How to reduce the cost of new business | Huddle

In professional services a steady stream of new business is not only important, it’s essential to grow. However, new business pursuits do not come cheaply. Bidding on new business takes up employee time and quickly eats up billable hours. Reliant on new business, yet strapped for resources, firms are often left in a quandary.

Today, the average bid process involves 7 senior employees, each dedicating 12 hours to a singular bid. That’s 84 hours of senior management time committed to every new business pursuit or nearly $25,000!

If you think that’s a lot, it is. Our research found that there were a number of factors that contributed to this, but they all boiled down to inefficiency. 

When it comes to new business bids efficiency also empowers firms, making them more successful in the areas that matter most. 

So how can firms achieve success in each of these areas?

At Huddle we’ve seen first hand the impact that increased efficiency has on our clients new business pursuits. In fact, Huddle customers report an average of a 30% reduction in the time taken to manage and respond to bids.

From mobilizing organizational knowledge, to improving document collaboration and approval workflows, Huddle can improve your efficiency and drive new business success. 

 

Want to learn more?

 Research Ebook

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 Infographic: Cost of Winning

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