As an entrepreneur, taking your business from a local market to a national one can be an exciting and challenging journey. If you are considering embarking on this path, we invite you to consider some of these suggestions to ensure your success.
To start things off on the right foot, it is important to put aside your fears, embrace the opportunity to expand your business, reach new clients and possibly revise your business model. Keep in mind that you’re not alone in your endeavours and can benefit from becoming a supplier to a large enterprise that has already made their mark on the national stage. This involves understanding the unique selling points that set your business apart and will appeal to these larger companies, such as quality, pricing, sustainability and customization.
Among the skills you can focus on are operational execution, interpersonal empathy, and entrepreneurial boldness. In order to succeed in a competitive environment, it is necessary to continually expand upon these skills, learn about organizations, and build strategic alliances.
Operational skills include the ability to plan, organize and supervise projects so that you achieve the objectives you’ve set for yourself within specified deadlines. This also means having a thorough understanding of supply chain processes and implementing quality management systems to comply with standards and requirements. Additionally, you can benefit from enterprise resource planning (ERP) software to track and manage resources.
Certain technical skills are also crucial, namely software proficiency. This may mean Trello, Asana or Microsoft Project for project management, SAP or Oracle for inventory tracking, Tableau or Power BI for visualizing trends and performance, or Industry 4.0 technologies, including AI, to optimize operations.
If you’re seeking to build strong relationships, resolve conflicts or foster a collaborative work environment, it’s important to develop communication skills, whether verbal, written or active listening. Working harmoniously with colleagues from different departments and partners in large enterprises requires recognizing the contributions of each person. And while conflicts cannot always be avoided, it is possible to intervene proactively to resolve them and still maintain positive connections. To drive sustainable business outcomes, you will also need to call upon your ability to inspire and motivate others, lead by example and guide and support professional development.
As an entrepreneur, you will also need to develop a clear vision for the future of your company and communicate this to align your team. Once this is established, you’ll need to show your competence at analyzing market trends and identifying long-term growth opportunities and then implement strategic plans. In other posts, we’ve highlighted the fact that innovative ideas and solutions, as well as the ability to remain resilient and adaptable are among the reasons why businesses choose to work with diverse suppliers and entrepreneurs.
We’ve also noted that buyers are motivated to choose diverse suppliers to help them achieve environmental, social and governance (ESG) criteria, which means focusing on these is an indispensable way to stand out in a competitive market.
On the environmental front, you need to start with a clear statement of your commitment to sustainability, which can be supported by achieving certifications such as ISO 14001. This may also entail practices like using recycled materials or optimizing energy efficiency.
In terms of social initiatives, entrepreneurs can gain the attention of large businesses with fair working conditions, heightened workplace safety and competitive social benefits. Other positive measures are supporting local projects and volunteer programs, and promoting diversity and inclusion through training and recruiting.
When it comes to governance, it is advantageous to focus on transparency and anti-corruption policies and publish ESG reports. Additionally, you should come up with a risk management system that identifies ESG risks and establish a committee to oversee initiatives and ensure they are incorporated into your overall strategy.
Once you have clearly defined your approach to these three elements, it is vital to highlight them in your tenders, as this will increase your chances of being selected as a supplier and reach national markets.
Ensuring you have a strong brand presence is necessary when dealing with large enterprises, including a user-friendly and informative website, engaging with your audience and showcasing your products or services and highlighting testimonials from partners and clients.
Another part of your strategy should focus on sharing insights relevant to your industry to establish authority, targeting decision-makers within your desired companies with email campaigns, and attending industry events to build relationships with key stakeholders.
Having captured the attention of a large business or several that can assist in your expansion goals, it’s important to consider pricing models, payment terms and contract length during negotiations.
Once you’ve begun supplying to large enterprises, you should continuously monitor performance by collecting feedback on your products and services. Key performance indicators (KPIs) can help you assess your success and make necessary adjustments. Indeed, maintaining an openness to course corrections goes a long way to guaranteeing long-term success.
Transitioning your business from a local market to a national one by becoming a supplier to large enterprises is a strategic move that can lead to significant growth. By adapting a positive attitude, strengthening certain key skills and criteria, engaging in strategic negotiations and following up on performance and improvements, you can position your business for success on a national scale. We invite you to embrace the challenge and watch your business thrive.
As a project of the Quebec Business Women’s Network (QBWN/RFAQ), one of our main goals is building awareness and education through training and workshops on an array of topics. So, if you are an entrepreneur planning your growth strategy, we are here to provide you with the information you need and to offer guidance. Maïa Connex is also a platform that serves as a hub for business opportunities across Canada, and we hold networking events along with our partners
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