When bidding for projects, you win some and you lose some. It’s like any sales process. Each project has it’s own percentage of win/loss.
Of course, that can be frustrating. You perform a bunch of research, develop a preliminary project plan, and then develop a project propsal, only to learn that somebody else go tthe job. Or worse, the propective client goes dark and you never hear from them again. They don’t come back and thank you for all your hard work in developing the plan and proposal. Instead, they just ignore you. They’ve obviously moved on, but don’t have the couirtesy to tell you.
That’s life. 🙁
But at least you have a nice project funnel to predict possible future revenue. And it works from that percentage of win/loss you enter into each project. Consider the following scenario:
Project A: Win percentage: 90%, $45,000
Project B: Win percentage: 75%, $80,000
A sales funnel says you about 82% chance of winning a deal, and the expected revenue is about $100K.
Of course two projects is not really enough. You should put a lot more projects into the funnel for the estimation to be accurate. The more projects in the hopper, the more likely the averages are to be real.
Check out this video too: