Should you specify a budget in your RFP?

Whether or not to disclose a budget might be one of the most debated parts of any agency request for proposal (RFP). Some organisations believe keeping it confidential encourages competition and better value, while others want to see how far their budget could take them by specifying a ‘do not exceed’ figure from the outset. There is no universally right approach but understanding how agencies use budget information can help you receive proposals that are more relevant, more comparable, and more likely to meet your objectives.