Joint Venture Proposal Development Challenges and How to Overcome Them
When you come up a proposal and realise the work is best performed with a partner as a joint venture, one has to be prepared that the preparation of the bid as a joint venture will certainly have its challenges. These challenges can be so great to the point that bid deadlines are missed or submitted in poor quality.
To avoid such challenges here are some tips to make sure you manage to submit a joint venture proposal on time with great quality.
1. Notify the partner you want to work with on the proposal on time and Create and a joint venture agreement.
Before you share the proposal, you want to work on with your potential partner it is important to select the ideal partner who has the resources, skills and assets that complement your own. A good starting place is to assess the suitability of existing professional associates, customers and suppliers with whom you already have a long-term relationship with. Once you’ve gotten that out of the way it’s important that a joint venture agreement be drafted that suits both parties.
2. Send the Checklist of requirements for the proposal to the partner
Once the agreement is settled to both parties satisfaction, a great step to take is to send a checklist of the proposal requirements to your partner and get feedback from them and agree on a task list of who is supposed to complete what work and when that task is to be whether they are able to deliver the requirements stated in the bid.
3. Make sure that Company documents for both parties are readily available and up to date
It’s important to make sure that Documents such as company registration, tax clearance, audited financial statements, reference letters and employee certifications are available as most bids require such documents to be submitted along with the proposal.
4. Make sure you agree on a budget in good time
One of the challenges on preparing is agreeing on a budget for the work to be done. This tends to happen when each firm has its own consulting rates. Since the financial proposal is a critical factor in the selection of a bid, it is important that both parties come to an agreement on the budget while there is still time to allow room for changes within the bid cycle as they gather more information about the bid.
6. Make sure to review the bid!!
Once you have a draft of the proposal, it needs to be thoroughly vetted and evaluated by key managers across both organisations who are not in the bid team to get fresh sets of eyes to review the proposal. This should be done about half way through the anticipated deadline for delivery, to allow as much time as possible for changes to be made as a result of the review.
7. Prepare Submission Logistics
The major step that gets everyone feeling a little antsy is the actual submission of the proposal. It’s best not to wait until the last possible minute to submit your proposal, whether it is submitted via post, or electronically. If you are submitting a proposal via postal service it is imperative that you know how long it would take to arrive and the cost beforehand. This allows sometime to overcome any obstacles in the delivery of the proposal.
8. Follow up on the bid!
When you have submitted the bid it is important to get feedback from the external company that your bid was received and accepted. Once that is done the proposal process will be complete and the bid team can relax.
In conclusion time management is the critical element when submitting proposals and even more so as a joint venture. is that there is good communication between the submitting parties and that requirements are available and met in good time before the submission deadline. Many companies fail to submit proposals for those main reasons.Now that you know the highlights of overcoming joint venture proposal preparations, it’s time to get cracking on your own proposals. Good luck!
