Capability statements are often first created as a proposal-style document when a business has an opportunity to present its ‘credentials’. But there are plenty of other ways in which they can help support your company and those who work for you.
A well-written capability statement is an easily understandable synopsis of your business. It tells your audience about the type of work you perform and the types of projects you’re capable of undertaking. It’s also where you can outline the codes you work under, the qualifications your team holds, industry certifications obtained and awards won. All up, it provides vital information which helps prospective customers gauge your suitability for their requirements.
When the time comes to refinance or you need to approach your bank for a loan, your capability statement is an impressive document to give to any financial institution. In order to assess whether you’re a good credit risk, a lender will want to know about more than simply your financial position when they assess your business. Your capability statement will provide a good overview of your company and its structure, where you stand in the market and your potential for growth.
Remember, financiers are looking for reliability and stability and a well-constructed capability statement will get your finance application off to a flying start.
You may not have won the big government tender, but that doesn’t mean you can’t pitch for sub-contracting work from the business that did. Large contractors who win tenders are often required to subcontract out work to smaller outfits, so your professionally put together capability statement will help put you ahead of the rest when it comes to getting in on the action.
Make sure to include past successful projects you’ve worked on, which government departments you’ve worked alongside and the dollar value of the contracts involved.
You know your business inside out, but does everyone who works for you? Staff members may not know the real scope of your business and your capability statement is one way to give them a good grounding in what your business is all about. And, because it includes lots of handy facts about what you do, it’s a great sales tool for handling enquiries from customers, vendors and professional organisations.
You can also use your capability statement as part of your interview process or orientation and induction training for new employees. Make sure your sales people always have a couple of copies with them, too; they’ll come in handy when making new contacts out in the field and speak volumes more than a business card alone.
For help with your proposals, tenders and capability statements, check out our short video