At the end of the day, deciding whether you should participate in an RFP or not is something you should weigh heavily. They are extremely time-consuming, and can be a big gamble.

These are the questions you should ask yourself before diving into an RFP.

• How much interaction have I had with the business beneficiaries of this RFP?
• How much in-person interaction will I get to have with the business beneficiaries, decision makers, and influencers of this RFP?
• Is my product a perfect fit for this business? If not, how critical are those elements you can’t fulfill?
• What is the initial tone of the person issuing the RFP? Are they a “play by the books stickler,” or are they someone that is going to help you in the process?
  

Every company will have different risk-tolerances for these kinds of high-risk, high-reward deals. So, sit down with your team, consider these questions, and find out how comfortable you are with the risk of pushing forward with the process.

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