People Connect

  • February 07, 2023
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How Can Small Suppliers Partner with Larger Companies

Small businesses regularly dream of supplying products to larger firms because it can be a game-changer for them. These companies would constitute their key accounts, responsible for generating most of their business revenue. The revenue implosion would also help the smaller business grow to unprecedented heights.

Unfortunately, smaller suppliers often need help to form the right connections to help them acquire these key accounts. Larger organizations are worried about their ability to deliver supplies in large quantities. In addition, they’re also understandably concerned that small businesses would falter under pressure. Similarly, smaller companies are more likely to be impacted by external business factors that could spell their end.

As a small supplier, you shouldn’t let these factors discourage you. Partnering with a larger company like you envisioned might seem difficult, but it’s not impossible. Business networking is only challenging if you don’t know what you’re doing.

It’s worth noting that the business landscape has significantly changed since the pandemic. Businesses have become more aware of creating localized ecosystems because they’re more immune to supply-chain issues.

That’s where small suppliers and businesses can thrive. The Harvard Business Review notes that entering a business ecosystem helps organizations evolve and innovate together. Similarly, another study by Accenture found that 97 percent of companies believe future business models would be based around these ecosystems.

How Can Small Suppliers Partner with Larger Organizations?

The biggest challenge for small suppliers is getting the first look when dealing with larger organizations. After all, why would a global organization partner with a considerably smaller firm? You’ll need to prove you can provide sufficient value — far exceeding your business’ size — to the larger organization.

But getting the opportunity to showcase this value is difficult, and that’s where you must work the hardest.

Attend Business Matchmaking Programs

The Small Business Administration regularly hosts matchmaking sessions during the Small Business Week. These sessions facilitate 15-minute meetings between procurement officers at larger organizations with small business owners. Other associations, like the Women’s Business Enterprise National Council, offer formal matchmaking programs for women-owned businesses. These networking events are effective for getting your foot in the door.

Go to Business Events and Networking Sessions

Attending business events and networking sessions can also help small suppliers connect with larger organizations, opening new doors of opportunities. If you require help with small business networking in Arlington, we can help. People Connect has multiple business networking events and conferences listed on our website.

Inquire About a Larger Company’s HUB Program

Some larger organizations also have a HUB program. This program is designed to create partnerships with historically underutilized businesses. You might qualify for these programs if you’re a minority, woman,  veteran-owned business, or if you have a disability.

Keep Your Business Plan and Financial Statements Handy

It’s important to keep your business and financial statements handy for such events because procurement officers from larger organizations will ask for details when you approach them. You’ll have to communicate your overall strategic vision and long-term goals before they decide to take a chance on you.

A small business owner having a meeting with representatives from a larger organization

Get Started with People Connect

People Connect is a leading online networking site for suppliers, small businesses, large organizations, vendors, professional speakers, etc. We’re the premier business networking service.

Check out our blog for more information. Alternatively, consider signing up on our platform today.

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