Recent findings show worrying trends for construction and engineering
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The latest survey measuring trends and confidence within the bid market, undertaken by Get Serious Bids with key bid and tender professionals within construction and engineering businesses, has thrown up some interesting results.
The results for 2017, compared to last year, show that there is still a volume of opportunities available to the majority of organisations. However the number of organisations who have seen the amount of opportunities reduce in value has doubled to over 42%. There is also a shift from 62% down to 52% of companies who believe there are more opportunities than last year.
This reduced bid value and bid volume is having a direct impact on organisations bidding for work. There is a sobering growth in the increasing number of companies (a rise of 9% to 14%) who are reducing the size of their bid teams, either through non-replacement or redundancy with a view to saving costs. This is exactly reflected in the number of companies (14%) who are reducing the bid budget, triggered by companies returning to the cost-cutting/cost saving adopted post the 2008 economic crisis, in response to global financial uncertainty.
The priorities for 75% of bid teams are concentrated around three main objectives: improving win rates (39%), identifying compelling value propositions (28%) and client relationships (17%).
“This year’s results have thrown up some interesting findings,” Francesca Ayers, Director at Get Serious Bids, said. “They reflect the uncertainty created by the ongoing Brexit situation and the global financial tensions. Although bidding activity is continuing, the marketplace is changing and our respondents are seeing a more aggressively competitive market.”
A full copy of the report is available at: www.getseriousbids.co.uk/winning-bids