Unlocking Opportunities: How SMEs Can Find and Secure Contracts
For small and medium businesses (SMEs), landing contracts is key to growth and keeping things running smoothly. Whether you’re in construction, transport, retail, or any other industry, knowing how to find and win new work can make a big difference to your bottom line. At QPF, we’re here to work with you on securing the funding you might need to deliver on those contracts.
1. Finding Contracts in Your Area
Use Online Portals: Lots of local councils and big companies list contract opportunities on procurement websites. In Australia, check out platforms like AusTender, ICN Gateway, and state-specific sites like QTenders in Queensland—they’re great for finding new work. As brokers, we can also connect you with industry-specific portals and contacts.
Network in Your Community: Get involved with local business chambers, industry groups, and networking events. These connections can give you the inside scoop on upcoming opportunities before they’re advertised. Building relationships is crucial, and we can introduce you to key players in your industry.
Keep an Eye on Industry News: Trade magazines, local papers, and online forums often announce new projects or tenders. You can even set up Google Alerts with keywords relevant to your industry to stay in the loop. We can help you identify the most relevant publications and alerts for your sector.
Team Up with Other Businesses: Partnering with businesses that complement yours can help you go after bigger contracts or pick up subcontracting work. This is especially handy if your business doesn’t meet all the criteria for larger jobs on its own. We can help facilitate these partnerships and advise on financing joint ventures.
2. Getting Ready to Secure Contracts
Know What’s Needed: Read through the contract details carefully to make sure your business ticks all the boxes. Pay close attention to deadlines, paperwork, and compliance requirements. If the contract requires equipment or asset upgrades, we can help you secure financing quickly.
Put Together a Strong Proposal: Your proposal should highlight what makes your business stand out, show off your relevant experience, and prove you can deliver on time and within budget. Tailor each proposal to the specific contract—avoid using the same template for everything. If you need to include proof of financial capability, we can help strengthen that part of your submission.
Show Financial Stability: Many contracts ask for proof that your finances are in good shape. Keep your records up-to-date and consider talking to an asset finance broker for advice on how to present your financials in the best light. We can also assist in securing funding to ensure your business has the resources to meet contract demands.
Get Your Licences and Certifications Sorted: Make sure your business has all the necessary licences and certifications. In some industries, specific accreditations can make or break your chances of winning a contract. We can advise on industry standards and help you finance any required training or certification processes.
3. Strengthening Your Chances for Future Contracts
Build a Solid Track Record: Start with smaller contracts to prove your reliability and quality of work. Positive reviews and case studies will give your future proposals a boost. As brokers, we can help finance the equipment or assets you need to take on these initial projects.
Nurture Relationships: Keep in touch with past clients and stakeholders. Their recommendations can be a big help when you’re bidding for new work. We can also introduce you to new contacts and opportunities within our network.
Stay Flexible and Informed: Keep up with industry trends and be ready to adjust your services to meet new demands. Staying adaptable and continuously learning will keep you competitive. If new contracts require different types of assets, we can help you secure financing quickly to meet those needs.
Work with an Asset Finance Broker: Teaming up with QPF can help you have the confidence to secure financing for equipment or working capital needed for this additional work. At QPF, we offer tailored advice and resources to give your business a competitive edge, helping you stay financially flexible and ready for any opportunity.
Final Thoughts
Finding and securing contracts might feel overwhelming, but with the right approach, resources, and financial backing, SMEs can unlock great growth opportunities. Stay proactive, build strong networks, and don’t hesitate to get advice to set your business up for success.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.