The world is your oyster. If you are shying away from taking your business international, think again! There is a vast sea of business opportunities out there. This article aims to help you get over your apprehensions and navigate through unfamiliar waters with global online tenders.
Benefits of Going Global with Online Tenders
Spread your wings – To take a business to new heights, accessing new markets and diversifying your client base can not only boost your business but also mitigate economic risks associated with a single market reach.
Boost your Reputation – International projects on your resume reflect your credibility and enhance your brand image that gives a boost to your company and also attracts more valued opportunities in future.
Augment Revenue and Growth – Securing big international projects that are more lucrative not only helps you gain more visibility in the market but also fuels expansion and profit in the business.
Scouting for International Online Tenders
Paper proposals are not the only way to conduct a tendering process nowadays. We have graduated to more accessible, transparent and easier ways to do businesses that suit both the tenderer and the vendor. Most national and International tenders are conducted online, which has helped streamline the tendering process, opening doors for all kinds of businesses – small and big. There are eTender platforms like http://www.bidassist.com that aggregate tenders from all across the globe making tenders and work opportunities accessible to vendors from various countries around the world.
eTender Application Process
ETender application process may vary from company to company and place to place. Here is a general overview of the Etender application process –
Narrow down on Relevant Online Tenders – Keep looking for eTenders on eTender platforms, Government websites and trade associations to keep abreast with the new projects in your industry. Most of these websites like BidAssist give you the option of using filters like industry, location, cost of project, deadline and so on and help you find the best tenders for your business.
Download the Tender Documents – Once you find the relevant online tenders, download the tender documents and read them carefully keeping a keen eye on details and criteria like eligibility, evaluation for choosing a winner, list of documents for submission, and the deadline for submitting the bid. One must make sure that they meet all qualifications before going ahead with the bid. This aspect is mostly ignored during an Etender application process.
Preparing the Bid – This is your opportunity to display your professionalism and a chance to shine! Design your proposal in such a way that it makes you stand out amidst all the competitive bidders. Some of the tips for online tender application include adding your previous experiences on similar projects (if any), to add a value proposition. Tailor your proposal as per the specific requirements of the project, highlighting your expertise in the industry. Once you gather all the documents, proofread them thoroughly before submitting.
Electronic Submission – Once you proofread your documents, ensure that the documents are submitted as per the required format specifications mentioned in the online tenders. This is one of the most important tips for online tender application. Double check to see if you have uploaded all documents in their respective formats before hitting the ‘Submit’ button.
Tips for Online Tender Application
- Start Early – Do not wait till the last minute as any tendering process involves a lot of paperwork. It’s wise to keep some extra time in hand in case of unavailability of a certain document. This gives you time to fetch the document to complete your bid on time and to avoid any other last minute glitches in online tenders.
- Know your potential – Be sure of management and delivery before submitting your bid for online tenders. Failing to complete a project on time may have a negative impact on your business as reputation travels fast in this line of work.
- Understand Local Terms and Conditions – One of the most important tips for online tenders application is to read the terms and conditions in the tender documents. Pay attention to minute details before submitting a bid. One may also need to be mindful of cultural nuances and legalities sometimes, depending on the country the tender is from. This helps save time and effort in case you do not meet a particular criterion in online tenders.
- Seek help from professionals – Sometimes, a project may sound complicated, yet doable. In such online tenders, it is wise to consult an expert to seek guidance or any legal help.
- Networking – Participating in industry events, workshops help you connect with organisations in your field that help you gain insights into an industry and increase your visibility in the same.
Additional Tips while Doing Business in a Foreign Land
- Mitigate Currency Risks – Currencies fluctuate all the time. Partnering with local financial institutions and hedging strategies can mitigate currency risks during any etender application process.
- Look for Local Partnerships – Sometimes you may need to team up with local companies from the tendering country to strengthen your bid. It not only gives you an opportunity to understand local complexities but also gives a boost to your confidence to venture into unfamiliar territory.
- Get Skilled Linguistic Personnel – Effective communication is the key to a successful business deal. In order to take up a project in a foreign land, language training or hiring bilingual personnel can make a big difference in comprehending online tenders or the etender application process there, for a smoother business experience.
- Stay up-to-date – International trade regulations and online tenders processes evolve. Subscribing to related Industry publications, attending conferences and keeping abreast with their websites can play a crucial role in keeping you up to the minute.
Start your international journey now! Log on to BidAssist today and speak to our experienced team at BidAssist support to start venturing into a global marketplace. Ask away to find more about online tenders. Etender application process or about tips for online tender application.