway?
An RFQ is used to narrow the field of companies that are qualified to do your project. While many are called, few are chosen. A clearly written RFQ provides you with a screening tool so you don’t get proposals from companies who are not qualified to do the work you need. Not sure of what you need? We’re here to help you prioritize the “must have” requirements from the “would be nice to have“ requirements. Then we write a document that’s specific to your needs, your project, reflecting your priorities and your circumstances.
Sometimes a lot of companies are qualified, so you need an RFP that will help find the best company for your needs, at the best price and within your terms and conditions. Well-written RFPs glean the type of information necessary to compare firms’ strengths and weaknesses, fee structures, staff allocation, and a host of other elements specific to your project. The vendor selection process is greatly helped by using a carefully crafted RFP; if the RFP is not specific enough for you need it will result in a pile of proposals from companies who may or may not be well suited for the job at hand.
Another critical feature of a good RFQ or RFP is the ability to select firms that can meet your contract requirements. A well written RFQ or RFP goes hand in hand with a carefully crafted contract that will describe what is needed to complete the project, the expectations of both parties, and the specifics required to make this happen. Ideally, key contract terms and conditions are already written and agreed upon internally so they can be included in the RFQ and screen out companies who cannot meet those conditions.
Punt Consulting Group has run over 10 vendor selection processes in the past 5 years alone, and negotiated well over $150 million worth of contracts. We also have proprietary matrices to compare RFQ and RFP results to other, comparable projects as well as to critically evaluate answers using objective criteria.
There’s more to selecting a project team than “it just feels right.”