Create a Simple Bid Compliance Matrix for Small Businesses, On a Budget
In our previous articles and video series to help small businesses to create a winning bid process, on a budget, we talked about a Bid Schedule, and its importance, the Bid/No-Bid Assessment Checklist. Should we pursue this solicitation? Is it a good fit for our company? Do we have a shot at winning the contract award?
In this article, we will show you what is a Compliance Matrix and what to add to creating a simple Bid Compliance Matrix for your small business, on a budget without breaking the bank.
What is a Compliance Matrix?
Now that you have created and completed the Bid Schedule, Bid/No-Bid Assessment Checklist. You have decided to pursue the opportunity, so you began drafting a Bid Outline. Let’s get started on creating a Bid Compliance Matrix. But first, what is a compliance matrix?
A Compliance Matrix is a tool used to assign tasks, track activity, monitor the status of each activity then cross-reference the solicitation to ensure that the minimum qualification, bid instructions, evaluation criteria, and Performance Work Statement (PWS)/Statement of Work (SOW) have all been fully met.
Things to add in the Bid Compliance Matrix:
- Bid Requirement (Text Extract)
- Bid Volume/Section, Page, Paragraph
- Assigned To
- Notes Regarding Compliance
- Due Date
- Status
Interested in Training
We created a YouTube channel to help small businesses win more local, state, and federal contracts. We will continue to post great videos and training to help small businesses gain a competitive advantage. Check out our recent video series #3 Create a Simple Bid Compliance Matrix for Small Businesses, On a Budget. We know the challenges small businesses face trying to hire a bid/proposal consultant when you are first getting started.
Check out the video series #1 – 3 Ways to Setup a Winning Bid Process for Small Business, On a Budget for the first part of this Bid Process Series on YouTube.
Check out the video series #2 – How to Create a Bid Outline the second part of this Bid Process Series on YouTube.
Book Recommendation
A terrific book to reference is “Writing Business Bids & Proposals for dummies.” This book is a great start for brand-new bid/proposal managers. Check out this informative Book Review: Writing Business Bids & Proposals for dummies by Neil Cobb & Charlie Divine by Jimmy Low. I agree with the author that “…Nothing compares to practical experience and hard work…”. This book is a must-have in your library.
Summary
Establishing a bid compliance matrix does not have to be complicated. We have created this bid process series to be a guide and a great resource to help your small business establish a winning bid management process.
No need to worry about setting up a winning bid process. We are here to aid your small business in winning in the Government Marketplace. So, follow us on social media and subscribe to our YouTube channel, and stay tuned for our next blog article!
To learn and understand more about starting your own small and home-based business, here are your quick start guides to get started! Get yours now!
