What exactly is an RFP and why should you care? An RFP is basically a detailed document you send out explaining a project or services you need help with. It invites different companies or suppliers to send you proposals and quotes on how they can provide the solution you’re after. 

I know, writing an RFP sounds about as exciting as watching paint dry. But stick with me! Doing it right is super important for getting the best vendor and price for whatever you need delivered. Mess it up and you could end up wasting tons of money on vague proposals that don’t match what you wanted. No bueno.

The good news is I’m going to walk you through putting together a killer RFP step-by-step. Just follow along and you’ll have suppliers eating out of the palm of your hand in no time with targeted, accurate proposals. Then you can kick back and easily pick the winner.

Key Components to Include 

Every awesome RFP needs these core pieces:

Give Suppliers the 411 on You and the Project

Give them a little background, like what your company does, how big you are, what you sell. Then explain the project or services needed at a high level so they can wrap their minds around it. 

Lay Out Exactly What You Want – the Specs 

Don’t leave anything to chance here. Spell out what you need in black and white. The requirements, timelines, deliverables, technical stuff, all the nitty gritty details – write it ALL down. It saves everyone headaches later when proposals match what you expected.

Timing – Deadlines and Due Dates 

Make sure to include when you need questions submitted, when you’ll answer them, when proposals are due – you know, all the key dates suppliers need to stick to. That way they can plan around it. 

Minimum Vendor Requirements

Want someone with 10 years experience? A certain location? Some level of sales or revenue? List out the must-have credentials so you only hear from qualified folks.

How to Format Proposals and Submit Them

Tell suppliers how to format their proposals – sections, page numbers, font – and how to submit them by the deadline you set. Making the format consistent makes comparing proposals way simpler.

How You’ll Evaluate and Choose the Winner

Explain upfront how you’ll assess proposals and pick the best one. Letting them know what factors are most important to you means you’ll get responses tailored to what you care about most.

Optimizing the RFP Format

No one wants to read a clunky, disorganized RFP. Make yours easy on the eyes with these tips:

Use a Template 

Don’t start from scratch! Find a nice, professional template online and customize it. All the sections will be laid out for you already.

Organize Info Under Headings

Break sections into logical chunks like Project Background, Timeline, Qualifications, etc. Number them too – I, II, III style.

Bullet Points are Your Friend

No huge blocks of text! Break sections into scannable bullet points and numbered steps wherever you can.

Format Text Readably

Stick to normal fonts like Arial or Times New Roman, size 11 or 12. Don’t get crazy with 16 different text styles. Keep it clean.

White Space is Your Pal

Leave plenty of breathing room in margins and between sections. Cramped text is hard on the eyes!

Stay Professional in Tone  

Use industry lingo your suppliers will be familiar with. Keep it factual – no strong opinions or advertising fluff.

Perfecting the Scope of Work Section 

The Scope of Work is where you drill down on the details of precisely what you want delivered. Get this part right by:   

Providing Background Context

Give just enough history on your company, challenges you face, and goals for the project. It helps suppliers understand where you are coming from.

Listing All Requirements 

I mean it – leave NO stone unturned here! List every feature, technology, deliverable, functionality, timeline etc. you expect. Overcommunicate if anything.  

Balancing Detail with Flexibility

It’s tricky giving enough specifics without micro-managing everything. Aim to communicate must-haves while allowing room for the supplier to suggest solutions.

Defining All Roles  

Make crystal clear which tasks will be done by your team vs the supplier so there’s no confusion. 

Adding Milestones and Due Dates

Map out project phases, target completion dates, testing periods – any dates tied to deliverables. This info is gold for creating accurate timelines.

Establishing Solid Evaluation Criteria 

Having rock-solid scoring criteria ensures you objectively choose the right supplier, not just the pushiest salesperson.

Pick the Most Important Factors

Figure out what capabilities or deliverables you absolutely need vs. what would just be nice to have. Focus on the critical stuff.

Create a Scoring System  

Assign points or percentages to criteria based on importance. More critical things should be weighted heavier. 

Balance Hard Facts with Intangibles

Don’t just look at quantitative specs – also consider skills, experience, fit, approach, quality, reliability etc.  

Get Buy-In from Your Team  

Talk to stakeholders from IT, Ops, Business and other groups to define criteria that satisfies everyone’s needs.  

Define Formulas and Scoring Rules

Decide how you’ll calculate scores – whether points, algorithms, or a set formula. Just ensure it makes logical sense!

Best Practices for Distributing and Evaluating Proposals

You’ve written a killer RFP. Now it’s time to get it out there and start assessing responses!

Do Your Research to Find Suppliers

Look at reviews, talk to people in your network, search databases – whatever it takes to identify suppliers that fit the bill. Then reach out directly.

Ask Associates for Referrals Too

Your peers likely know some solid vendor options that have already been vetted. Leverage referrals.

Give Suppliers Plenty of Time  

Complex RFPs often need 4-8 weeks for thorough responses. Be flexible on timing if suppliers ask for extensions.

Welcome Clarifying Questions  

Expect suppliers to have questions during the Q&A period. Answering openly helps level the playing field.

Remove Names When Evaluating 

Anonymize proposals so evaluators don’t know which company they came from. Judge quality and fit only. 

Get Multiple Perspectives on Proposals

Limit bias by having a team evaluate responses using your criteria. More eyes the better!  

Shortlist Methodically, Then Do Your Diligence  

Screen proposals, shortlist the top ones, interview them, dig into details – follow a process to narrow it down.

Notify Finalists and Provide Feedback

Let the winner and losers know your decision promptly. Offer constructive feedback to all on their proposals so they can improve next time.

Conclusion and Key Takeaways

Phew, we covered a lot of ground there! Here are the key tips to walk away with:

– Invest time upfront planning a detailed RFP. It pays off big time later.

– Clearly explain what you want but invite suppliers to suggest creative solutions too.  

– Remove bias by anonymizing and scoring proposals objectively against criteria.

– Consider both hard facts and intangibles like quality and expertise when evaluating.

– Ultimately pick the supplier that best fits your needs and criteria.

Take the time to create a solid RFP foundation. Communicate needs clearly while welcoming outside ideas. Develop impartial scoring methods. Follow the process I outlined, and you’ll be well on your way to landing the perfect vendor match!