QUITE simply, in order for your business to grow, you need to either expand existing business relationships or be successful at winning new contracts.

There are significant private and public sector contracts available but competition is fierce. To give yourself the best chance you need to understand the process, have the relevant documentation and represent your company in the best light.

Compete North East works with the region’s businesses to do just that – helping them win public and private sector contracts.

An essential part of the process is ensuring that your business has the relevant policies, procedures and accreditations. But all too often businesses focus on this documentation and forget about the other vital side of winning new business – relationship- building and presentation skills.

Identifying business opportunities is obviously the first step to securing new business, but your team needs to deliver the goods at the meeting too.

Preparation is key! Make sure you, and your team are well-briefed and have researched the potential client and the details of the opportunity.

Think carefully about how your product and service matches that of the buyer’s needs. If it’s not clear precisely what the opportunity is, use this initial meeting as a real opportunity to identify potential avenues.

Don’t try to gloss over any awkward questions. If you don’t know the answer, admit it, agree to check the details and get back to them.

And always ask for feedback. Constructive feedback and unsuccessful meetings should be seen as an opportunity for your team to improve.

Another important component of new business success is networking. Building and nurturing business relationships and expanding your network of contacts is vital. But don’t just go to any and every business event. Identify those that your target customers attend, and which business clubs they are members of and go to those. Engage with new people, talk about what your company does well, and your business successes, find out what other people are working on, and develop rapport.

If you need advice on how to become more effective in competing for contract opportunities, get in touch. Our dedicated team are on-hand to help you overcome the barriers preventing your business from tendering or winning new contracts.

We can also help you publish a business profile on CompeteFor, the free service that allows businesses to compete for opportunities linked to London 2012 Olympics and Paralympic Games, the Crossrail project and many other major public and private sector supply chains.

:: To find out more about Compete North East, call 0191 426 6488, or email enquiries@competenortheast.co.uk