Finding Opportunities with the Public Sector

Author - Arlen Pettitt

Date published:

The world of public procurement can be daunting, but there are simple ways to make it part of your business development strategy. Ahead of a webinar for Chamber members on 3rd December, specialists OPPORTUNI explain how to work out which opportunities are right for you.

The decision to start working with the public sector is a lucrative and far-reaching one for SMEs. With government spending at its highest through SMEs in almost a decade, there has never been a better time for your business to take the leap into working with the public sector.

In 2021 alone, the UK government has pledged to spend £88 billion through SMEs, meaning that no matter the size of your business, there is always going to be an opportunity to supply a government body. Every year, the money that the government spends on procuring services generates over 50,000 new business opportunities, and the benefits of this on the economy are plentiful.

Why should I consider working with the public sector?

When an SME wins a contract with the public sector, the size and length of those contracts can give businesses the financial support needed to achieve long-term growth and stability.

With an average contract size of £164,000 over 3 years and favourable payment terms, government contracts allow for small businesses to increase their revenues, cement their position as a supplier, and attract and retain great staff. Not to mention the wider social benefits this kind of government spend can have on local areas. When local businesses are invested in, it helps to reinvigorate our local communities through employment opportunities, ensuring happier and healthier local economies.

But how can you be sure what government tenders you should bid on, and how do you find them?

How to choose the right opportunities

  1. Determine Suitability
    Before deciding to bid on a project, you’ll need to establish if your product is suitable for the project at hand.

    A good place to start here is to do some market research. Have a look at what the other solutions out there are and do some competitor analyse. Ask yourself, ‘who are my competitors and what do they have to offer?’ Then, determine if your product is the better fit or not. It might take some time at the start, but it will save you a lot more time down the line.

    Crucially, make sure to check all the minimum requirements the project needs. If you fall short of any of the requirements, you’ll know immediately the project is not the right opportunity for you.

  2. Establish Capability
    If you’ve determined that your business is a good fit for the project, you now need to establish your capability to complete the project successfully.

    Start by reviewing your current backlog of projects, making sure that you have the available staff and resources required to complete the project in full and on time.

    Another crucial factor to consider here is your financial capability. It’s vital to ensure that you have adequate cash flow in order to complete the work required without jeopardizing any other obligations.

  3. Consider your long-term strategy
    When it comes to bidding for tenders, it’s key to pick and choose the best projects that mirror your long-term strategy. For every opportunity that arises, think critically about whether or not the project in question can help you achieve your long-term business goals, taking these factors into careful consideration before making your ultimate decision.

OPPORTUNI

OPPORTUNI is the only end-to-end solution for sourcing, reviewing, and bidding for government contracts.

Dubbed “tinder-for-tenders,” our smart robots match your business with Central Government, NHS, and Local Council public contracts from the 3600+ tender portals that exist in the UK today, sending them directly to your inbox.

We filter these tenders to ensure we show you the ones that you have the highest likelihood of winning. Our filter, rank and weighting scores are applied to all sourced tenders to find the most suitable ones out there for your business. This allows your business to save time, money, and resource when searching for government tenders, breaking down the traditional barriers that have long plagued SMEs looking to work with the public sector.

Since beginning in March of 2020, OPPORTUNI have helped SMEs win over 400+ million worth of government contracts. In the long-term, OPPORTUNI have committed to redirecting £225 billion worth of government spend to SMEs across the UK, EU, and USA. So far in 2021, OPPORTUNI are already on track to redirect £1 billion to local businesses on a global scale.

To find out more about how to identify tender opportunities which might be relevant to your business, join Tim Ward from OPPORTUNI on 3rd December at this Chamber webinar.

https://opportuni.co.uk/

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Photo by Daniel Lerman on Unsplash

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