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A Statement of Work

February 14 2011

The issuing of a statement of work to your vendors will help them in understanding your company and your needs. This document is the formal way of communicating to your different suppliers the reasons behind your business needs. This will give your vendors the insight they need to visualize your actual needs.

The hidden purpose behind the statement of work is to give any recipient of this document the chance to look at a business need, while knowing what they can actually provide a business to help them with their projects. This will give them the opportunity to offer the business items, components or services they otherwise would not be aware of.

This sharing of a statement of work should be done with all possible suppliers that your business has a working relationship with and those that could be suppliers in the future. The one thing that has to be kept in mind is to not send to one that might be a possible competitor that could use your business plan for their own source of generating a revenue stream.

Creating an effective statement of work is very important as to include all necessary information without compromising any proprietary information.  For those businesses that do not already have a document like this, the careful creation of one is beneficial to them. This can be done with a project management tool, like the project template program.

The statement of work template is a useful guide to formulate this critical document so the inclusion of all information that pertains to your business will be included. This will also help place the information you wish to share in the most useful order so the recipients will understand the level of importance of each item and the focus of your business.

Not all responses to your issuing of your statement of work will be beneficial to your business. The sorting and categorizing of just what has been responded to can be used with your current projects and might give your company ideas of possible other revenue streams that can be developed that would be very beneficial for your business profit margin.