Contracting with major corporations can bring big bucks to any business, but what are the best ways to accomplish your goal of building the key relationships that mean profit for your business? Cynthia Johnson, Women’s Business Development Center’s (WBDC) Director of Established Business Services, shares five tips for successful corporate contracting:
1. Do research – doing business with a corporation isn’t about what they can do for you, but rather what you can do for them. The best way to find out their needs is to really understand a corporation’s mission, history, goals etc. Small business owners, particularly women and minorities, should create a vendor profile on the corporation’s supplier diversity page. The vendor profile includes contact information and other pertinent information about your business and can be accessed by supplier diversity representatives and corporate buyers. On the supplier diversity page, not only can you find information regarding corporation objectives, but you can be notified of outreach events and other relationship building opportunities.
2. Network with fellow small business owners – networking is vital, so make it count. We have an entire program called Connection Points built around the concept of focused networking. Networking with those who are in related or complimentary industries can offer all involved parties the opportunity to share ideas, trends, talents for the purposes of building relationships and strengthening businesses.
3. Value Proposition – it is important to write and maintain a strong value proposition, a clear concise “living” document that is used to give potential corporate clients a glimpse at the value your business can offer them. Your value proposition can be used as a means to introduce yourself or to as a relationship building tool in a one-on-one presentation meeting with the potential corporate client such as WBDC’s Contract Connections Program. In a value proposition you should:
Lead with your business strengths – make sure you highlight your capacity to manage awarded contracts, your financial strength & stability, past successes, bonding capacity (if applicable) and that you exemplify outstanding client services & best practices. Simply stating “I’m certified” won’t do; you must also display that you will offer the same high performance that corporations expect of all businesses they work with, and as a value-add you are also a certified WBE, MBE, DBE or VBE*.
4. Keep current – Renew your certifications and don’t let them lapse. Make sure you have paid close attention to any deadlines and paperwork you may have to complete to make this possible. Keeping current also means continuing to grow within your industry. Joining trade associations, subscribing to industry publications, attending industry events and sharing information with your professional peers will help you to stay relevant and build your expertise. These items are also impressive to add to your supplier diversity vendor profile and value proposition.
5. Be Persistent, But Patient – building a relationship in the business world is like building any other relationship. You want to let your potential corporate clients know you exist and highlight your value to them, but remember building a relationship takes time. Follow up is encouraged, but don’t be overbearing, when making a call or sending an email give time for the supplier diversity representative to process the information. Strong business relationships can take months or even years to cultivate, but in time, using these steps you can set the groundwork to be a success in corporate contracting.
For more information or set up an appointment to develop your corporate contracting plan, please call 312.853.3477 or contact Cynthia Johnson at firstname.lastname@example.org. For government contracting tips, click here.
*WBE: Women’s Business Enterprise. MBE: Minority Business Enterprise. VBE: Veteran Business Enterprise. DBE: Disadvantaged Business Enterprise