Big Opportunities Need Small Suppliers
Any small supplier will tell you that finding that BIG sales opportunity feels like one of the greatest challenges to growing their business. It can often seem overwhelming, and as a result, organizations tend to limit themselves.
Most small businesses want to ‘grow up’ to be a big business, but don’t know how to get there. We’ve interviewed hundreds of entrepreneurs who have offered some good advice:
1.) THINK BIG
It takes the same amount of effort to go after a big project as it does a small one. Increase your numbers, increase your sales pipeline and grow your business by positioning yourself for larger opportunities. The time and energy spent on crafting that $50,000 proposal is typically the same as the $500,000 proposal. Expand your thinking and look beyond your geographical region or industry. Join a network of suppliers and put yourself out there as soon as possible, especially since larger projects have longer lead times.
2.) KNOW YOUR VALUE
Small businesses often overlook their own value. The nature of being a small business means they can be more nimble, flexible and act more quickly than a large business. Big businesses aren’t judging you by your size… in fact, they may consider it an asset. If you have a product or service that provides a solution to their problem, you’re valuable. Also, in many cases, corporations are highly motivated to award a certain amount of their contracts to MWBEs, so they are often eager to find quality small businesses like yours to do business with. Connect with procurement officers at large companies and learn more about their active projects.
3.) GET IN THE GAME
You can’t win if you don’t play. Large corporations need small businesses, for a variety of reasons. No business does everything well, and we all have to work together and collaborate in order to succeed. If you’re not in the talent pool, how will anyone find you? Make sure you have a constant presence – digital and personal – where buyers are looking.
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