INSIGHT
5 Steps to Acing Your TMC Selection
Finding the right travel management company (TMC) for your business can be tough during the simplest of times. Finding a new TMC in the wake of global industry upheaval is another thing. If you’re just setting out on your TMC selection journey, you may be wondering where to start or how to even approach such a monumental change. Well, you’re in luck – you’ve come to the right place.
A Tested, Tried-and-True Process
No matter who you are or why you’re looking for a new TMC, FCM has found that the following steps are essential to a successful search and selection:
Step 1 - Identify the signs that it is time to go to RFP
Let’s start by eliminating any nerves and point out the signs that show now is the right time to go to RFP.
Step 2 - Get to know your TMC market
Researching and engaging with TMCs shouldn’t start the day you go out to tender. It’s important to get to know your TMC first to ensure they are stable and secure in their own business in order to effectively service yours.
Step 3 - Lay the groundwork for your RFP
This essential, and often overlooked, step will make or break your project. Save time and conduct an RFI before you go to RFP. This lets you establish whether a TMC meets your minimum criteria to make it worth further consideration. gr
Step 4 - Build a strong RFP
The key to a great RFP is knowing what information to give about yourselves and what information to ask in return from the TMCs. State your objectives clearly, focus on the quality of your questions, and make the format workable.
Step 5 - Make your TMC selection
As well as analyzing written RFP responses, there are several other ways to help your organization select the right TMC. Obtain references, get the financials right, and most importantly: don’t rush.